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Buying a home

Data from November 2026

Buying a home in New York

A typical home in New York is worth $423,800 (Average 2020–2024). The FHA limit for one unit is $541,287–$1,249,125 depending on the county. Here is the minimum down payment each loan type asks at that price, every county’s limit, and the state’s assistance programs.

Minimum down payment Limits by county
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Typical home
$423,800
median value, Average 2020–2024
27% more than the U.S.
FHA limit
$541,287–$1,249,125
one unit, by county
In 10 of the 62 counties, the limit is above the national floor ($541,287).
Conforming limit
$832,750
up to $1,209,750 in high-cost areas
Above this amount, the loan is a “jumbo” loan.
Minimum FHA down payment
$14,833
3.5% of a $423,800 home
VA and USDA ask for no down payment if you qualify.

Source: American Community Survey (ACS) 5-year estimates Average 2020–2024 American Community Survey (ACS) 5-year estimates Source: FHA mortgage limits (HUD) Data from 2026 data FHA mortgage limits (HUD) Source: Conforming loan limits (FHFA) Data from 2026 data Conforming loan limits (FHFA)

Down payment

How much each loan asks up front

For a $423,800 home, the typical value in New York. The minimum down payment is each program’s rule. The monthly figure is an example of principal and interest over 30 years at the 7.18% average rate (November 5, 2026): no taxes, insurance or mortgage insurance.

Your price, rate and down payment will differ: run the calculator with your numbers. Closing costs are extra.

Minimum down payment and monthly payment for a $423,800 home in New York

  1. FHA Program rule

    Minimum down3.5%

    In dollars$14,833

    Per month$2,770

    With a credit score of 580 or more. Carries mortgage insurance (MIP) up front and every month.

    HUD Handbook 4000.1 (Update 18), II.A.2.a.iv — Minimum Required Investment · In effect since September 14, 2016

  2. Conventional Program rule

    Minimum down3%

    In dollars$12,714

    Per month$2,785

    3% is the lowest standard option. With less than 20% down you pay private mortgage insurance (PMI) until you have more equity.

    Fannie Mae Selling Guide B5-6-01 — HomeReady Mortgage Loan and Borrower Eligibility · In effect since January 1, 2024

  3. VA Program rule

    Minimum down0%

    In dollars$0

    Per month$2,871

    For veterans, service members and some spouses. No down payment as long as the price is not above the appraisal; charges a one-time funding fee.

    VA: Purchase loan — benefits · In effect since January 1, 2020

  4. USDA Program rule

    Minimum down0%

    In dollars$0

    Per month$2,871

    Only homes in eligible rural areas and households within USDA’s income limit. Finances the full price.

    7 CFR §3555.103 — Maximum loan amount (Guaranteed Rural Housing Program) · In effect since December 9, 2013

  5. ITIN or other Example, not a rule

    Minimum down15%

    In dollars$63,570

    Per month$2,440

    ITIN loans follow no federal rule: each lender sets its own down payment and rate, and usually asks for more. 15% is an example.

Loan limits

FHA and conforming limit in every county

FHA sets the limit by area: 10 of the 62 counties in New York are high-cost and sit above the national floor ($541,287). The conforming limit is the most Fannie Mae and Freddie Mac will buy; above it, the loan is a “jumbo”.

One unit. For 2- to 4-unit homes, each county page has the full table. Source: FHA mortgage limits (HUD) Data from 2026 data FHA mortgage limits (HUD)

Down payment help

New York programs for buyers

3 verified programs that put money toward the down payment or closing costs, or give a tax credit. With the source wording and the date we checked it.

Some help is a grant you never repay; other help is a second loan that is forgiven over the years or repaid when you sell. Each program’s tag says which kind it is.

See all programs

  • SONYMA Down Payment Assistance Loan (DPAL)

    Verified November 5, 2026

    SONYMA second loan with no interest, forgiven after ten years, for the down payment with a SONYMA mortgage in New York

    • Forgivable
    See details

  • Achieving the Dream

    Verified November 5, 2026

    SONYMA mortgage at a very low fixed rate for low-income first-time buyers in New York, with a minimal down payment

    • Forgivable
    See details

  • HomeFirst Down Payment Assistance Program

    Only in: New York City, Bronx County, Kings County, New York County, Queens County, Richmond County

    Verified November 5, 2026

    New York City interest-free forgivable loan of up to $100,000 (or 20% of the price) for the down payment or closing costs of first-time buyers in the city's five boroughs

    • Forgivable
    See details

What the state publishes

New York rules that change the math

Exemptions that lower property tax and taxes paid when the deed is recorded, summarized from the official page each one cites.

Property tax in New York

Exemptions and caps

  • Basic STAR school tax relief

    STAR lowers the school tax on your primary residence. The STAR credit applies with income up to $500,000; the older STAR exemption, with income up to $250,000. There is no age requirement.

    N.Y. Real Prop. Tax Law §425 · New York State Department of Taxation and Finance · Verified October 15, 2026

  • Enhanced STAR for owners 65 and older

    A larger relief when at least one resident owner is 65 or older and household income is at most $110,750 (2026 benefit) or $113,550 (2027). Income is federal adjusted gross income minus the taxable part of IRA distributions.

    N.Y. Real Prop. Tax Law §425 · New York State Department of Taxation and Finance · Verified October 15, 2026

When the sale is recorded

  • State real estate transfer tax and the mansion tax

    The state charges $2 for each $500 of the price, paid by the seller. On a home of $1 million or more, the buyer also pays an extra 1 percent (the mansion tax). New York City charges its own transfer taxes on top.

    N.Y. Tax Law art. 31 · New York State Department of Taxation and Finance · Verified October 15, 2026

Your next steps

Where to go next in New York

What you can do today, free and without giving personal information. Go in order: your numbers first, then the help.

  1. Run the numbers with your figures

    The New York calculator already has the typical value, the average rate and the state’s property tax.

  2. Check whether you qualify for help

    Each program says what it gives, who qualifies and when we checked it.

  3. Talk to a counselor for free

    93 HUD-approved agencies help you prepare to buy; 38 say they serve in Spanish.

  4. Follow the steps to buy a home

    From the budget to the keys, in order.

Frequently asked questions

How much down payment do I need for a typical home in New York?

For a $423,800 home (typical value, Average 2020–2024), the FHA minimum (3.5%) is $14,833 and the conventional minimum (3%) is $12,714. VA and USDA ask no down payment if you qualify. State programs can cover part of it.

Are there high-cost counties in New York?

Yes. In 2026 data, 10 of the 62 counties in New York have an FHA limit above the national floor ($541,287); the highest is New York County ($1,249,125).

What is the conforming loan limit in New York?

In 2026 data, the conforming limit for one unit runs from $832,750 to $1,209,750 depending on the county in New York: the most Fannie Mae and Freddie Mac will buy. Above it, the loan is a “jumbo” and each lender sets its own terms.

What would the monthly payment be on a typical home in New York?

With $423,800, the FHA minimum down payment ($14,833) and the 7.18% average rate (November 5, 2026), principal and interest over 30 years comes to about $2,770 a month. Tax, insurance and mortgage insurance are missing: the calculator adds them.

What down payment help is there in New York?

We have verified 3 state programs in New York that put money toward the down payment or closing costs, or give a tax credit. Each shows the source wording, who qualifies and the date we checked it.