Tracking down the details for an FHA loan in New York isn't always easy. Different FHA loan limits vary by county, and that can put a cap on your borrowing ability.

Luckily, you can rely on the Wendy Thompson Lending Team. We’re a top-rated FHA lender, and we know the ins and outs of New York FHA loans.

Picture of the state of New York with a banner that tells you how to get a fha loan in new york

Whether you’re looking for a home in New York City, where the FHA loan limit is $765,600, or you prefer cities like Rochester or Buffalo in upstate New York, where you can borrow up to $331,760, we can help you get your dream home.

Here’s what you need to know about requirements, loan limits, and the best FHA lenders for a New York FHA home loan.

New York FHA Loan Requirements and Guidelines

FHA loan requirements in New York are more flexible than what you’d find with a conventional home loan.

Many homebuyers use the NY FHA program, and FHA loans make up 21.2% of all mortgages in the state.

The FHA loan requirements in New York are straightforward:

  • Ability to repay the loan
  • 3.5% down payment (but you can use down payment assistance programs!)
  • Qualifying credit score
  • Your Primary residence

Fico score

APR

Mo. Payment

700+

3.375 %

$1,508.00

660 - 699

3.5 %

$1,525.00

640 - 659

3.625 %

$1,542.00

620 - 639

Currently Unavailable

N/A

600 - 619

Currently Unavailable

N/A

*Updated 4/22/20 - Rates are based on a $250,000 home with a 3.5% down payment, and includes principal, interest, taxes and insurance.  Rates change often and differ based on your state, down payment, and loan amount.  Click here for correct rates based on your situation.  

What Are The FHA Loan Limits In New York?

Most of the FHA county limits in NY are $331,760 - which is surprising considering the state is home to some of the most expensive real estate in the country.

However, FHA limits in New York can increase for high-cost-of-living areas.

That’s why the limit in Manhattan, Brooklyn, The Bronx, Staten Island, and Queens are the highest in the state, going all the way up to $765,600.

Once you get outside of New York City, the cost of living goes down, and real estate becomes much more affordable. 

Here’s what you can expect for FHA county loan limits in New York:

New York FHA Loan Limits

Overview:

The Empire State is home to the largest city in the U.S.: New York City. You wouldn’t know it, but 86% of the state is made up of rural areas. 

High cost of living areas, like New York City, have significantly higher FHA loan limits going up to $765,600. 

More rural areas, like the town of Aurora in Cayuga County, peak at $331,760.

FHA Loan Limits In New York: 

  • Lowest: $331,760
  • Highest: $765,600
  • Website

FHA Loan Limits New York

COUNTIES

MAX FHA LOAN LIMIT FOR A SINGLE UNIT

Albany County, Allegany County, Broome County, Cattaraugus County, Cayuga County, Chautauqua County 

$331,760

Chemung County, Chenango County, Clinton County, Columbia County, Cortland County, Delaware County, 

$331,760

Erie County, Essex County, Franklin County, Fulton County, Genesee County, Greene County, 

$331,760

Hamilton County, Herkimer County, Jefferson County, Lewis County, Livingston County, Madison County

$331,760

How To Apply For A FHA Loan In NY

If you’re wondering how to apply for an FHA loan in New York, you’re in the right place. Here’s what you need to do:

  • Check your credit score
  • Build up your savings
  • Pre-qualify for an FHA loan in New York
  • Find a house to buy
  • Submit your New York FHA home loan application
  • Get a closing date to sign for your new home

Now, step #3 is optional, but it’s oh-so-important.

When you get pre-qualified for a New York FHA loan, you show sellers you’re a serious homebuyer and that you can secure a mortgage.

Are There Any FHA Down Payment Assistance New York Programs?

What if you're ready to buy a home but haven't saved up enough cash? Don’t worry: you can take advantage of FHA down payment assistance in New York.

The State of New York Mortgage Agency (SONYMA) has several NY FHA home loan options.

The Tactical FHA Loan Blueprint

FHA First Time Home Buyer NY Assistance

Are you an FHA first-time home buyer in NY?

