 |
|
 |
 |
|
|
Forum
-> Inquiries & Offers
-> Moving/ Relocating
amother
|
 Sun, Oct 19 2014, 10:46 pm
I am living in NY and looking to buy my first home. DH and I can together afford the mortgage, yet would need to save for about 2 more years for our complete down payment and our apartment is just getting too snug for us.
we are able to put around 10-12 percent down right now
I have been told that there are ny based agencies and programs that loan down payments or give interest free loans? or programs where you only put down a very minimal amount and do not have to pay the increased interest since it isn't 20 percent?
Does anyone have any info on this? Thanks!
| |
|
| Back to top |
 0
 0
|
EsaEinai
|
Sun, Oct 19 2014, 11:12 pm
|
I don't live in ny, but you may want to look into FHA loans. You only need to put 5% down I believe, but there are limits to what type of house could get approved for an FHA loan (ie it has to cost less than 700k for a single family home).
| |
|
| Back to top |
0
0
|
amother
|
Tue, Oct 21 2014, 7:58 pm
|
contact sepco (sp?). they helped us with our morgage over 10 years ago and our interest rate was lower than anywhere else.
| |
|
| Back to top |
0
0
|
OneSource
|
Tue, Oct 21 2014, 8:49 pm
|
I actually JUST did this myself. I put down 5% and with my income and credit, was able to get a 30 fixed conventional loan w/ a first time homebuyers program (NOT FHA) but I have to pay Private Mortgage Insurance (PMI). If this sounds like what you are looking for, PM me and I can give you the name of the bank and loan officer I used (it's a smaller bank located in Brooklyn and you are capped at how much you can borrow, I.e. it can't be a jumbo loan so the amount you are borrowing has to be less than 417k.) Hatzlachah!
| |
|
| Back to top |
0
0
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
