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New York Mortgage Guides

NY
State Mortgage Guides

New York Mortgage Guides 2026

FHA loan limits by borough and county (NYC among the highest in the nation), SONYMA down payment assistance, USDA rural loans for upstate New York, VA resources, and a full breakdown of New York’s mortgage tax and closing costs — all in one place.

$1,209,750FHA limit (NYC boroughs)
Up to $30,000SONYMA down payment assistance
1.72%Avg effective property tax rate
2–5%Typical buyer closing costs

Key New York Mortgage Facts

FHA Loan Limits

  • Most upstate NY counties: $524,225
  • NYC (all 5 boroughs): $1,209,750
  • Nassau / Suffolk / Westchester: $1,209,750
  • Rockland / Putnam: $1,209,750
  • Albany / Saratoga / Schenectady: $524,225
Full FHA limits →

Down Payment Assistance

  • SONYMA DPAL: up to $30,000 or 3% of purchase price
  • Achieving the Dream: below-market rate + DPAL
  • SONYMA Conventional Plus: 97% LTV option
  • NYC HomeFirst: up to $100,000 for NYC buyers (income limits apply)
  • Min credit score: 620–640 for most SONYMA programs
DPA programs →

Property Taxes

  • Effective rate: approx. 1.72% statewide average
  • Highest average of any state
  • NYC: lower effective rate (~0.88%) due to assessment practices
  • Westchester / Nassau / Rockland: among highest in nation
  • STAR exemption available for primary homeowners
Full tax guide →

Closing Costs (NY-Specific)

  • Mortgage Recording Tax: 1.05–2.80% of loan amount
  • Mansion Tax: 1%+ on purchases over $1 million (buyer pays)
  • Attorney fees: required by law in New York
  • NYC Transfer Tax: 1%–1.425% of purchase price (seller)
  • NY State Transfer Tax: 0.4% of purchase price (seller)
Full closing cost guide →

Getting Ready to Buy in New York?

We’re building out our New York loan-officer network now. In the meantime, our guides above cover SONYMA down payment assistance, county-by-county FHA limits, and New York’s mortgage recording tax and closing costs — everything you need to start planning your purchase.

  • ✓ FHA limits up to $1,209,750 in NYC, Nassau, Suffolk, and Westchester counties
  • ✓ SONYMA down payment assistance up to $30,000 or 3% of purchase price
  • ✓ Mortgage recording tax and mansion tax details for NY closings
  • ✓ No obligation — first in line to be matched with a licensed New York loan officer

Coming soon  ·  No obligation  ·  Educational first

New York Advisor Network — Coming Soon

We currently connect buyers with licensed advisors in Florida and Utah. New York is on our expansion list — join the waitlist and we’ll reach out as soon as we launch here.

Join the New York Waitlist