Home loans in New York

What's different about lending here

New York is an attorney state: you'll have your own real estate attorney, the seller has theirs, and closings take longer than in most of the country. Build that into your contract dates. I coordinate with your attorney from the start, which saves the usual week of back-and-forth before closing.

The New York City metro, including Long Island and Westchester, is a high-cost area, so the 2026 conforming limit is $1,249,125. Above that is jumbo, where my program needs 15% down. Upstate, the limit is the national $832,750.

Non-QM in New York

A large share of New York buyers are self-employed, paid in 1099s, or buying investment property, and the agency programs don't fit them well. My Non-QM programs qualify on bank statements, 1099s, rental cash flow (DSCR), assets, or foreign-national documentation, and they're available in New York State. Availability by borough can change; ask me about your specific property and I'll tell you where it stands that week.

Mortgage recording tax and CEMA

New York taxes the mortgage itself, not just the sale. In New York City the buyer's share is 1.8% of the loan amount under $500,000 and 1.925% at or above it; elsewhere in the state the rate is lower but still real. Two ways to reduce it:

• A purchase CEMA assigns the seller's existing mortgage to your lender, so you pay recording tax only on the amount above the seller's remaining balance. It needs the seller's consent and their lender's cooperation, and it's worth asking for on any purchase where the seller has a sizable loan.
• A refinance CEMA does the same for your own loan when you refinance, so you're taxed only on new money.

The mansion tax (1% and up on purchases of $1 million or more) is a separate item and can't be structured around.

Co-ops

I don't lend on co-ops. I did one early in my career, learned what a board package and a share loan involve, and decided the people who do them every week should do them. If you're buying a co-op I'll introduce you to a lender who specializes in them; if you're deciding between a co-op and a condo, I'm glad to walk through the financing differences before you choose.

A common question

"Can you lend in New York from Maryland?" Yes. I'm licensed in New York, the loan closes with your New York attorney, and the lender's location doesn't affect the loan. What matters is a lender who knows recording tax, CEMA, and how New York closings run, so the dates in your contract hold.