You can qualify for an FHA loan with a FICO credit score of at least 500. In fact, it’s one of the most popular New York first-time homebuyer programs. The Federal Housing Administration (FHA) works with lenders throughout New York to help make home ownership a reality for all. If your income or credit score hinders you from obtaining a mortgage through conventional means, consider FHA loans. – Individuals with low-to-moderate income and a low credit score – Interest rates usually much lower than those of conventional loans – You can secure an FHA loan with a credit score of at least 500 Find a financial advisor who can help you plan for it.įederal First-Time Homebuyer Programs FHA Loans Pros Regardless of your situation, though, you should be able to find an offering that will help you achieve your dream of becoming a homeowner.īuying a home is a major financial undertaking. These programs can focus on easy-to-meet down payment requirements, specific home locations, low interest rates and more. A few offerings even cater to specific types of homebuyers, like veterans, teachers or people with lower credit. For New York residents, there are a number of federal- and state-level programs that are designed for first-time homebuyers.
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