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FHA Loans for Condos in NYC
Started by honestabe
almost 17 years ago
Posts: 8
Member since: Feb 2009
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I dont think there are many FHA approved condos in NYC. There are a few in the out boroughs but hardly any in Manhattan as far as I know. But there are spot approvals allowed for FHA as long as its an established condo meetinging FHA condo guidelines. Im assuming youre looking for financing with little money down? sunny_hong@countrywide.com
What does anyone know about getting an FHA Loan to buy a townhouse uptown ? The 3 family limit has increased to $1,129,250. That's approaching mortgage territory for some distressed-owner properties in Harlem.
honestabe:
It's not worth looking into this for NYC condos. For spot approval, FHA requires the condo building to not have "the right of first refusal" option. This is virtually unheard of here in the city. There's also lmany other requiremennts (such as strict reserve requirement).
hdlc - what information are you looking for as far as FHA for 3 families? It allows up to 96.5% financing. More lenient credit and reserve requirements.
Good point anon10.
These are the FHA loan limits today:
1-unit $729,750
2-unit $934,200
3-unit $1,129,250
4-unit $1,403,400
Anon10, there are rumors that guideline are being modified and specifically the refusal requirement is going to disappear.