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Old 01-18-2008, 11:50 AM
 
40 posts, read 181,385 times
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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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Old 01-21-2008, 08:38 AM
 
Location: NYC
364 posts, read 1,919,582 times
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Quote:
Originally Posted by Tofusensei View Post
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.
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.
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Old 01-22-2008, 02:00 PM
 
56 posts, read 663,468 times
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FHA does not secure loans for Co-ops.
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Old 01-22-2008, 03:35 PM
 
Location: Bronx, NY
2,806 posts, read 15,910,211 times
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I can't help you with the HUD loan, but I remember your original post.

Did you end up finding a place in Hartsdale or one of the surrounding towns?

Quote:
Originally Posted by Tofusensei View Post
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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Old 01-23-2008, 09:53 AM
 
Location: NYC
364 posts, read 1,919,582 times
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Quote:
Originally Posted by LJeen View Post
FHA does not secure loans for Co-ops.
That's what I thought
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Old 05-26-2008, 11:00 PM
 
Location: Rye Brook
178 posts, read 641,357 times
Reputation: 58
Almost every co-op in Westchester would have a minimum down payment of 10% I have seen as high as 50% REQUIRED.

Depending on where you are looking, sometimes you can find condos in that range, but they are more difficult to find.

All the best

Kevin O'Shea
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