NY — New York
New York Mortgage Guide
NYC boroughs and surrounding counties hit the ceiling; upstate NY is largely at baseline.
2024 Conforming Limit
$1,149,825
High-cost state
Avg 30yr Fixed Rate
7.10%
VA Friendly
No
First-Time Buyer Program
SONYMA Low Interest Rate Program
New York offers down payment assistance (DPA) for qualifying buyers. Contact a participating lender or your state housing finance authority for current income limits and program availability.
Understanding Your Conforming Limit
The 2024 FHFA conforming loan limit for New York is $1,149,825. Loans at or below this amount qualify as conforming loans, which typically carry lower interest rates and require less documentation than jumbo loans.
New York is a high-cost area. Higher limits mean more buyers can access conventional conforming financing instead of jumbo loans, which often require larger down payments and stricter credit standards.
Popular Loan Types in New York
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