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How to buy a home in New York

Quick answer

To buy a home in New York, most buyers use an FHA, conventional, VA or USDA loan, often combined with State of New York Mortgage Agency (SONYMA) down payment assistance. With a typical home around $403,000, a 3.5% FHA down payment is about $14,105 and the estimated monthly payment is roughly $3,501 at a 7.18% rate.

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

New York is a higher-priced market, so buyers often lean on low-down-payment programs and state assistance to bridge the gap between savings and the cash needed to close. With a large, diverse market, prices vary widely between metro areas and smaller towns, so compare city-level options below. A household earning around $136,000 a year could comfortably afford a typical New York home under the 31% housing guideline.

What does a home cost in New York?

ItemNew York estimate
Typical home value$403,000
3% down (conventional)$12,090
3.5% down (FHA)$14,105
20% down$80,600
Est. monthly payment (FHA, 3.5% down)$3,501
Household income to afford (31%)$136,000

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

What first-time home buyer programs does New York offer?

State of New York Mortgage Agency (SONYMA) is New York's housing finance agency. Its programs are offered through approved lenders and usually require homebuyer education plus income and purchase-price limits.

  • 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.

Check current terms at State of New York Mortgage Agency (SONYMA). Many New York cities and counties also run their own down payment assistance.

What are the New York loan limits for 2026?

New York has 62 counties; 10 are high-cost areas. Here are the official 2026 one-unit limits for its most populous counties (FHFA and HUD):

CountyConformingFHA
Kings County$1,209,750$1,249,125
Queens County$1,209,750$1,249,125
New York County$1,209,750$1,249,125
Suffolk County$1,209,750$1,249,125
Bronx County$1,209,750$1,249,125
Nassau County$1,209,750$1,249,125
Westchester County$1,209,750$1,249,125
Erie County$832,750$541,287
Monroe County$832,750$541,287
Richmond County$1,209,750$1,249,125
Onondaga County$832,750$541,287
Orange County$832,750$541,287

See all New York county loan limits → VA loans have no limit for borrowers with full entitlement.

Which New York down payment assistance programs are verified?

How much house can I afford in New York?

Use New York's own property tax rate and insurance average: $60k, $80k, $100k, $150k salaries, or see FHA requirements in New York.

How do property taxes affect buying in New York?

Homeowners in New York pay a median of $6,450 a year in property taxes — an effective rate of about 1.60% of the median home value, among the highest in the country, so taxes are a major part of the monthly payment (Census ACS). Actual rates vary by county and municipality.

Which loan types are popular in New York?

  • Conventional Loan — Not government-backed; as little as 3% down for first-time buyers, PMI removable at 20% equity.
  • FHA Loan — Government-insured; 3.5% down with a 580 credit score and flexible debt-to-income rules.
  • VA Loan — For eligible veterans, service members and surviving spouses: 0% down and no monthly mortgage insurance.
  • USDA Loan — 0% down for moderate-income buyers in eligible rural and suburban areas.
  • Jumbo Loan — For loan amounts above the conforming limit; usually 10–20% down and 700+ credit.
  • First-Time Home Buyer Loans — Low-down-payment loans plus state assistance programs designed for first-time buyers.

Buying a home in New York cities

Nassau County

Hempstead — $442,100Levittown — $564,000Freeport — $479,700Hicksville — $617,100Valley Stream — $605,000Elmont — $576,800East Meadow — $613,900Long Beach — $661,500Uniondale — $511,300Baldwin — $578,200Oceanside — $626,700Franklin Square — $640,300Glen Cove — $654,500Plainview — $729,100Rockville Centre — $796,100Garden City — $1,063,300Massapequa — $661,900Merrick — $715,700Mineola — $624,300North Bellmore — $636,800West Hempstead — $626,100Lynbrook — $592,400East Massapequa — $596,700Roosevelt — $454,100Syosset — $854,500Woodmere — $944,400North Massapequa — $609,100Wantagh — $665,700North Valley Stream — $588,800Port Washington — $976,200Bethpage — $597,400Massapequa Park — $626,300Floral Park — $754,300Seaford — $631,000Westbury — $599,700Bellmore — $661,700South Farmingdale — $584,400New Cassel — $509,500North New Hyde Park — $797,600Jericho — $923,600Salisbury — $639,800North Merrick — $644,700Inwood — $610,600North Wantagh — $606,800Great Neck — $953,400New Hyde Park — $700,400East Rockaway — $623,500

Suffolk County

West Babylon — $490,500Coram — $425,300Central Islip — $405,000Commack — $647,000Huntington Station — $540,400Centereach — $471,300Bay Shore — $467,800Shirley — $390,300Deer Park — $497,900Lindenhurst — $484,800West Islip — $592,700Holbrook — $504,100Medford — $444,500Dix Hills — $891,400Smithtown — $661,400Copiague — $463,300Selden — $435,700East Patchogue — $459,200Hauppauge — $634,700North Bay Shore — $449,900North Amityville — $452,100Huntington — $733,000East Northport — $601,300Holtsville — $483,400Melville — $778,400Ronkonkoma — $467,600Lake Ronkonkoma — $484,700North Babylon — $470,900Islip — $486,900Hampton Bays — $688,900Farmingville — $444,300Mastic Beach — $326,600Kings Park — $586,300Sayville — $615,700Riverhead — $449,000Mastic — $370,500Greenlawn — $626,700Rocky Point — $417,400East Islip — $577,600St. James — $632,900Nesconset — $627,300Stony Brook — $587,300Manorville — $546,600Ridge — $404,900Patchogue — $446,700Babylon — $622,100Mount Sinai — $637,700Miller Place — $588,100North Lindenhurst — $469,400Elwood — $664,200Middle Island — $347,900Lake Grove — $550,700North Bellport — $392,100Terryville — $445,100East Setauket — $613,300Fort Salonga — $843,000South Huntington — $614,200

Browse every city page →

New York home buying FAQs

On a typical New York home of about $403,000, a 3.5% FHA down payment is roughly $14,105 and a 3% conventional down payment about $12,090, plus closing costs of 2%–5% of the loan.

Yes. State of New York Mortgage Agency (SONYMA) offers programs including Achieving the Dream, Down Payment Assistance Loan (DPAL). Income, price and credit limits apply.

The 2026 baseline conforming limit for a one-unit home is $832,750 in most New York counties; designated high-cost counties can be higher.

FHA limits are set by county. For 2026 they start at $541,287 for one-unit homes in lower-cost areas and rise in higher-cost counties.

Sources

Data last updated October 23, 2026.

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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.