FHA Loan Basics
FHA loans require just 3.5% down with a credit score of 580 or higher (10% down for scores 500-579). They are backed by the Federal Housing Administration, which means lenders face less risk and can offer more favorable terms to buyers who might not qualify for conventional financing.
Hudson Valley FHA Loan Limits
FHA loan limits vary by county. In the Hudson Valley, Dutchess and Putnam counties fall in the New York metro area with higher limits, while Orange County has its own limit. Check current limits before shopping to ensure the homes you are viewing fall within your financing range.
Property Requirements
FHA appraisals require the property to meet minimum health and safety standards. Common issues in Hudson Valley homes include peeling paint (especially on pre-1978 homes), aging roofs, and water intrusion. If the property does not pass the FHA appraisal, the seller must make repairs or you need to look elsewhere.
