subject: Did Fha Loans In New York Experience Challenges? [print this page] An FHA loan in New York is becoming more of a popular thing than ever, and is really worth any borrower taking a look into it. An FHA loan could be the key to many families getting into a better loan in states where housing bubbles were created, as well as high volume areas. This would mean loans that equal $200,000 or more. However, this doesn't necessarily mean that everyone who applies for one would get one. Earlier this year, there was borrower that experienced the disappointment of going all the way through the process only to find out that her loan had not been issued.
Are FHA Loans New York Friendly?
According to Candace Taylor, a writer from The Real Deal Online, Frances Katzen was overjoyed when she thought the buyer she had found for a condo she had listed was going to be purchased. This was an FHA home loan in New York, and the condo was approved, but when they got to the closing, they found out that the loan was not being issued. Is this how an FHA loan is supposed to work?
An FHA loan should never work in this fashion, but the real problem in my opinion had nothing to do with the FHA itself. In this case, this was a poor mortgage professional, or better yet the lack thereof. I have been doing this for over 19 years, and I can't think of a time when I would not have wanted any borrower to not understand the process. Why would you encourage missing pieces of a puzzle? It just didn't make sense to me, and still doesn't. When I came across this article, it stirred something in me because I know how important this is. I eat, sleep and breathe FHA loans, and the fact that an FHA loan in New York, on a condo was not handled properly makes me shake my head in disbelief.
Getting an FHA loan in New York is no different than getting one in another state. There is no secret formula or method, it is what it is. The problem always occurs when there is a lack of professionalism, or information to the borrower for that matter. I can also tell you that I know plenty of people that are still in the business that I communicate with on a regular basis, and they are closing an FHA loan in New York almost every day. An FHA loan is not rocket science, but you do need to know the requirements, and having the right documentation up front prevents a real mess in the back. Make sense?
What Goes Wrong With FHA Loans
I can't say enough that people aren't informed. Knowledge is power, and really what you don't know can really hurt you. The professional needs to know how to do an FHA loan and understand the requirements inside and out. It is important for the borrower and the mortgage professional to know what FHA loan limits are for New York, so the borrower knows what they need to do. You can get valuable information, and find what you need by going to www.fhaloansnow.net. You can find information on requirements and more about FHA loan limits in your area.
