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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.
| Metro Area |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| New York |
$729,750 |
$934,200 |
$1,129,250 |
$1,403,400 |
| Buffalo |
$276,250 |
$353,650 |
$427,450 |
$531,250 |
| Rochester |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Syracuse |
$281,250 |
$360,050 |
$435,200 |
$540,850 |
| Nassau-Suffolk |
$729,750 |
$934,200 |
$1,129,250 |
$1,403,400 |
| Albany |
$312,500 |
$400,050 |
$483,550 |
$600,950 |
VA Program

Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
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.
New York First Time Home Buyer Stats
| Average Home Listing Price |
$679,824 |
| Unemployment Rate-New York City |
9.50% |
| Best Places to Live |
Baldwin, Eastchester, Nanuet |
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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