Mortgage lenders in New York

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).

LendingTree

Compare mortgage and home equity rates from multiple lenders for free

Compare on LendingTree secure site

More details

Features	Loan types: Conventional, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDA Minimum credit score: 620 Minimum down payment: 3.5%

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

• How many loan programs does SONYMA offer?

  The State of New York Mortgage Agency offers two programs:

  Achieving the Dream

  • 30-year fixed mortgage
  • Down payments as low as 3%
  • No prepayment penalties
  • Interest rates start at 4.125%

  Low Interest Rate

  • 30-year fixed mortgage
  • Down payments as low as 3%
  • 1% Minimum cash contributions
  • No prepayment penalties
  • Can include other subsidies
  • Interest rates start at 4.5%

• What's the credit score requirement for a SONYMA mortgage loan?

  There’s no credit score requirement, but you must have at least three active lines of credit for a minimum of 18 months in the last two years, and they must all be paid on time.

• What's the down payment assistance loan from SONYMA?

  All buyers using a SONYMA mortgage program can apply for the assistance loan. It comes with a 0% interest rate with no monthly payments. You can get a minimum loan amount of $1,000 and a maximum of $3,000 or 3% of the purchase price up to $15,000, whichever is highest.