Mortgage Banking Specialty Programs in New York

New York Streamline Refinance Options for FHA and VA Loans

Streamline refinance is the best option for you if want to approve your loan with the minimum documentation and underwriting process, if you already have a VA or FHA guaranteed loan. This refinancing is usually the most helpful in case of reducing your interest rate on an FHA or VA loan. If you already have an approved New York FHA loan or New York VA loan, you are automatically eligible for the streamline refinancing option.

You can get a refinance in New York even if you don’t get an appraisal. However, with no appraisal approach, you won’t get a cash-out option. The loan amount that you will get will be at par with your current mortgage amount and this also includes escrows and closing costs.

Many New York home mortgage institutions offer another option to their clients, called the no-cost streamline refinance.  On the upside, you won’t have to bear any additional costs and to go through any underwriting guidelines, but on the down side, the interest rate will be slightly higher. These types of mortgage products are referred to as stated income mortgage loans, where the borrowers just need to state their income, and there would be no verification procedures afterwards.

FHA Home Renovation Loan

A lot of borrowers prefer another option available in the NY FHA loan program called the FHA 203k loan. Without a doubt, the 203k loan in NY is a wonderful facility offered by the FHA in which the borrower can include all costs related to renovation of the house in the initial loan amount itself. The loan will be applicable for one to four units of the residential property as long as the borrower intends to reside in one of the units. For instance; an individual buys a new home that requires around $25,000 for renovation and repair work. Let’s say, the buyer purchases the house in “as is” condition for around $150,000. Now the buyer can qualify for the 203k loan if he wants the loan amount which is less than 80% of the repair work. When the repairs are completed, the after repair value will become the appraisal value.

Interest Only Loans

Another excellent mortgage loan New York product is the “interest only” option. This is essentially a way to close on a property by paying a very low monthly payment. This monthly payment would only be the interest rather than the principal amount of the loan. While the low monthly payment feature can tempt the borrowers to choose this option, in most cases, the “interest-only” mortgage should be avoided, as you will not gain any equity in the property during much of the life of the loan.

All in all, these New York home mortgage programs are reliable financing options available for consumers in the new economy.

Nikitas Kouimanis

Specializing in residential home loansHelping 100's of local families each yearMy philosophy:I believe the role as your Mortgage Loan Officer is to guide every client through the complete mortgage process, taking the time to make sure they understand every step of the loan process and all available loan programs, whether they are refinancing or first time home buyersCommitted to ongoing training:A wide variety of continuing training helps us deliver high quality services to our customers and clients... more