Tour homes and check "comps" (comparable sales).
Buying in NY is expensive; you need significant liquid cash and a strong paper trail. 620+ for FHA or conventional loans. 740+ for the best interest rates. Down Payment: 3.5% for FHA loans. 10%–20% for most conventional NYC/Long Island sales. Co-ops: Often require a strict 20%–25% down. Closing Costs: Budget 2%–5% of the purchase price. Mansion Tax: 1% extra if the price is $1M or more. Debt-to-Income (DTI): Ideally below 43%. NYC co-ops often demand a DTI below 25%. 📝 Required Documentation what do i need to buy a house in ny
Highly recommended for navigating complex local markets. Tour homes and check "comps" (comparable sales)
The bank officially approves the specific property. what do i need to buy a house in ny
Done before the contract is signed.