New York First Time Home Buyer

New York city is by far the highest closing cost  city in the country and many first time home buyers opt for a zero down loan program so they can 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 $400,000 home, the seller is allowed to pay 3% of the purchase price, or $12,000 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 WestAmerica Mortgage Company, which is based in Melville, New York, offers an 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. Finally, if you are buying a condo or co-op, we have some excellent programs available for new and existing construction. We can do 100% financing on a co-op with no PMI in the five boroughs of New York City, Nassau, and Suffolk counties. Who else does that? 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.             

100 Best Places to Live
New York City was ranked the 10th best place to live according to MONEY Magazine Best Places To Live 2006. Also, Ramapo made the list at number 49.  


Special Programs
Home Opportunities First Time Home Buyer Program Opens Doors for a New York Fireman, Police Officer, Paramedic, Teacher, and health care worker such as  Nurse. This program features 100% financing with no income restrictions and the credit score requirement is only 600. Also, you can have stated secondary income from side job which you don't have to verify. In addition, higher than normal debt to income ratios are allowable, up to 50%. Finally, we are offering a $500 credit toward closing costs.

FHA Loans
You may want to consider an FHA loan which requires 3% down payment but there are maximum loan limits which are stated for some of the counties below. You don't need excellent credit to qualify and you can utilize down payment assistance to qualify. Please visit FHA mortgage limits if your county doesn't appear below. Finally, if you intend to purchase a condo then the building must already be on the FHA approved list.

VA Loans
A VA loan is designed for a veteran or active military personnel. Zero down payment is required and the loan limit is now $417,000. WestAmerica Mortgage Company is a VA Endorsed Lender and we can get you pre-approved and email you a preapproval letter in minutes. You can have less than perfect credit and still qualify for a great rate so take advantage of your VA loan eligibility today.