Brooklyn Real Estate Q&A and Info

The mortgage doom and gloom that’s circulating around these days has scared a lot of buyers (and sellers) out of the market. The truth is, this is a great time to buy (and if you need to sell your home, its a great time to sell) thanks to FHA.

The volume of FHA loans being written has tripled, according to Realty Times, in the last few months, and as long as you can meet the FHA guidelines, there is still money to be had.  And FHA is not just for first time home buyers.

So, what do you need to qualify for an FHA Loan?

1. Right now, you need to be able to put 3% down. Starting January 1, 2009 the requirement will be 3.5%.
2. A credit score of 550 or better.
3. You can still use a co-signor (or non-occupant co-borrower) to purchase a home with an FHA secured loan.
4. In Brooklyn, the FHA loan amount maximum for a single family home or condo is $729,750, a two family home $934,200, and a three family home loan for no more then $1,129,250.
5. Verifiable income.

So, don’t let the dire news scare you.  If you’ve got the income, the credit score and the down payment, get out there and buy a home.  Interest rates are extremely low and you can get a fantastic house at bargain basement prices.

Want to know more?  Give me a call at 917-544-2662, or click here to email me.