FHA will go down to a 500 score if you have 10% down, otherwise for 3.5% down you'll need 580 scores. Ideally you'll want 620 or 640 scores as the rates improve quite a bit at those levels. On a $300k sales price on Long Island, 3.5% down with FHA financing, total payment would be in the $2,600-$2,700 vicinity.
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