Quote:
Originally Posted by Tofusensei
Does anyone here have any experience/knowledge about using FHA (HUD) loans in Westchester County?
I understand the maximum amount they go up to is approximately $362K and it is for first-time buyers only. My question is regarding the down payment... FHA requires a 3% down payment typically. What is the market like for condos or co-ops with such a low percentage down payment in Westchester (specifically in Scarsdale, Bronxville/Yonkers, Hartsdale areas)? Is that going to pose an issue trying to find a home?
If you are able to apply 10% down payment, are there many condos/co-ops available to be purchased with an FHA loan?
Thank you in advance.
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I am about to buy a coop in Yonkers, so I'll share my opinion based on what I know.
First of all, I am going with a conventional loan. I don't think I even qualified for the FHA loan because of my income level. So you got me there.
Second, I haven't found a single coop that will accept less than 10% down payment. Not sure how they would accept the 3% from a FHA loan.
Third, with $326K forget about finding nice condos. You would be lucky if you found a decent one at that price range, especially if you are looking for two bedrooms. Condos are priced higher than coops because of the benefits they bring.
Finally, I think you'll find plenty of coops under that price range, especially in the Yonkers area. Unfortunately, you'll have to go through the difficult process of buying coops.