New York First Time Home Buyer

New York city is by far the highest closing cost  city in the country and a New York first time home buyers may opt for a low down payment loan program so they can afford to pay their closing costs. Also, I suggest that the seller should pay as much closing costs as possible. For example, if you are purchasing a $300,000 home, the seller is allowed to pay 6% of the purchase price, or $18,000 toward the closing costs. Many sellers will agree to do this by building the closing costs into the purchase price and the property must appraise for this value for the deal to work. Another prevalent issue for first time home buyers in New York is they don't have funds available for a good faith or earnest money deposit to give to the seller but Firsthomebuyers offers earnest money loan program in conjunction with the mortgage. The maximum is $25,000 and you need an excellent credit score to qualify but lesser amounts are available for lower credit scores. I can't stress enough that you must get pre-approved way ahead of time to make sure you get the home loan to meet your financial needs.  

Special Programs
The My Community New York First Time Home Buyer Program Opens Doors for a Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as  Nurse, and Military Personnel. This program features 3% down financing and you receive a $500 credit toward closing costs. Also, you can have use part-time or overtime income from last 12 months to qualify.
 

New York First Time Homebuyer FHA Program
FHA Single Family Mortgage County Limits are $271,050 to $729,750. Please visit FHA mortgage limits if your Metro Area doesn't appear below.

VA Program
Zero down payment up to $417,000 loan amount

New York USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in eligible county and there are maximum income limits.  The income limit for all non-high cost counties is $73,600. Nassau-Suffolk has $105,950 limit.

List of INELIGIBLE COUNTIES: Albany, Bronx, Broome, Cayuga, Chemung, Clinton, Cortland, Dutchess, Erie, Fulton, Jefferson, Kings, Madison, Monroe, Montgomery, Nassau, New York, Niagara, Oneida, Onondaga, Ontario, Orange, Oswego, Queens, Rensselaer, Richmond, Rockland, Saratoga, Schenectady, Suffolk, Tompkins, Ulster, Warren, and Westchester.

Visit USDA website to determine if a specific home is eligible for the program. u will need full address with zip code.

Real Estate Pulse
Wall Street was the home of the real estate boom so the job market has taken a tremendous hit. Home prices in Manhattan have dropped about 30% this year and the average home price deflation in New York hovers around 15%.  Foreclosures have not plagued New York as much as other cities because many homeowners have lived there for many years and they have built up some considerable equity.   

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