Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Mortgage lenders in New York

Government-backed loan programs could get you better terms.


New York has some of the highest closing costs and some of the most expensive real estate in the country. To help you save, find out if you qualify for government-backed or Veterans Affairs (VA) loans or if you can get help with your down payment from the State of New York Mortgage Agency (SONYMA).

How to find the lenders and rates in New York

See if you qualify for one of the government- or VA-backed loans. If you do, compare lenders in New York that offer these programs. And always compare interest rates, down payment options, closing costs, customer service and whether you’d like to apply online or in person.

What to consider when looking for a mortgage in New York

If you’re a first-time homebuyer, consider looking into SONYMA. This government-backed program could make it possible to get a 30-year fixed rate that you can combine with other grants and subsidies. You can also apply for a 0% down payment loan for a minimum of $1,000 and a maximum of $3,000 or 3% of the purchase price (maximum $15,000), whichever is higher. This loan requires no monthly payments and it’s forgiven after 10 years.

Credit unions are another option, as they typically offer lower interest rates and charge lower fees than banks. They’re also more likely to offer loans to individuals with lower income than conventional banks.

Closing costs in New York

Be ready to pay the second-highest closing costs in the country, especially if you want to buy a home in the city. The median home sale price in New York is between $400,000 and $500,000. After taxes, you could pay $15,254 in closing costs on average.

If you’re buying a home for $1 million or more, you’re subject to a 1% New York City mansion tax. That’s an additional $10,000 on a $1 million home.

Closing costs in New York.

Bottom line

First-time home buyers could get benefits from the State of New York Mortgage Agency. If you qualify, you could also consider government- or VA-backed programs. But always compare the interest rates, closing costs and down payment options of other mortgage lenders before making a decision.

Frequently asked questions

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site