Our New York FHA loan calculator can help you estimate your FHA loan or jumbo loan amount and the monthly payments. You can borrow up to $420,680 in most New York counties to purchase a single-family home with the FHA program.
FHA loan calculator for New York
Requirements for a New York FHA loan
A minimum down payment. You can put down as little as 3.5% of the home's sale price if your credit score is 580 or higher. You'll need a 10% down payment for any score lower than that.
I high enough credit score. You need at least 500 to get an FHA loan, and 580 to qualify for 3.5% down.
Proof of steady income. Buyers must have proof of two years of employment in the same field of work with a stable income.
Debt-to-income ratio (DTI). Your DTI must be 43-56%, depending on the lender and other eligibility criteria. Mortgage payments shouldn’t exceed 41% of gross monthly income.
Buying the home as a primary residence. Borrowers must live in the residence for a minimum of one year. FHA loans can cover multi-unit residences up to four units, as long as the borrower occupies at least one unit.
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How to calculate New York FHA loan amount
FHA borrowers must make a down payment of at least 3.5% of the home purchase price. Those funds reduce the principal, determining the initial loan amount. Eligible donors (family, friends, employer, charity, government program) can gift you funds for your down payment with a gift letter.
Mortgage insurance premiums (MIPs)
FHA loans include a funding fee requirement of two separate mortgage insurance obligations:
- Upfront mortgage insurance premium (UFMIP): This is a one-time payment due at closing, often rolled into the home loan. The UFMIP rate is 1.75% of your home loan.
- (Annual) mortgage insurance premiums (MIP): These annual premiums insure a mortgage payoff in case of default. For loan terms exceeding 15 years, the yearly rate averages 0.8–1.05%, depending on the loan amount.
The funding fee helps reduce the lender’s financial risk due to the FHA program’s lenient borrower qualifications and low down payment minimums.
Maximum mortgage amount
The FHA limits the amount you can borrow depending on the number of units and the county you’re in. Counties with high-dollar real estate markets have higher loan limits.
For example, here are the maximum FHA mortgage amounts for Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester counties:
- Single: $970,800
- Duplex: $1,243,050
- Triplex: $1,502,475
- Fourplex: $1,867,275
The remaining 52 New York counties have the following FHA loan limits:
- Single: $420,680
- Duplex: $538,650
- Triplex: $651,050
- Fourplex: $809,150
Annual real estate taxes
Borrowers typically pay their share of that year’s real estate taxes at closing, along with other costs, such as title insurance and transfer taxes.
Moving forward, your lender will pay your property taxes with the prorated installments they collect from you. New York’s property tax rates vary depending on location and tax class.
Annual homeowners insurance
Annual insurance premiums in New York average about $1,000-$1,800 depending on the carrier, your property value, and other criteria. The monthly premium is part of your mortgage payment.
Homeowners insurance provides financial security in case of damage or destruction of your home. Your lender requires this coverage to protect their investment.
New York FHA loan FAQ
Qualified borrowers can get FHA loans in New York to purchase eligible properties (up to $420,680 for a single-family home in most counties). The Federal Housing Administration insures FHA loans, making them available throughout the United States.
You’re not required to be a first-time buyer to qualify. However, you will need a 500 FICO credit score with a 10% down payment or only 3.5% down if your FICO score is at least 580.
The FHA program requires a 10% down payment if the borrower has a FICO score between 500-579. FHA borrowers with a credit score of 580 or higher only need to put down 3.5% of the purchase price.
The conforming loan limit in New York varies by county, but it's $647,200 in 50 of the state's 62 counties. In Dutchess and Orange counties, the limit is $726,525, and it’s $970,800 in the other ten counties. Those limits apply to single-family homes. Residences with multiple units have higher conforming loan limits.
NYC Department of Finance. "Calculating Your Property Taxes."