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Jumbo loans in New York

Quick answer

Jumbo loans in New York are needed for loan amounts above $832,750 (higher in designated high-cost counties) and typically require 10%–20% down and 700+ credit.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

Jumbo loan snapshot for New York

ItemEstimate
Minimum down payment10%–20%
Minimum credit score700+
Typical NY home value$403,000
3.5% down on typical home$14,105
20% down on typical home$80,600
Avg. effective property tax1.60%/yr (~$537/mo)
Income for typical home (31% rule)$136,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which New York programs pair with Jumbo loans?

  • Achieving the Dream: Low-rate loans for lower-income first-time buyers.
  • Down Payment Assistance Loan (DPAL): A 0% deferred loan, forgiven after a set period, paired with a SONYMA mortgage.

Details and current limits: State of New York Mortgage Agency (SONYMA).

Jumbo loan requirements

  • Credit: 700–720 minimum at many lenders.
  • DTI: often 43% or lower.
  • Reserves: 6–12+ months of principal, interest, taxes and insurance.
  • Full documentation; sometimes two appraisals for very large loans.

Alternatives to a jumbo loan

Some buyers use a 'piggyback' structure — a conforming first mortgage plus a second loan — to avoid jumbo requirements. A larger down payment that brings the loan under the conforming limit is another option.

Jumbo loans in New York cities

Jumbo in New York CityJumbo in Kiryas JoelJumbo in HarrisonJumbo in MonseyJumbo in PlainviewJumbo in Rockville CentreJumbo in Dix HillsJumbo in Garden CityJumbo in EastchesterJumbo in HuntingtonJumbo in MelvilleJumbo in SyossetJumbo in WoodmereJumbo in ScarsdaleJumbo in Port WashingtonJumbo in RyeJumbo in Floral ParkJumbo in North New Hyde ParkJumbo in JerichoJumbo in Great NeckJumbo in Sleepy HollowJumbo in Fort Salonga

Frequently asked questions

Yes. Jumbo loans are available statewide in New York through approved lenders, subject to county loan limits where they apply.

Often yes. State of New York Mortgage Agency (SONYMA) and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.