FHA Loan Limits in New York
For homebuyers who can’t put down a large sum of money and don’t have a high credit score, loans backed by the Federal Housing Administration (FHA) may be a good option — but there are lending limits that vary by county and property type.
Most New York counties have an FHA loan limit of $472,030 for a single-family home. However, among counties in the New York City metro area, the loan limit for a single-family home goes up to $1,089,300.
New York FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sale price | |
|---|---|---|---|---|---|---|
| 1 | ALBANY | $472,030 | $604,400 | $730,525 | $907,900 | $350,000 |
| 2 | ALLEGANY | $472,030 | $604,400 | $730,525 | $907,900 | $83,000 |
| 3 | BRONX | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,010,000 |
| 4 | BROOME | $472,030 | $604,400 | $730,525 | $907,900 | $139,000 |
| 5 | CATTARAUGUS | $472,030 | $604,400 | $730,525 | $907,900 | $97,000 |
| 6 | CAYUGA | $472,030 | $604,400 | $730,525 | $907,900 | $159,000 |
| 7 | CHAUTAUQUA | $472,030 | $604,400 | $730,525 | $907,900 | $121,000 |
| 8 | CHEMUNG | $472,030 | $604,400 | $730,525 | $907,900 | $128,000 |
| 9 | CHENANGO | $472,030 | $604,400 | $730,525 | $907,900 | $99,000 |
| 10 | CLINTON | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| 11 | COLUMBIA | $472,030 | $604,400 | $730,525 | $907,900 | $296,000 |
| 12 | CORTLAND | $472,030 | $604,400 | $730,525 | $907,900 | $155,000 |
| 13 | DELAWARE | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| 14 | DUTCHESS | $472,030 | $604,400 | $730,525 | $907,900 | $370,000 |
| 15 | ERIE | $472,030 | $604,400 | $730,525 | $907,900 | $219,000 |
| 16 | ESSEX | $472,030 | $604,400 | $730,525 | $907,900 | $172,000 |
| 17 | FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 | $110,000 |
| 18 | FULTON | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
| 19 | GENESEE | $472,030 | $604,400 | $730,525 | $907,900 | $159,000 |
| 20 | GREENE | $472,030 | $604,400 | $730,525 | $907,900 | $250,000 |
| 21 | HAMILTON | $472,030 | $604,400 | $730,525 | $907,900 | $165,000 |
| 22 | HERKIMER | $472,030 | $604,400 | $730,525 | $907,900 | $127,000 |
| 23 | JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 | $171,000 |
| 24 | KINGS | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,010,000 |
| 25 | LEWIS | $472,030 | $604,400 | $730,525 | $907,900 | $100,000 |
| 26 | LIVINGSTON | $472,030 | $604,400 | $730,525 | $907,900 | $220,000 |
| 27 | MADISON | $472,030 | $604,400 | $730,525 | $907,900 | $181,000 |
| 28 | MONROE | $472,030 | $604,400 | $730,525 | $907,900 | $220,000 |
| 29 | MONTGOMERY | $472,030 | $604,400 | $730,525 | $907,900 | $149,000 |
| 30 | NASSAU | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,010,000 |
| 31 | NEW YORK | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,010,000 |
| 32 | NIAGARA | $472,030 | $604,400 | $730,525 | $907,900 | $219,000 |
| 33 | ONEIDA | $472,030 | $604,400 | $730,525 | $907,900 | $127,000 |
| 34 | ONONDAGA | $472,030 | $604,400 | $730,525 | $907,900 | $181,000 |
| 35 | ONTARIO | $472,030 | $604,400 | $730,525 | $907,900 | $220,000 |
| 36 | ORANGE | $472,030 | $604,400 | $730,525 | $907,900 | $370,000 |
| 37 | ORLEANS | $472,030 | $604,400 | $730,525 | $907,900 | $220,000 |
| 38 | OSWEGO | $472,030 | $604,400 | $730,525 | $907,900 | $181,000 |
| 39 | OTSEGO | $472,030 | $604,400 | $730,525 | $907,900 | $154,000 |
| 40 | PUTNAM | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,010,000 |
| 41 | QUEENS | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,010,000 |
| 42 | RENSSELAER | $472,030 | $604,400 | $730,525 | $907,900 | $350,000 |
| 43 | RICHMOND | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,010,000 |
| 44 | ROCKLAND | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,010,000 |
| 45 | SARATOGA | $472,030 | $604,400 | $730,525 | $907,900 | $350,000 |
| 46 | SCHENECTADY | $472,030 | $604,400 | $730,525 | $907,900 | $350,000 |
| 47 | SCHOHARIE | $472,030 | $604,400 | $730,525 | $907,900 | $350,000 |
| 48 | SCHUYLER | $472,030 | $604,400 | $730,525 | $907,900 | $160,000 |
| 49 | SENECA | $472,030 | $604,400 | $730,525 | $907,900 | $136,000 |
| 50 | ST. LAWRENCE | $472,030 | $604,400 | $730,525 | $907,900 | $95,000 |
| 51 | STEUBEN | $472,030 | $604,400 | $730,525 | $907,900 | $120,000 |
| 52 | SUFFOLK | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,010,000 |
| 53 | SULLIVAN | $472,030 | $604,400 | $730,525 | $907,900 | $201,000 |
| 54 | TIOGA | $472,030 | $604,400 | $730,525 | $907,900 | $139,000 |
| 55 | TOMPKINS | $472,030 | $604,400 | $730,525 | $907,900 | $250,000 |
| 56 | ULSTER | $472,030 | $604,400 | $730,525 | $907,900 | $309,000 |
| 57 | WARREN | $472,030 | $604,400 | $730,525 | $907,900 | $240,000 |
| 58 | WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 | $240,000 |
| 59 | WAYNE | $472,030 | $604,400 | $730,525 | $907,900 | $220,000 |
| 60 | WESTCHESTER | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,010,000 |
| 61 | WYOMING | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
| 62 | YATES | $472,030 | $604,400 | $730,525 | $907,900 | $220,000 |
How are FHA loan limits determined?
