Mortgages in New York: what to know before you borrow.
How closings, taxes, insurance and building actually work in New York, in plain English, and which program fits which borrower. Buying in New York City, Long Island, Westchester and the Hudson Valley or anywhere else in the state: start here, then ask Rosie the specifics. Sean originates in all 50 states.
The New York realities that shape a loan
How closings work
An attorney state: the buyer and the seller each have counsel, and the closing happens at a table with everyone present. Contracts are negotiated by the attorneys after the offer is accepted.
Taxes and transfer costs
New York charges a mortgage recording tax on most mortgages, and New York City adds its own transfer taxes. Co-ops in the city are financed with share loans rather than mortgages, which changes the whole paperwork path.
Insurance
Coastal Long Island, the boroughs, and river valleys carry flood-zone designations that require flood insurance before a loan can fund.
Building and renovating
Building outside the city is common in the Hudson Valley and upstate; inside the city, renovation of existing housing stock dominates and co-op and condo board approvals add a step no other state has.
Veterans
Downstate counties are high-cost, so partial-entitlement veterans should know their county before shopping. Upstate markets are far more affordable for zero-down purchases.
State programs
First-time and lower-down-payment programs in New York run through the State of New York Mortgage Agency (SONYMA). Ask Rosie whether one fits before you assume it does not.
Plain-English notes, not legal or tax advice. Verify the specifics for your county and town.
Pick the page for who you are
The program fits the borrower, not the zip code. Each page is written for New York.
New York mortgage FAQ
Does Sean lend in New York?
Yes. Sean originates in all 50 states, New York included, through a national portfolio lender with the same file and the same underwriter from application to close.
What is different about buying in New York?
An attorney state: the buyer and the seller each have counsel, and the closing happens at a table with everyone present. Contracts are negotiated by the attorneys after the offer is accepted. New York charges a mortgage recording tax on most mortgages, and New York City adds its own transfer taxes. Co-ops in the city are financed with share loans rather than mortgages, which changes the whole paperwork path.
Which program fits me in New York?
It depends on who you are, not where you are: physicians, veterans, builders, renovators and high-net-worth borrowers each have a page for New York below. If you are not sure, ask Rosie first, free, any hour, and book Sean when you are ready.
Ask first. Book when you're ready.
No forms. No credit check. No follow-up calls unless you ask for one. Just a conversation with Rosie about New York.
Ask Rosie