State Buyer Guide
Down payment assistance, New York housing programs, closing cost estimates, and what to know before buying — including from FSBO sellers.
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The State of New York Mortgage Agency (SONYMA) is your primary source for below-market mortgage rates and down payment assistance in New York. Programs are available through approved lenders — not directly through the HFA.
Low-interest 30-year mortgage for first-time buyers with low to moderate income.
Paired 0% interest second mortgage for down payment and closing costs.
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Compare Mortgage Rates →On a $485,000 home: approximately $19,400
New York State charges a basic transfer tax of $2 per $500 (0.4%). NYC adds its own RPTT of 1% (under $500K) or 1.425% (over $500K). Purchases over $1M trigger the Mansion Tax (1–3.9%).
Attorney representation at closing is required in New York. Budget $1,200–$2,000 for a real estate attorney. Both buyer and seller typically hire their own.
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Find an Inspector →As an attorney-closing state, New York requires a licensed real estate attorney to conduct your closing. You'll also want one to review your purchase agreement.
Nolo has been the go-to legal resource for DIY buyers since 1971. Their real estate guides explain purchase agreements, contingencies, and closing in language anyone can understand.
Browse Legal Guides →Get a real estate attorney to review your purchase agreement or help you draft an offer letter — often for a fraction of traditional legal fees.
Get Legal Help →Download state-specific purchase agreements, addenda, and disclosure forms — written by attorneys, ready to use in your state.
Browse Real Estate Forms →New York first-time buyers can access programs through the State of New York Mortgage Agency (SONYMA) (https://hcr.ny.gov/sonyma), including the SONYMA Achieving the Dream (Down payment as low as 3%; competitive below-market rates) and the SONYMA Down Payment Assistance Loan (Up to 3% of purchase price or $15,000 (whichever is less) — 0% deferred). Federal programs like FHA loans (3.5% down) and USDA loans (0% down in eligible areas) are also available.
Closing costs in New York typically run 4% of the purchase price. Transfer tax: 0.4% state; NYC adds 1–2.625%. New York State charges a basic transfer tax of $2 per $500 (0.4%). NYC adds its own RPTT of 1% (under $500K) or 1.425% (over $500K). Purchases over $1M trigger the Mansion Tax (1–3.9%).
Attorney representation at closing is required in New York. Budget $1,200–$2,000 for a real estate attorney. Both buyer and seller typically hire their own.
The median home price in New York is approximately $485,000. Property taxes average 1.72% of assessed value annually.
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