With about 27,807 residents, Shirley is a smaller New York community, and its median home value of $390,300 is close to the New York median of $403,000. The median home costs about 3.7× the median household income of $105,379, so many buyers pair a low-down-payment loan with assistance. Higher prices make conventional loans with PMI and state assistance popular.
How much does it cost to buy a typical home in Shirley?
| Scenario | Down payment | Est. monthly payment | Income needed (28% / 36%) |
|---|---|---|---|
| FHA, 3.5% down | $13,661 | $3,439 | $148,000 / $115,000 |
| Conventional, 20% down | $78,060 | $2,786 | $120,000 / $93,000 |
Estimates use the Census median home value, a 30-year rate (see below), New York's 1.60% effective property tax rate, $1,801/yr insurance (NAIC state average) and FHA mortgage insurance.
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
What are the 2026 loan limits for Shirley?
Shirley is in Suffolk County, where the single-family FHA limit is $1,249,125 (max price ≈ $1,294,000 with 3.5% down) and the conforming limit is $1,209,750. Loans above that are jumbo loans.
Is there down payment assistance in Shirley?
- SONYMA Down Payment Assistance Loan (DPAL) — 3% of the purchase price (up to $15,000) or $3,000, whichever is highest; forgivable; state-level. State of New York Mortgage Agency · Verified October 23, 2026
What mortgage options do Shirley buyers have?
- 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.
- Self-Employed Mortgage — Options for business owners and 1099 earners, including tax-return and bank-statement loans.
- DSCR Purchase Loan — Investment-property loans qualified on the rental income of the property, not personal income.
- New Construction Home Loans — Financing for a newly built home from a builder, or for building your own with a construction-to-permanent loan.
Home loan options in Shirley
- FHA loans in Shirley, NY
- First-time home buyer programs in Shirley, NY
- VA loans in Shirley, NY
- Conventional loans in Shirley, NY
- Home affordability in Shirley, NY
- New construction home loans in Shirley, NY
How much will I pay in property taxes in Shirley?
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. Ask your agent for the specific property's tax history.
Nearby cities (Suffolk County first)
Shirley home buying FAQs
Sources
- U.S. Census Bureau — ACS 2019–2023 5-Year Estimates
- FHFA — 2026 Conforming Loan Limit Values
- HUD — 2026 FHA Forward Mortgage Limits (county file)
- NAIC — Homeowners Insurance Report, Data for 2023 (HO-3 average premium)
- State of New York Mortgage Agency — SONYMA Down Payment Assistance Loan (DPAL)
Data last updated October 23, 2026.
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Get My MatchesFigures 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.