New York mortgage market at a glance
| Item | New York |
|---|---|
| 2026 conforming loan limit | $1,249,125 in NYC metro counties; $832,750 upstate |
| 2026 FHA loan limit | $541,287 to $1,249,125 by county |
| Foreclosure process | Judicial (court required, among the slowest in the US) |
| State housing agency | State of New York Mortgage Agency (SONYMA) |
New York is really two mortgage markets. Upstate looks like the Midwest: baseline limits, affordable homes. Downstate is its own universe of co-op boards, mansion taxes, and attorney closings. Know which market you are in before you budget.
Loan limits in New York
The New York City metro counties, the five boroughs plus Westchester, Nassau, Suffolk, Rockland, and Putnam, carry the 2026 high-cost conforming ceiling of $1,249,125. Nearly everywhere upstate uses the $832,750 baseline. A Brooklyn buyer can finance a million-dollar condo with a conforming loan. A Buffalo buyer rarely uses a third of their limit. Above your county’s number, you are in jumbo country.
FHA limits span the same range, $541,287 floor upstate to the $1,249,125 ceiling downstate. An FHA loan works for houses and many condos, though most NYC co-ops are off the FHA menu.
First-time buyer programs in New York
SONYMA, the State of New York Mortgage Agency, is the state’s HFA, operating under New York State Homes and Community Renewal. Its flagship Achieving the Dream and Low Interest Rate programs offer below-market fixed rates to first-time buyers, and its down payment help loan can cover part of your down payment or closing costs. Income and price caps apply by region, and you apply through participating lenders. In a state where closing costs are brutal, SONYMA assistance is worth real money. Details at hcr.ny.gov/sonyma.
What closing on a home costs in New York
New York closings are the most expensive in the country, and it is not close. The state charges a real estate transfer tax, and buyers pay the extra 1 percent mansion tax on purchases of $1 million and up, with supplemental rates stacking higher in New York City. NYC adds its own transfer tax, and the state’s mortgage recording tax hits the loan itself. Refinancers, ask your attorney about a CEMA to avoid paying recording tax twice. And yes, you need that attorney. Lawyer-led closings are universal custom here, for both sides.
Foreclosure is judicial and notoriously slow, often taking years.
How to get the best rate in New York
- Shop three lenders, including one that knows your property type, co-op, condo, or house. Start with our best mortgage lenders guide.
- Check SONYMA pricing before you take any retail rate.
- Model the all-in monthly cost, taxes, insurance, and common charges, in our mortgage calculator.
- Build transfer taxes and attorney fees into your cash plan. Our down payment guide helps you size it.
- Buying near $1 million? A price just under the mansion tax line is worth negotiating hard for.
Compare rates, loan types, and lenders at our mortgages hub.