FHA Loan Calculator for New York

FHA Loans in New York

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On New York's median home of $380,000, that's a minimum down payment of $13,300.

FHA Loan Limits in New York

FHA loan limits vary by county and are tied to conforming limits. In most New York counties, the FHA floor limit is $498,257 (2024). High-cost areas like New York (limit: $1,089,300) may qualify for higher limits up to $1,149,825. New York City's five boroughs, Nassau, Suffolk, Putnam, Rockland, and Westchester counties qualify for high-cost limits up to $1,089,300.

FHA vs Conventional in New York

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With New York's median home at $380,000, buyers who can put down $76,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

New York closing costs average $6,800. New York charges a mansion tax (1-3.9% depending on price), a mortgage recording tax (1.05-2.175% of mortgage), and a transfer tax (0.4-0.65% of sale price). NYC buyers also pay city-specific taxes, making total closing costs among the nation's highest. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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