FHA loan limits change from year to year, and they are based in part on the median price homes sold for in the previous year. The median sale price of homes nationwide went up last year; therefore, the current limit also increased, by 12% in 2023.
The U.S. Department of Housing and Urban Development (HUD) looks at the limits set for conventional mortgages — also known as conforming loan limits — when calculating the loan limits for FHA loans; for 2023, the conforming loan limit is $726,200.
FHA loan limits can be anywhere between 65% and 150% of the conforming loan limit. The lowest FHA loan limit is known as the “floor” and pertains to most parts of the U.S., while the highest FHA loan limit, called the “ceiling,” applies to areas that have a higher cost of living — including the counties in and around New York City. The FHA floor and ceiling are $472,030 and $1,089,300, respectively.
Keep in mind that property type also plays a role in determining FHA loan limits. A single-family home will be subject to a lower lending limit than a multifamily home.
How to qualify for an FHA loan in New York
Homebuyers in the Empire State who want to qualify for an FHA loan will need to meet the FHA loan requirements:
A minimum 500 credit score. A credit score between 500 and 579 may qualify you for an FHA loan, but you will need to pay a 10% down payment.
A minimum 3.5% down payment. A credit score of 580 or higher can qualify you for a down payment as low as 3.5%. Check your credit score here.
Employment history. You’ll need to provide information about your jobs and income over the past two years, and you could be required to explain any gaps in employment.
Credit health. You may not qualify for an FHA loan if you have filed for bankruptcy or experienced a foreclosure in the past seven years. Similarly, if a court has ordered you to pay a debt, you must resolve that debt with your creditor before you can close on an FHA loan.
Debt-to-income (DTI) ratio of 43% or less. Your DTI ratio is the percentage of your monthly income devoted to debt repayment. To qualify for a home loan, your DTI should generally be no higher than 43% of your gross income. Exceptions for higher DTI ratios may be made if you have a high credit score or cash reserves.
Home appraisal. You’ll need to get an FHA appraisal for the property you want to purchase.
Mortgage insurance. Two kinds of FHA mortgage insurance are required. You’ll need to pay upfront mortgage insurance — 1.75% of the total loan amount, due at closing — and annual mortgage insurance, which ranges from 0.15% to 0.75% of the loan amount and is included in your monthly payment.
Primary residence. You must live in the home for at least one year.
Buying a multifamily property with an FHA loan
If you’re looking to purchase a multifamily home, an FHA loan might help. You will need to live in one of the units for a year, but you can still put down only 3.5% with a credit score of 580 or higher. This is a great deal, as most conventional loan programs will require at least 15%-25% down.
Another advantage of an FHA loan for a multifamily property is that you can use future rental income to qualify. If that future income significantly bumps up your income, it might make a big difference in how much money you can get from a lender.
For 2023, the multifamily loan limits in most New York counties are:
- $604,400 for two units
- $730,525 for three units
- $907,900 for four units
In the New York City metro area — where the median home price is a sky-high $1,010,000 — the loan limits are higher:
- $1,394,775 for two units
- $1,685,850 for three units
- $2,095,200 for four units
FHA lenders in New York
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Rocket Mortgage | 5 stars | 580 |
| PennyMac | 5 stars | 580 |
| Wells Fargo | 5 stars | 640 |
| Bank of America | 5 stars | Not disclosed |