Conventional loans usually require a minimum score of 620 , while FHA loans may accept scores as low as 500 with a larger down payment.

Before searching for properties, buyers must establish their budget based on New York's high median home prices, which averaged roughly statewide in late 2025.

The State of New York Mortgage Agency (SONYMA) offers low-interest mortgages and down payment assistance for eligible first-time buyers. 2. The Search and "Accepted Offer"

This is a critical document from a lender that verifies your financial capacity. In New York's competitive market, most sellers and agents require this letter before showing a home or entertaining an offer.

Initially, offers are often verbal or presented as a non-binding "binder".