NYC House Loan Payment Calculator
NYC Loan Type Comparison
Not all home loans work the same way. Here's how the main loan types compare for NYC buyers in 2026:
| Loan Type | Min. Down | Max Loan (NYC) | PMI/MIP | Best For |
|---|---|---|---|---|
| Conventional (Conforming) | 5–20% | $766,550 | Required <20% dn | Most buyers with good credit |
| FHA | 3.5% | $1,149,825 (NYC) | Always required | Lower credit scores, less down |
| VA | 0% | No limit | None | Veterans and active military |
| Jumbo | 10–20% | No limit | Varies by lender | Loans above $766,550 |
| SONYMA | 3–10% | $972,000 | Required | First-time buyers, income ≤80% AMI |
NYC FHA loan limit: FHA loans in New York City go up to $1,149,825 — much higher than most markets. This makes FHA a viable option even for Brooklyn and Queens properties. The catch: you pay mortgage insurance for the life of the loan if you put less than 10% down.
Jumbo Loans in NYC
Most Manhattan and many Brooklyn purchases exceed the $766,550 conforming loan limit, making them jumbo loans. Key differences for jumbo borrowers:
- Higher credit score required: Most jumbo lenders want 720+ (ideally 740+)
- More reserves required: Lenders typically want 12–18 months of payments in liquid assets
- 20% down standard: While some lenders offer 10–15% down on jumbos, 20% is the norm
- Rates can vary widely: Shop at least 3 lenders — jumbo rates vary more than conforming rates
- Debt documentation: Expect more paperwork and longer underwriting timelines
Income Needed to Qualify by Loan Amount
| Loan Amount | Monthly P&I | Est. PITI | Gross Income (28% DTI) | Loan Type |
|---|---|---|---|---|
| $300,000 | $1,977 | $2,802 | $120,000/yr | Conventional |
| $500,000 | $3,295 | $4,470 | $191,600/yr | Conventional |
| $700,000 | $4,613 | $6,138 | $263,100/yr | Jumbo |
| $900,000 | $5,931 | $7,806 | $334,500/yr | Jumbo |
| $1,100,000 | $7,249 | $9,474 | $406,000/yr | Jumbo |
Qualification Requirements Summary
NYC lenders generally look for the following to approve a home loan:
- Credit score: 620 minimum for FHA; 700+ for conventional; 720+ for jumbo
- Front-end DTI: Housing payment ≤ 28% of gross monthly income
- Back-end DTI: All debts (housing + car + student loans + credit cards) ≤ 43–45% of gross income
- Employment: 2+ years in same field; self-employed borrowers need 2 years of tax returns
- Assets: Down payment + closing costs + 2–6 months reserves in documented accounts
- Co-op board approval: For co-op purchases, you must also pass the building's board application — often requiring 20–25% down and post-closing liquidity of 1–2 years of maintenance
NYC co-ops have their own rules: Even if a lender approves you for a mortgage, a co-op board can reject your purchase application for almost any reason. Most boards require 20% down, post-closing liquidity, and a debt-to-income ratio well below lender guidelines. Plan to exceed lender minimums when buying a co-op.
See What Your Income Qualifies For
Use our after-tax calculator to see your real take-home pay in NYC, then work backwards to your true mortgage budget.
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