FHA loans are mortgage loans insured by the Federal Housing Administration that are issued by federally qualified FHA lenders. New York FHA loans allow prospective homeowners to borrow money for the purchase of homes that they would not otherwise be able to afford. To find out how much you can borrow, check the table below for the New York FHA loan limits by county.
In order to obtain an FHA loan, borrowers must satisfy New York FHA Loan Requirements. While loans guaranteed by the Federal Housing Administration include fairly lenient qualifications, borrowers must satisfy requirements regarding down payment, debt to income ratio, income and residency.
General Requirements
Mortgage Insurance
FHA homeowners can get a lower rate or adjust their mortgage term with little hassle through an FHA Streamline refinance. Unlike other refinances, the FHA Streamline does not require a new home appraisal, and there is no income or employment verification step; the result is a faster process and with less paperwork. Borrowers who are underwater on their FHA mortgage, without significant equity, or have experienced any employment or credit hardships can still qualify for the fixed or adjustable-rate mortgage a Streamline refinance provides.
Streamline Refinance Requirements:
Refinancing borrowers will likely have to pay an upfront and monthly mortgage insurance premium (MIP).
As mentioned above, FHA loans can be originated by qualified FHA loan lenders in NY. These lenders have received approval from the U.S. Department of Housing and Urban Development (HUD) and are qualified to issue all types of FHA loans, including FHA Streamline Refinances, FHA 203k Loans, and FHA Loans for the purchase of FHA-Approved Condos.
County Name | One-Family | Two-Family | Three-Family | Four-Family |
ALBANY | $312,500 | $400,050 | $483,550 | $600,950 |
ALLEGANY | $271,050 | $347,000 | $419,400 | $521,250 |
BRONX | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
BROOME | $271,050 | $347,000 | $419,400 | $521,250 |
CATTARAUGUS | $271,050 | $347,000 | $419,400 | $521,250 |
CAYUGA | $271,050 | $347,000 | $419,400 | $521,250 |
CHAUTAUQUA | $271,050 | $347,000 | $419,400 | $521,250 |
CHEMUNG | $271,050 | $347,000 | $419,400 | $521,250 |
CHENANGO | $271,050 | $347,000 | $419,400 | $521,250 |
CLINTON | $271,050 | $347,000 | $419,400 | $521,250 |
COLUMBIA | $276,250 | $353,650 | $427,450 | $531,250 |
CORTLAND | $271,050 | $347,000 | $419,400 | $521,250 |
DELAWARE | $271,050 | $347,000 | $419,400 | $521,250 |
DUTCHESS | $443,750 | $568,050 | $686,650 | $853,350 |
ERIE | $276,250 | $353,650 | $427,450 | $531,250 |
ESSEX | $271,050 | $347,000 | $419,400 | $521,250 |
FRANKLIN | $271,050 | $347,000 | $419,400 | $521,250 |
FULTON | $271,050 | $347,000 | $419,400 | $521,250 |
GENESEE | $271,050 | $347,000 | $419,400 | $521,250 |
GREENE | $271,050 | $347,000 | $419,400 | $521,250 |
HAMILTON | $271,050 | $347,000 | $419,400 | $521,250 |
HERKIMER | $271,050 | $347,000 | $419,400 | $521,250 |
JEFFERSON | $271,050 | $347,000 | $419,400 | $521,250 |
KINGS | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
LEWIS | $271,050 | $347,000 | $419,400 | $521,250 |
LIVINGSTON | $271,050 | $347,000 | $419,400 | $521,250 |
MADISON | $281,250 | $360,050 | $435,200 | $540,850 |
MONROE | $271,050 | $347,000 | $419,400 | $521,250 |
MONTGOMERY | $271,050 | $347,000 | $419,400 | $521,250 |
NASSAU | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
NEW YORK | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
NIAGARA | $276,250 | $353,650 | $427,450 | $531,250 |
ONEIDA | $271,050 | $347,000 | $419,400 | $521,250 |
ONONDAGA | $281,250 | $360,050 | $435,200 | $540,850 |
ONTARIO | $271,050 | $347,000 | $419,400 | $521,250 |
ORANGE | $443,750 | $568,050 | $686,650 | $853,350 |
ORLEANS | $271,050 | $347,000 | $419,400 | $521,250 |
OSWEGO | $281,250 | $360,050 | $435,200 | $540,850 |
OTSEGO | $271,050 | $347,000 | $419,400 | $521,250 |
PUTNAM | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
QUEENS | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
RENSSELAER | $312,500 | $400,050 | $483,550 | $600,950 |
RICHMOND | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
ROCKLAND | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
SARATOGA | $312,500 | $400,050 | $483,550 | $600,950 |
SCHENECTADY | $312,500 | $400,050 | $483,550 | $600,950 |
SCHOHARIE | $312,500 | $400,050 | $483,550 | $600,950 |
SCHUYLER | $271,050 | $347,000 | $419,400 | $521,250 |
SENECA | $271,050 | $347,000 | $419,400 | $521,250 |
ST. LAWRENCE | $271,050 | $347,000 | $419,400 | $521,250 |
STEUBEN
|
$271,050
|
$347,000
|
$419,425
|
$521,250
|
SUFFOLK
|
$729,750
|
$934,200
|
$1,129,250
|
$1,403,400
|
SULLIVAN
|
$271,050
|
$347,000
|
$419,425
|
$521,250
|
TIOGA
|
$271,050
|
$347,000
|
$419,425
|
$521,250
|
TOMPKINS
|
$271,050
|
$347,000
|
$419,425
|
$521,250
|
ULSTER
|
$406,250
|
$520,050
|
$628,650
|
$781,250
|
WARREN
|
$271,050
|
$347,000
|
$419,425
|
$521,250
|
WASHINGTON
|
$271,050
|
$347,000
|
$419,425
|
$521,250
|
WAYNE
|
$271,050
|
$347,000
|
$419,425
|
$521,250
|
WESTCHESTER
|
$729,750
|
$934,200
|
$1,129,250
|
$1,403,400
|
WYOMING
|
$271,050
|
$347,000
|
$419,425
|
$521,250
|
YATES
|
$271,050
|
$347,000
|
$419,425
|
$521,250
|
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