New York Mortgage Guides 2026
FHA loan limits by borough and county (up to $1,249,125 in NYC), 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.
Everything You Need for a New York Home Purchase
Six in-depth guides covering every aspect of getting a mortgage in New York — from loan program selection to what you’ll pay at closing.
New York Mortgage Guide
FHA loan limits by county, loan programs, SONYMA assistance, property taxes, NY mortgage tax, and the 2026 New York housing market overview.
Read guide →New York First-Time Home Buyer Guide
SONYMA mortgage programs, the Down Payment Assistance Loan (DPAL), Achieving the Dream low-interest mortgage, and income and purchase price limits by county.
Read guide →New York FHA Loan Requirements
FHA limits range from $541,287 in most upstate counties to $1,249,125 in New York City and Nassau/Suffolk/Westchester counties. County-by-county FHA limits explained.
Read guide →New York VA Loan Requirements
VA loan benefits for New York veterans — no down payment and no PMI.
Read guide →New York USDA Loans
USDA-eligible areas in upstate New York, the Finger Lakes, the North Country, and Western NY — income limits and property eligibility explained.
Read guide →New York Closing Costs Guide
New York’s unique mortgage tax, mansion tax on purchases of $1 million or more, title insurance, and what buyers and sellers pay at closing.
Read guide →Key New York Mortgage Facts
FHA Loan Limits
- Most upstate NY counties: $541,287
- NYC (all 5 boroughs): $1,249,125
- Nassau / Suffolk / Westchester: $1,249,125
- Rockland / Putnam: $1,249,125
- Albany / Saratoga / Schenectady: $541,287
- Confirm your county at HUD’s FHA mortgage limits lookup
Down Payment Assistance
- SONYMA DPAL: 3% of the purchase price (up to $15,000) or $3,000, whichever is higher
- DPAL Plus: up to $30,000 for first-time buyers at or below 60% AMI
- Achieving the Dream: SONYMA’s lowest interest rate program, with 3% down payment assistance available
- SONYMA Conventional Plus: 97% LTV option
- NYC HomeFirst: up to $100,000 for first-time NYC buyers with income up to 120% AMI
- SONYMA sets no single minimum credit score; each product has its own
- Current terms at NYS Homes and Community Renewal
Property Taxes
- Est. effective rate: 1.55% statewide
- Median annual real estate tax bill: $6,582
- Median owner-occupied home value: $423,800
- New STAR applicants receive the STAR credit; Basic STAR requires income under $500,000 (see NYS Tax Department)
- Census ACS 2020–2024 5-year table B25103
Closing Costs (NY-Specific)
- Mortgage Recording Tax: 0.75%–1.30% outside NYC depending on the county (1.80% in Yonkers); in NYC, 2.05% under $500,000 and 2.175% on 1–3 family homes and condos of $500,000 or more (Form MT-15)
- Mansion Tax: 1% on residences of $1 million or more (buyer pays), plus a supplemental tax in NYC from $2 million
- NYC Transfer Tax: 1%–1.425% of purchase price (seller)
- NY State Transfer Tax: 0.4% of purchase price (seller); 0.65% on NYC residences of $3 million or more (NYS Tax Department)
Getting Ready to Buy in New York?
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 $1,249,125 in NYC, Nassau, Suffolk, and Westchester counties
- ✓ SONYMA down payment assistance, including DPAL Plus up to $30,000
- ✓ Mortgage recording tax and mansion tax details for NY closings
- ✓ No obligation — first in line to be matched with a licensed New York mortgage advisor
Coming soon · No obligation · Educational first
New York Advisor Network — Coming Soon
We currently connect buyers with licensed mortgage advisors in all states, Washington, D.C., and Puerto Rico, except New York and Massachusetts. New York is on our expansion list — join the waitlist and we’ll reach out as soon as we launch here.
