Learn More About Mortgages
In New York City, there are hundreds of different mortgages for every type of home buyer. Not sure how to narrow down your options? Start by contacting potential lenders or exploring their programs online. Your real estate agent can also refer you to their preferred lenders...and maybe even score you a nice discount.
Here are some of the most common home loans used by buyers in Brooklyn and Manhattan. And if you're looking for even more personalized recommendations, feel free to give us a call!
Common Mortgage Options in New York City
Conventional loan
- Lasts from 15 to 30 years
- Can have a fixed or adjustable rate
- Requires a good credit score and financial history
- Most buyers need a 20% down payment to qualify
VA loan
- Available to active, retired, or veteran members of the military
- Low down payment requirements without mortgage insurance
- Only available for move-in ready, primary residences
- May require a one-time funding fee
FHA loan
- Less-strict income and credit requirements
- Wide range of lower down payment options
- Requires private mortgage insurance (PMI)
- Can have higher interest rates
Achieving the Dream
- Offered by SONYMA
- Down payment as low as 3% with assistance available
- Competitive interest rates
- Can be combined with other state programs
Balloon mortgage
- Payments are based on a 30-year loan but are paid over 5 – 7 years
- At the end of the term, borrower must pay off the balance or refinance
- Often has lower interest rates and credit requirements
- More common with commercial real estate
Remodel NY
- Offered by SONYMA
- 30-year loan for homes that require improvements
- Targeted towards first-time or lower income buyers
- Check eligibility before applying
Lender-specialty loans
- Typically offered by lenders
- Can have lower interest rates or down payment requirements
- May be tailored to first-time or lower income buyers
- Contact your lender for more information
FHA Plus
- Offered by SONYMA
- Combines an FHA loan with SONYMA down payment assistance
- Available for first-time or repeat buyers
- Can also be used to fund closing costs or refinance a mortgage
Start Calculating Your Monthly Payments
Our handy NYC mortgage calculator lets you estimate your monthly payments at various home price points, interest rates, down payments, insurance and tax costs, and more. If you have any other questions, feel free to contact BRP Associates at any time—we'd love to help you find your dream home in the Big Apple!