Top Mortgage Assistance Programs in Staten Island

A recent study by Fannie Mae revealed a surprising lack of confidence among consumers about the mortgage process 4 Mortgage Loan Mistakes That Could Cost You Money

There’s good reason to feel a little cautious. Here in Staten Island, home prices have risen 9% this year alone, and mortgage rates have also climbed. However, homeownership remains a top priority for most, with many considering it a sound long-term investment. Read that Blog Post HERE

All of this can lead to feeling overwhelmed and unsure of your ability to qualify for a home loan. The good news is there are options available—options you may not even be aware of.

So today, we’ll discuss some different mortgage resources available here in Staten Island.

Challenges When Navigating the Mortgage Process

Fannie Mae’s study found that many consumers are unaware of important aspects of the mortgage process, which creates additional hurdles.

Here are the top three challenges consumers face due to knowledge gaps:

Lack of confidence: Less than half (45%) of consumers would feel confident going through the mortgage process. That number drops to 38% for those who are actively home shopping.

Overestimating minimum down payment: 90% of consumers either don’t know or overestimate the minimum down payment required for a typical mortgage.

Misestimating minimum credit score: Only 32% of consumers know the approximate minimum credit score required by mortgage lenders (the FICO minimum score required is 620). The remaining either overestimate or underestimate this number.

The study also found that just 32% are “somewhat” or “very” familiar with low down-payment programs, and 40% are aware of mortgage counseling services available.

To make sure that you have all the information you need, keep reading for mortgage resources available here in Staten Island.

Mortgage Resources in Staten Island

Low Down Payment Assistance Programs

You may know that a 20% down payment isn’t required, but how low can you go? In some cases, as low as 0-3% down. Here are some programs available in Staten Island:

Conventional 3% down program

Credit scores down to 620
Good for 1 family homes and condos
Down payment assistance and grant programs available along with this

FHA

Down payments as low as 3.5% down
Credit score down to 580 ( down to 500 credit score allowed but 10% down required under 580)
Good for 1-4 family homes
1^st time buyer not required
Down payment assistance is available

As little as 0% down
No PMI required
Credit score down to 580

Conventional Multi Family 5% down

Good for 2-4 family homes
1^st time buyer not required

Mortgage Counseling Services

Housing counseling or mortgage counseling services are also available to help you prepare your finances and get ready for the costs of home ownership.

Freddie Mac Borrower Help Centers (select your region for a list): https://myhome.freddiemac.com/resources/working-with-freddie-mac-borrower-help-centers

Search for HUD’s participating housing counseling agencies in your area here: https://answers.hud.gov/housingcounseling/s/?language=en_US

Professional Lenders

Reading about these programs and services online is one thing, but I always recommend speaking with a knowledgeable, trusted professional to gain a deeper understanding of all the resources available to you. Reach out to our trusted lender HERE

Remember, the key to a successful homebuying experience is knowledge and preparation. By getting the right support system in place, you can turn your dream of homeownership into a reality.