New York consumers can benefit from discount home mortgage loans for refinance or purchase with options for conventional, FHA, VA and jumbo. New FHA home lending programs allow purchase loans to 96.5% and cash out refinancing to 85% with a good payment history.
Shop rates with the New York mortgage lenders that offer the loan programs you need.
Conventional and VA home loans are still allowing 100% financing qualified borrowers who meet the credit and income criteria. As New York mortgage rates continue to fall we see expanded affordability for local residents to reduce their housing expenses. Find local NY lenders that offer Non QM, conforming and FHA loans for borrowers with fixed 30-year rates.
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New York Home Loan Tips: Financing a Home Mortgage with No Money Down in Today’s Marketplace By Maria Ny
The primary hurdle for many first-time homebuyers lies in accumulating sufficient cash reserves for a down payment, particularly in markets like New York City where property prices have surged in recent years.
If your funds fall short of a 20% down payment, the alternative is securing a second mortgage with your purchase or opting for mortgage insurance, often referred to as private mortgage insurance (PMI). This typically imposes an additional 0.5% to 0.75% premium on your interest rate, as explained by Jeff Lubar, a spokesperson for the Mortgage Insurance Companies of America. Despite recent price dips, median home prices in New York still hover around the $400,000 mark, making PMI a costly addition.
Enter the no-money-down home loan, rendering home buying and financing a second home in New York more attainable, sans PMI payments. Commonly known as a piggyback loan or 80-20 mortgage loan, this approach involves an 80% primary mortgage complemented by a piggyback 2nd mortgage covering the remaining 20%.
New York mortgage loans, including those with 100% financing, offer a range of options to suit diverse budgets. Whether you prefer a fixed interest rate, an adjustable rate, interest-only, or even a jumbo home loan for higher-priced properties beyond the Fannie Mae and Freddie Mac lending limits, there’s a solution.
Before embarking on your New York home loan journey, secure your credit reports from Experian, Equifax, and TransUnion. Review them meticulously for errors, as about 70% of consumer credit reports harbor at least one mistake. Correct any discrepancies by disputing them with the credit bureaus or contacting the creditors directly. Obtain your FICO scores from myfico.com/12, not only to understand your scores but also to identify factors impacting them negatively. Use this information for rate comparison without impacting your credit by faxing the scores to lenders.
Lastly, ensure compliance with disclosure requirements. Under the Truth in Lending Act (TILA), New York mortgage lenders must furnish the Good Faith Estimate (GFE) within three business days of receiving a residential application, whether submitted online or by mail. Always exercise caution, especially when inquiries into your credit can affect your scores.
New York Mortgage Highlights
•Fixed Rate New York Loans
•No PMI & No Mortgage Insurance
•First Time Home Buyers in New York
•Compare Interest Rates and Terms from Rated New York Mortgage Lenders
Home Sales in New York have finally turned the corner. Freddie Mac reports that application volumes have risen across the state. With rates this low, we anticipate more first time home buyers will enter the market in the “Big Apple.”
Find out why our New York Lenders keep getting high ratings from return customers every year.