Pre-Approval Estimator
Enter your financial profile below for an estimate of your maximum mortgage approval. This uses the same DTI methodology that NYC lenders apply.
Credit Score Impact on NYC Mortgage Rates
| Credit Score | Rating | Est. 30yr Rate | Monthly P&I ($800K loan) | vs. Best Rate |
|---|---|---|---|---|
| 760+ | Excellent | 6.625% | $5,120 | Baseline |
| 740–759 | Excellent | 6.875% | $5,272 | +$152/mo |
| 720–739 | Very Good | 7.125% | $5,389 | +$269/mo |
| 700–719 | Good | 7.375% | $5,529 | +$409/mo |
| 680–699 | Fair | 7.625% | $5,671 | +$551/mo |
| 660–679 | Below Avg | 8.125% | $5,961 | +$841/mo |
| 620–659 | Min Conventional | 8.75%+ | $6,290+ | +$1,170+/mo |
NYC-Specific Lender Requirements
Conforming vs. Jumbo Loans
The conforming loan limit in NYC for 2026 is $766,550. Since most NYC purchases exceed this amount, the majority of buyers need jumbo loans, which have stricter requirements:
- Conventional (conforming) loans: 5% minimum down, 620 minimum credit, standard DTI guidelines
- Jumbo loans (above $766,550): Typically 20% down minimum, 720+ credit score, 43% max back-end DTI, 6–12 months reserves in liquid assets
- Super jumbo loans ($3M+): Often require 30%+ down, 750+ credit, 12–24 months reserves, detailed asset documentation
Reserve Requirements
NYC jumbo lenders typically require significant post-closing reserves — money left in liquid accounts after your down payment and closing costs are paid:
- Standard jumbo: 6 months of PITI payments in reserves (~$35,000–$50,000 on most NYC loans)
- Larger jumbo ($1M+): 12 months of PITI typically required (~$72,000–$100,000)
- Co-op boards: Often require 1–2 years of carrying costs in reserves, separate from lender requirements
Self-employed buyers: If you're self-employed or have variable income (common in finance, tech, and creative fields in NYC), lenders typically average your last 2 years of Schedule C or K-1 income. A great year followed by a poor year can hurt your qualification even if your current income is high.
What Documents You'll Need
- Last 2 years W-2s and tax returns (personal and business if self-employed)
- Last 2 months pay stubs
- Last 2–3 months bank and investment account statements
- Photo ID
- Gift letter (if any portion of down payment is a gift)
- Explanation letters for any credit inquiries, late payments, or unusual deposits
Calculate Your NYC Take-Home Pay
Know your gross income — now see what you'll actually bring home after NYC taxes.
NYC Paycheck Calculator