Home Loans in New York
From the City to Upstate, NorthStar Funding helps New Yorkers achieve homeownership. All credit scores welcome — even no score.
New York Housing Market
About the New York Real Estate Market
New York offers incredible diversity from Manhattan co-ops to Upstate single-family homes. SONYMA programs provide assistance for first-time buyers throughout the state. While NYC prices are among the highest in the nation, Upstate markets offer excellent value.
Loan Programs Available in New York
We offer a variety of mortgage options to fit your unique situation. All programs welcome borrowers with less-than-perfect credit.
SONYMA Programs
State of New York Mortgage Agency programs with down payment assistance for first-time buyers.
FHA Loans
Government-backed loans popular in NY with flexible credit requirements.
VA Loans
Zero down payment for New York veterans.
Non-QM / Bank Statement
Perfect for NYC entrepreneurs, freelancers, and self-employed professionals.
Check Your Eligibility
See if you qualify for special loan programs with lower down payments and flexible income requirements.
Income Eligibility Checker
HomeReady® & Home Possible® - 3% Down Payment Programs
HomeReady®by Fannie MaeIncome must be ≤80% of Area Median Income (AMI). No geographic restrictions.
Home Possible®by Freddie MacIncome must be ≤80% AMI. Some census tracts have no income limit.
Quick Comparison:
| Feature | HomeReady® | Home Possible® |
|---|---|---|
| Min. Down Payment | 3% | 3% |
| Min. Credit Score | 620 | 620 |
| Income Limit | ≤80% AMI | ≤80% AMI* |
| Homebuyer Education | Required | Required |
*No income limit in designated underserved areas
Why Choose NorthStar Funding in New York?
What New York Homeowners Say
"NorthStar helped us buy our first co-op in Brooklyn. They understood NYC's unique co-op board process."
The Kim Family
"Found our dream home in Westchester with NorthStar. Great schools and easy Metro-North commute!"
David & Sarah M.
"SONYMA assistance made homeownership possible in Buffalo. NorthStar guided us through everything."
The Johnson Family
Frequently Asked Questions
What credit score do I need to buy a home in New York?
NorthStar Funding welcomes all credit scores in New York, starting as low as 500 with FHA loans (10% down). For scores 580+, you may qualify for just 3.5% down.
What are the best mortgage programs available in New York?
In New York, we offer FHA loans, VA loans, conventional loans, jumbo loans for NYC and high-cost areas, and bank statement loans. SONYMA programs provide down payment assistance.
How much is the average home price in New York?
The median home price in New York is approximately $425K statewide. NYC is significantly higher (median above $700K), while upstate areas like Buffalo, Rochester, and Syracuse are much more affordable.
Are there first-time homebuyer programs in New York?
Yes! SONYMA (State of New York Mortgage Agency) offers programs with down payment assistance up to $15,000 and below-market rates. The HomeFirst program in NYC provides up to $100,000 in forgivable loans.
What are property taxes like in New York?
New York property taxes average approximately 1.7% of assessed value, though rates vary dramatically. Westchester and Long Island have some of the highest rates, while NYC has a lower effective rate.
Do I need a jumbo loan in New York?
Many New York counties have higher conforming loan limits. In NYC and surrounding counties, limits can exceed $1M. For amounts above these limits, NorthStar offers jumbo and non-QM options.
How long does it take to close on a home in New York?
The typical closing timeline in New York is 45-60 days, longer than many states due to the attorney-based closing process and NYC co-op board approvals if applicable.
Does NorthStar Funding offer manual underwriting in New York?
Yes! We specialize in manual underwriting for New York borrowers. This is especially valuable in NYC where many borrowers have non-traditional income from freelancing, entertainment, or finance.
What documents do I need to apply for a mortgage in New York?
Typical documents include 2 years of tax returns, recent pay stubs, bank statements, W-2s or 1099s, and ID. NYC co-op purchases may require additional financial documentation.
Can self-employed borrowers get a mortgage in New York?
Absolutely! Our bank statement programs are extremely popular in New York, especially in NYC where many borrowers are freelancers, artists, entrepreneurs, and finance professionals.
NorthStar Funding Licensing Information
NMLS #: 123456
Licensed in: Multi-State
Years in Business: 15+
Total Loans Originated: $2B+
Ready to Get Started?
See your options in minutes with no impact to your credit score. Our team is ready to help you find the right loan for your New York home.