How to Buy a House in New York: Step-by-Step Guide
Follow these 10 steps to navigate the home buying process in New York. Note: New York requires an attorney at closing.
Check Your Credit Score & Finances
Review your credit report, calculate your debt-to-income ratio, and determine how much you can afford. Most lenders want a credit score of 620+ for conventional loans, or 580+ for FHA loans.
Get Pre-Approved for a Mortgage
Contact multiple lenders to compare rates and get a pre-approval letter. This shows sellers you're a serious buyer and tells you exactly how much you can borrow.
New York Note: The current FHA loan limit in New York is $1,149,825.
Find a Real Estate Agent
Work with a licensed New York real estate agent who knows your target area. Agents are regulated by the New York Department of State Division of Licensing.
Search for Homes & Make an Offer
Browse listings in New York where the average home price is $487,737. Homes typically stay on market for 55 days. When you find the right one, your agent will help you submit a competitive offer.
Get a Home Inspection
Hire a licensed home inspector to evaluate the property's condition. This typically costs $300-$500 and can save you from expensive surprises.
Secure Your Financing
Finalize your mortgage application, lock in your interest rate, and provide all required documentation to your lender. The lender will order an appraisal.
Get Homeowners Insurance
Shop for homeowners insurance in New York. Your lender will require proof of insurance before closing. Compare at least 3-4 quotes.
Review Closing Disclosure
You'll receive a Closing Disclosure at least 3 business days before closing. In New York, average closing costs are $23,501 (4.82% of the home price). Review every line carefully.
Close on Your New Home
New York requires an attorney to be present at closing. You'll sign all final documents, pay closing costs, and receive the keys to your new home.
Move In & File Your Homestead Exemption
Congratulations! After moving in, file for New York's homestead exemption (Up to $179,950-$1,000,000 (varies by county)) to reduce your property taxes.
New York Legal Quick Reference
Conveyance
Bargain-and-sale deed (New York City) or warranty deed (Upstate)
Security
Mortgage
Foreclosure
Judicial
Attorney
Required
Seller Disclosure Requirements
Sellers must either complete a Property Condition Disclosure Statement or credit $500 to the buyer at closing. The form covers environmental hazards, structural problems, pest infestations, water damage, and the condition of utilities and property features such as patios, foundations and chimneys.
