New York Home Buying Guide
Northeast Region · Judicial Foreclosure State
Key Facts at a Glance
What Makes New York Unique
Attorney required at closing
NYC mansion tax applies to purchases over $1M
Judicial foreclosure provides strong homeowner protections
First-Time Buyer Programs in New York
SONYMA Low Interest Rate Program
Contact your state housing finance agency for current eligibility and rates
SONYMA Achieving the Dream
Contact your state housing finance agency for current eligibility and rates
SONYMA Down Payment Assistance
Contact your state housing finance agency for current eligibility and rates
Program availability, income limits, and interest rates change frequently. Verify current terms with your lender or state housing finance agency.
Closing Costs in New York
Attorney at Closing
Attorney Required at Closing
New York requires a licensed real estate attorney to oversee the closing process. Budget $500–$1,500 for attorney fees.
Local Tips for New York Buyers
NYC adds mansion tax (1–3.9%) for purchases over $1M.
Attorney is mandatory — plan for $1,500–$3,000.
SONYMA Achieving the Dream is for income-qualified first-timers.
Estimated Annual Ownership Cost in New York
Based on the median home price of $490,000 with a 10% down payment and 7% mortgage rate.
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