Buying a Home in NYC?
Estimate Your Monthly Mortgage Payment!
Financing your home purchase—especially in competitive markets like Brooklyn—can seem overwhelming if you don't know where to start. However, a little time and research can make the process easier than you might expect. Whether you're ready to get pre-approved or just want to explore your options, you can trust Brooklyn Real Property to help you navigate the financing process.
Take a look at some of the most popular home loans for New York City buyers, and be sure to explore our mortgage calculator. We also offer a currency converter for our international buyers!
Learn More About Mortgages
In New York City, there are hundreds of different mortgages for every type of home buyer. Not sure how to narrow down your options? Start by contacting potential lenders or exploring their programs online. Your real estate agent can also refer you to their preferred lenders...and maybe even score you a nice discount.
Here are some of the most common home loans used by buyers in Brooklyn. And if you're looking for even more personalized recommendations, feel free to give us a call!
Common Mortgage Options in New York City
- Lasts from 15 to 30 years
- Can have a fixed or adjustable rate
- Requires a good credit score and financial history
- Most buyers need a 20% down payment to qualify
- Available to active, retired, or veteran members of the military
- Low down payment requirements without mortgage insurance
- Only available for move-in ready, primary residences
- May require a one-time funding fee
- Less-strict income and credit requirements
- Wide range of lower down payment options
- Requires private mortgage insurance (PMI)
- Can have higher interest rates
Achieving the Dream
- Offered by SONYMA
- Down payment as low as 3% with assistance available
- Competitive interest rates
- Can be combined with other state programs
- Payments are based on a 30-year loan but are paid over 5 – 7 years
- At the end of the term, borrower must pay off the balance or refinance
- Often has lower interest rates and credit requirements
- More common with commercial real estate
- Typically offered by lenders
- Can have lower interest rates or down payment requirements
- May be tailored to first-time or lower income buyers
- Contact your lender for more information
- Offered by SONYMA
- Combines an FHA loan with SONYMA down payment assistance
- Available for first-time or repeat buyers
- Can also be used to fund closing costs or refinance a mortgage
Start Calculating Your Monthly Payments
Our handy mortgage calculator lets you estimate your monthly payments at various home price points, interest rates, down payments, insurance and tax costs, and more. If you have any other questions, feel free to contact Brooklyn Real Property at any time—we'd love to help you find your dream home in the Big Apple!