You’re in luck.

SONYMA has an “Achieving the Dream” assistance program to help. It is the lowest interest rate program and can help you come up with the down payment you need to buy a house in New York with an FHA loan.

New York FHA Loan Limits

COUNTIES

MAX FHA LOAN LIMIT FOR A SINGLE UNIT

Monroe County, Montgomery County, Niagara County, Oneida County, Onondaga County, Ontario County 

$331,760

Orleans County, Oswego County, Otsego County, Rensselaer County, St. Lawrence County, Saratoga County

$331,760

Schenectady County, Schoharie County, Schuyler County, Seneca County, Steuben County, Sullivan County

$331,760

Tioga County, Tompkins County, Ulster County, Warren County, Washington County, Wayne County, Wyoming County, Yates County

$331,760

Can I Get A FHA Cash-Out Refinance Mortgage?

If you’re not a first-time home buyer, there’s a way to tap into your existing home equity to increase your borrowing power.

It's called an New York FHA cash-out refinance, and here's how it works:

  • You cash out the equity in your home
  • Pay off your existing mortgage
  • Create a larger FHA home loan that gives you extra cash

Does The FHA Offer Construction or Home Improvement Loans?

Fixer-uppers can be a great option when you’re house shopping. And FHA 203(k) rehabilitation loans make it possible to use FHA loans in New York for home improvement!

If building a house from the ground-up is more you’re style, look into FHA construction loans in New York.

Best FHA Lenders In NY

Whether you're looking for NY FHA loan lenders for a mortgage or a 203(k) loan, you have plenty of options.

Many institutions are FHA approved lenders in New York. Rocket Mortgage by Quicken Loans is one option.

Brick and mortar banks like Citi and PenFed offer FHA mortgages in New York, too.

Of course, if you’re looking for FHA loan lenders in NY, we recommend the Wendy Thompson Lending Team.

We let you get pre-qualified online quickly and are a hub of information for FHA mortgages in New York.

Fico score

APR

Mo. Payment

700+

3.375 %

$1,508.00

660 - 699

3.5 %

$1,525.00

640 - 659

3.625 %

$1,542.00

620 - 639

Currently Unavailable

N/A

600 - 619

Currently Unavailable

N/A

*Updated 4/22/20 - Rates are based on a $250,000 home with a 3.5% down payment, and includes principal, interest, taxes and insurance.  Rates change often and differ based on your state, down payment, and loan amount.  Click here for correct rates based on your situation.  

Where to Find Current FHA Mortgage Rates In New York

Current FHA mortgage rates in New York can be hard to find. FHA lenders in New York try to get you on the hook before telling you about interest rates.

But we don’t do that.

Here are the FHA interest rates you can expect in New York based on credit score:

Want a custom rate for your circumstances? Request a rate right now!

FHA Loan Limits In New York

COUNTIES

MAX FHA LOAN LIMIT FOR A SINGLE UNIT

Dutchess County, Orange County

$356,500

Bronx, Kings County, Nassau County, New York County, Putnam County, Queens County, Richmond County

$765,600

Rockland County, Suffolk County, West Chester County 

$765,600

New York FHA Loan Calculator

Buying a home is a big responsibility. That's why we offer an FHA mortgage calculator for loans in New York.

Try our New York FHA loan calculator to discover how buying a house can affect your budget.

Here’s how it works…

First, enter the home price and deposit (down payment) amount into the calculator. Then choose the loan program you’re looking for. The longer your loan term, the lower your monthly payments can be - but it also means you’ll pay more in interest over the life of your loan.

Put in your expected interest rate, yearly property tax, home insurance cost, and HOA fees (if any).

Consider putting a little more down and watch how your monthly mortgage amount can decrease.

Where Can I Find FHA Homes For Sale In NY?

Now that you know all about how the NY FHA mortgage loan program works, it’s time to look at houses!

Two popular sites that can help you find FHA homes for sale in New York are Zillow and Trulia. You could also check with your local real estate office to find FHA homes or FHA approved condos in New York.

What are you waiting for?

Your dream house awaits!