FHA Loan
A Federal Housing Administration loan is a government-backed mortgage that allows homebuyers to purchase a home with as little as 3.5% down payment. In 2026, the FHA loan limit for NYC is $1,149,825 for single-family and $1,472,250 for two-family properties. FHA loans are popular with first-time buyers in Queens because they accept credit scores as low as 580 and allow seller concessions up to 6% of the purchase price. Nitin Gadura of Gadura Real Estate specializes in guiding FHA buyers through the process.
Additional Details
FHA loans require mortgage insurance (MIP), which adds approximately 0.55% annually to your payment. The property must meet FHA minimum property standards, meaning certain repairs (like peeling paint in pre-1978 homes) must be completed before closing.
Need help with fha loan?
(917) 705-0132 — Nitin Gadura