New York mortgage guide
In New York City, Westchester and Nassau the 2026 conforming limit for a one unit home is $1,209,750 and the FHA limit is $1,249,125. First time buyers can use SONYMA loans and, inside the five boroughs, NYC HomeFirst. Buyers pay the 1% mansion tax on homes of $1,000,000 or more.
Before you make an offer
- Get a written preapproval. For a co-op, also ask the lender whether it lends in that building.
- Compare Loan Estimates from at least two lenders on the same day.
- Budget for the buyer side taxes: the mansion tax at $1,000,000 and up, and in NYC the supplemental tax at $2,000,000 and up.
Co-ops, condos and houses
- A co-op board sets its own rules on how much you can finance and how much cash you must have left after closing.
- Condos and houses follow the lender's rules, not a board's, so financing is usually more flexible.
- See our co-op loan guide before you bid on a co-op.
Costs at closing in New York
- The seller usually pays the New York State transfer tax and, in NYC, the Real Property Transfer Tax.
- The buyer pays the mansion tax of 1% when the price is $1,000,000 or more.
- Mortgage recording tax applies to most loans on houses and condos. Ask your lender or attorney for the exact amount for your loan.
2026 loan limits by county
Official limits for loans made in 2026. Conforming limits are from FHFA. FHA limits are from HUD.
| County or borough | State | Conforming limit | FHA limit |
|---|---|---|---|
| Queens | New York | $1,209,750 | $1,249,125 |
| Brooklyn | New York | $1,209,750 | $1,249,125 |
| Manhattan | New York | $1,209,750 | $1,249,125 |
| Staten Island | New York | $1,209,750 | $1,249,125 |
| Westchester County | New York | $1,209,750 | $1,249,125 |
| Nassau County | New York | $1,209,750 | $1,249,125 |
One unit homes shown. Two to four unit limits are in the official files linked below. A loan above the conforming limit is a jumbo loan. Checked against the official files on 2026-11-01.
Questions people ask
- What is the 2026 jumbo threshold in New York City?
- Any loan above $1,209,750 for a one unit home is a jumbo loan in all five boroughs, per FHFA.
- What is NYC HomeFirst?
- A New York City program that gives qualified first time buyers up to $100,000 toward the down payment or closing costs, as a forgivable loan. It has income limits and requires a homebuyer education course.
- Who pays the mansion tax in New York?
- The buyer, at 1% of the price when it is $1,000,000 or more. In NYC an added supplemental tax starts at $2,000,000.
Official sources
- FHFA, Conforming Loan Limit Values ↗
- HUD, FHA Mortgage Limits ↗
- New York State HCR, SONYMA programs ↗
- New York State HCR, SONYMA Down Payment Assistance Loan ↗
- NYC HPD, HomeFirst Down Payment Assistance ↗
- NY State Department of Taxation, Real estate transfer tax ↗
- NYC Department of Finance, Real Property Transfer Tax ↗
Facts checked 2026-11-01. General information, not financial, legal or tax advice. We are not a lender.