Valley Stream, NY FHA Loans | CT FHA Lender | Prysma
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FHA Loans – Valley Stream, NY

Your Trusted FHA Mortgage Lender for Valley Stream, NY

Prysma has been able to assist thousands of individuals and families throughout Connecticut, New York, Massachusetts, and Florida as the #1 FHA loan source provider. Prysma Lending Group is able to assist with FHA loans and refinancing options for first-time homeowners.

Our team of mortgage loan originators, will work closely with you to find the best rates and options for your individual financial needs. We strive to help you meet your dreams for homeownership in Valley Stream and surrounding areas.

Fill out the form on our website or give us a call at 855-513-8374 to find the right loan option for you!

The 4 SIMPLE STEPS TO HOMEOWNERSHIP

Here at Prysma, our specialists will guide you through the four simple steps which will help potential homeowners work through the home buying process which can sometimes be difficult. If it’s your first time purchasing or you are relocating, this easy process will lead you to owning your very own home. Here are the 4 Simple Steps:

1

Pre-Qualification

The first step during the homeownership process is to work with one of Prysma’s mortgage loan originators who are fully licensed to get you pre-qualified for your loan. Loans will be determined based on your financials for up to a specified amount. The amount will help you determine the price range for your potential new home that you are searching for. Our loan originators are ready to answer any of your questions to ensure that you are picking the right loan option.

2

Find Your Home & Make an Offer

Once you get pre-qualified for your loan, you can begin searching for the home of your dreams. There are many different options for homes in Valley Stream, but it is important to consider factors such as price, location, and even safety of the neighborhood. When you decide that you have found the perfect house and location, you will make an offer to the seller. The seller might negotiate with you to determine the final sale price of the home.

3

Loan Application

Now that you have found your dream home and put in an offer, you will need to meet with your mortgage specialist to start the application process and secure the loan for your brand new home. We know that the applications and paperwork can be confusing which our mortgage loan originator will guide you through the loan application process. Our originators can answer any questions you may have towards this process.

4

Closing & Moving in

The final step to the four step process is to move into your new home! During this phase, your loan and mortgage has been approved and closing on your house will begin. After closing on the home, you can pack up and finally move into your new Valley Stream home.

Why Borrowers Choose PRYSMA for FHA Loan

Prysma Lending went above and beyond to help me with my loan. It’s hard to rely on a good lender now a days, with all the big corporate banks out there. Prysma provided me with Amazing service. I have been using them for over 10 years and couldn’t be happier.

– S. Johnson

Highly recommend Prysma! They were very professional and went above and beyond my expectations! They kept me informed and answered all my questions. A special thanks for Debora and Mark for their effort, even during their vacation they worked and made my closing happened.

– M. Breda

Prysma cares about their clients and works hard to demonstrate that with each closing!

– W. Bernard

Understanding FHA Loans

How do FHA Loans work?

FHA loans are through the Federal Housing Administration (FHA), which is part of HUD. The lender, which is us at Prysma, can offer the borrower a better deal. The offer usually involves lower down payments, lower closing costs, qualifying for east credit and other refinancing options.

There are still options for those that have low income or low credit scores that allow them to be eligible for an FHA loan. FHA loans can be flexible and there are specific loans for those that do not have a credit score. Even if you have a good credit score, you could be able to start with a lower down payment or even lower interest rates for your loan.

Are there beneficial FHA Loan types for seniors?

To qualify for FHA loans for seniors, you must be at least 62 or older and live in your own home. Also you have to own the property outright or have a low loan balance to apply for an FHA reverse mortgage. A reverse mortgage allows for you to convert your home equity into cash which will provide you with an additional stream of income as you get older.

Large Brick Home - Mortgage Loan

What are the requirements for a FHA Loan?

There are a few requirements that you will need to fulfill to be granted an FHA Loan.

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in the state of New York.
  • Borrowers must pay a minimum down payment of 3.5 percent. However, the money for the down payment can be gifted by a family member or other party.
  • New FHA loans are only available for primary residence occupancy.
  • The property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).

READY TO EXPLORE YOUR LOAN OPTIONS?