For those who are looking for a conforming loan in New York, your monthly housing cost needs to meet a specific percentage of the monthly gross income. Credit will also be taken into consideration to determine if you are eligible for this loan or not. Normally, you need to have a minimum 620 FICO credit score to gain an approval for conforming loans. Another thing that you are required to have is an income that is high enough to pay for the cost of the home and all of your additional expenses.
In New York, the maximum amount of money you can get for a conforming loan will vary from one county to the next. When it comes to loan limits, the highest conforming loan to date is $729,750, while the lowest is $417,000. Your loan needs to be at least the $417,000 to be eligible for this type of loan. Another thing to consider is that the loan will only be for 80 to 95 percent of the total value of the home or its selling price, whichever one proves to be smaller. On average, the buyer will need to put 5 to 20 percent down for the purchase of the home to help cover the closing costs and the down payment. If the purchase price of the home is $500,000, you can anticipate putting $25,000 to $100,000 down to secure the loan.
Various types of properties are available under this type of loan, so you will have plenty of options from which you can choose. From a modular home to manufactured homes, one to four family residences, condos and more, you will find the property you want in no time. Speak with one of our loan professionals representative to find out what the loan limits are where you live.
Contact us to see if you qualify for a Conventional Mortgage. Email us or call us at (800)842-2910.