Three months of bank statements for all accounts. Gift Letters: If family is helping with the down payment. Identification: Valid driver's license or passport. 🤝 The Professional Team
Two years of W-2s and 30 days of pay stubs. Tax Returns: Last two years of federal filings.
Done before the contract is signed.
To identify structural or safety issues before you sign. ⚖️ The NY Buying Process Get Pre-Approved: Do this before looking at houses.
Your attorney negotiates terms; you sign and pay the "earnest money" deposit. what do i need to buy a house in ny
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
To provide your Pre-Approval Letter.
Look into State of New York Mortgage Agency programs for first-time buyer grants.