New York City Mortgage Hub: Co-ops, Condos, Recording Tax and 2026 Limits
Updated October 2026
New York City is the only part of the state where a conforming mortgage can approach seven figures. The 2026 one-unit high-cost limit across all five boroughs is $1,249,125, while Upstate counties such as Erie, Onondaga and Albany sit at the $832,750 baseline. A Bay Ridge buyer and a Buffalo buyer can be shopping the identical loan program and still be working with a $416,375 gap in how much they can borrow before jumbo underwriting begins.
Co-op, Condo or 1-4 Family
| Property type | Underwriting focus | Transfer cost note |
|---|---|---|
| Co-op shares | Board package, flip tax, building reserves, post-closing liquidity | Exempt from Mortgage Recording Tax, since the lien is a UCC-1 rather than a recorded mortgage |
| Condo | Budget review, owner-occupancy ratio, pending assessments | Recording tax applies in full |
| 2-4 family | Lease documentation and rent rolls; limits rise above the one-unit figure | Recording tax applies in full |
Co-ops still dominate inventory in much of Manhattan and northern Queens, and that recording-tax exemption is real cash back in your pocket on closing day.
Recording Tax, Mansion Tax, Attorney Closings
The New York Mortgage Recording Tax runs 1.80% to 1.925% on city mortgages depending on loan size and property class, against 0.75% to 1.25% elsewhere in the state. The Mansion Tax begins at 1% of the purchase price at $1,000,000 and steps up through higher brackets, which now catches a meaningful share of two-family and condo contracts in Brooklyn and Manhattan. When you refinance, a CEMA assignment carries your existing mortgage to the new lender so recording tax applies only to new money. New York closes through attorneys with table funding, so counsel, title and lender coordinate one wire at a sit-down table instead of a long escrow.
Programs and Payment Planning
SONYMA offers Achieving the Dream and Low Interest Rate loans, each pairable with a DPAL worth 3% of the purchase price up to $15,000. After closing, STAR and Enhanced STAR cut school-tax liability for owner-occupants.
Price it out before you bid: compare today's rates, model cash to close with the closing cost estimator, then go deeper in Manhattan, Brooklyn or Queens. Program terms come from SONYMA / NY Homes and Community Renewal, limits from FHFA Loan Limits, and exemption rules from NY Department of Taxation and Finance Property Tax.
Compare Current Mortgage Rates
Compare current APRs, points, fees, and estimated monthly payments from participating lenders below.
Loan Program Comparison: 2026 Benchmarks
New York City Mortgage Hub: Co ops, Condos, Recording Tax and 2026 Limits — Choose a mortgage by comparing eligibility, upfront cash and total monthly costs, not the advertised rate alone. Conventional, FHA, VA and USDA serve different borrowers. Confirm county limits, taxes, insurance and lender requirements before comparing personalized Loan Estimates for your household.
Historical 2025 one-unit comparison: conforming $806,500; FHA floor $524,225. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
Sources: FHFA limits; HUD FHA limits.
Editorial Methodology & Primary Sources
Verification date: Not recorded; check the primary source and lender timestamp before relying on an estimate.
Rate comparisons use participating lender feeds, not a whole-market survey or guaranteed offers. Freddie Mac PMMS is a market benchmark, not a personalized quote. Calculator models rely on published regulatory formulas and disclosed assumptions rather than fabricated first-person loan testing.
Monthly principal and interest use the amortization formula P × r / (1 − (1 + r)−n), where r is the monthly note rate and n is the number of payments; at zero interest use P / n. PITI adds monthly property taxes and homeowners insurance; PMI is separate. APR includes applicable finance charges under Regulation Z and is not the note rate used for payments. Compare lender Loan Estimates for actual APR and fees.
- Consumer Financial Protection Bureau (CFPB) — Loan Estimates, APR and borrower disclosures; Regulation Z.
- U.S. Department of Housing and Urban Development (HUD / FHA) — FHA program guidance.
- U.S. Department of Veterans Affairs (VA) — VA loan eligibility and benefits.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — published rate benchmarks.
- U.S. Census state tax collections — state property tax benchmarks; confirm parcel-specific assessments and exemptions with the state revenue department and local assessor.
The payment snapshot uses illustrative annual taxes of 1% of home price, $1,200 insurance and 0.5% PMI below 20% down, not verified local quotes. Other calculators disclose their inputs and assumptions. Published guidance and lender feeds may change independently; confirm current program rules, taxes and offers before a decision.