FHA Loans in New York
The FHA loan limit in New York is $1,149,825 for a single-family home. FHA loans require just 3.5% down payment and accept credit scores as low as 580.
New York's FHA limits vary dramatically across the state. New York City boroughs and Long Island have the highest FHA limits in the country, reaching the maximum ceiling. Westchester and Rockland Counties also have elevated limits. Upstate counties typically use the baseline limit, which is more than sufficient for those markets. FHA is especially practical in upstate cities and the outer boroughs of NYC (parts of Queens, Brooklyn, and the Bronx) where prices align with FHA limits. NYC co-ops generally do not accept FHA financing, so FHA buyers in NYC must focus on condos and single-family homes.
By BuyAHomeIn Editorial | Updated 2026-03-02 | Sources: HUD, Zillow
FHA Loan Limit
$1,149,825
Min Down Payment
$40,244
3.5%
Est. Monthly Payment
$9,016
PITI + MIP
Min Credit Score
580
for 3.5% down
Monthly Payment Breakdown at FHA Limit
| Home Price | $1,149,825 |
| Down Payment (3.5%) | $40,244 |
| Loan Amount | $1,109,581 |
| Monthly Costs | |
| Principal & Interest (6.5%) | $7,013 |
| FHA Mortgage Insurance (MIP) | $509 |
| Property Tax | $1,207 |
| Homeowners Insurance | $287 |
| Total Monthly Payment | $9,016 |
* Estimated at 6.5% interest rate, 30-year fixed. MIP at 0.55% annual. Property tax at New York's average rate of 1.26%. Includes upfront MIP of 1.75% rolled into loan.
FHA Loan Requirements
Credit Score
580+ for 3.5% down payment. 500-579 requires 10% down.
Down Payment
Minimum 3.5% of purchase price. Can be a gift from family.
Debt-to-Income
Maximum 43% DTI ratio (up to 50% with compensating factors).
Property Requirements
Must be primary residence. FHA appraisal required (stricter than conventional).
Employment
2 years of steady employment history. Self-employed need 2 years of tax returns.
Mortgage Insurance
1.75% upfront MIP + 0.55% annual MIP. Required for life of loan (unless refinanced).
FHA vs Conventional in New York
| Feature | FHA | Conventional |
|---|---|---|
| Min Down Payment | 3.5% | 3-5% |
| Min Credit Score | 580 | 620 |
| Mortgage Insurance | Life of loan | Until 20% equity |
| Loan Limit (New York) | $1,149,825 | $766,550+ |
| Best For | Lower credit, small savings | Good credit, 20%+ down |
