The remaining 52 New York counties have the following FHA loan limits:īorrowers typically pay their share of that year’s real estate taxes at closing, along with other costs, such as title insurance and transfer taxes. Counties with high-dollar real estate markets have higher loan limits.įor example, here are the maximum FHA mortgage amounts for Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester counties: The FHA limits the amount you can borrow depending on the number of units and the county you’re in. If you make a down payment of 10% or more, your obligation ends after 11 years. □ How long do MIP payments last? Borrowers who make a 3.5% down payment must continue making MIP payments until the loan is paid. The funding fee helps reduce the lender’s financial risk due to the FHA program’s lenient borrower qualifications and low down payment minimums. For loan terms exceeding 15 years, the yearly rate averages 0.8–1.05%, depending on the loan amount. (Annual) mortgage insurance premiums (MIP): These annual premiums insure a mortgage payoff in case of default. The UFMIP rate is 1.75% of your home loan.
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