What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. New York conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore New York conventional loan limits are the same thing as New York conforming loan limits.

New York Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in New York are determined by:

  • New York Conventional Loan LimitsMaximum LTV Ratio:  The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
  • Maximum Loan Amount: Conventional loan limits in New York are set at the floor amount of $424,100 across the entire state. Metro areas in NY with a conforming limit of $424,100 include Buffalo, Albany, Rochester, Watertown, Kinderhook, Binghamton and Syracuse.  Areas with a higher maximum mortgage limit include New York City and it’s surroundings.

Search all Conventional Loan Limits in New York:

County Name
ALBANYALBANY-SCHENECTADY-TROY, NY$424,100$543,000$656,350$815,650
BRONXNEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
BROOMEBINGHAMTON, NY$424,100$543,000$656,350$815,650
CATTARAUGUSOLEAN, NY$424,100$543,000$656,350$815,650
CAYUGAAUBURN, NY$424,100$543,000$656,350$815,650
CHAUTAUQUAJAMESTOWN-DUNKIRK-FREDONIA, NY$424,100$543,000$656,350$815,650
CHEMUNGELMIRA, NY$424,100$543,000$656,350$815,650
CLINTONPLATTSBURGH, NY$424,100$543,000$656,350$815,650
COLUMBIAHUDSON, NY$424,100$543,000$656,350$815,650
CORTLANDCORTLAND, NY$424,100$543,000$656,350$815,650
DUTCHESSNEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
ERIEBUFFALO-CHEEKTOWAGA-NIAGARA FALLS, NY$424,100$543,000$656,350$815,650
FRANKLINMALONE, NY$424,100$543,000$656,350$815,650
FULTONGLOVERSVILLE, NY$424,100$543,000$656,350$815,650
GENESEEBATAVIA, NY$424,100$543,000$656,350$815,650
HERKIMERUTICA-ROME, NY$424,100$543,000$656,350$815,650
JEFFERSONWATERTOWN-FORT DRUM, NY$424,100$543,000$656,350$815,650
KINGSNEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
LIVINGSTONROCHESTER, NY$424,100$543,000$656,350$815,650
MADISONSYRACUSE, NY$424,100$543,000$656,350$815,650
MONROEROCHESTER, NY$424,100$543,000$656,350$815,650
MONTGOMERYAMSTERDAM, NY$424,100$543,000$656,350$815,650
NASSAUNEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
NEW YORKNEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
ONEIDAUTICA-ROME, NY$424,100$543,000$656,350$815,650
ONONDAGASYRACUSE, NY$424,100$543,000$656,350$815,650
ONTARIOROCHESTER, NY$424,100$543,000$656,350$815,650
ORANGENEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
ORLEANSROCHESTER, NY$424,100$543,000$656,350$815,650
OSWEGOSYRACUSE, NY$424,100$543,000$656,350$815,650
OTSEGOONEONTA, NY$424,100$543,000$656,350$815,650
PUTNAMNEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
QUEENSNEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
RENSSELAERALBANY-SCHENECTADY-TROY, NY$424,100$543,000$656,350$815,650
RICHMONDNEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
ROCKLANDNEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
SARATOGAALBANY-SCHENECTADY-TROY, NY$424,100$543,000$656,350$815,650
SCHENECTADYALBANY-SCHENECTADY-TROY, NY$424,100$543,000$656,350$815,650
SCHOHARIEALBANY-SCHENECTADY-TROY, NY$424,100$543,000$656,350$815,650
SENECASENECA FALLS, NY$424,100$543,000$656,350$815,650
ST. LAWRENCEOGDENSBURG-MASSENA, NY$424,100$543,000$656,350$815,650
STEUBENCORNING, NY$424,100$543,000$656,350$815,650
SUFFOLKNEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
TIOGABINGHAMTON, NY$424,100$543,000$656,350$815,650
TOMPKINSITHACA, NY$424,100$543,000$656,350$815,650
ULSTERKINGSTON, NY$424,100$543,000$656,350$815,650
WARRENGLENS FALLS, NY$424,100$543,000$656,350$815,650
WASHINGTONGLENS FALLS, NY$424,100$543,000$656,350$815,650
WAYNEROCHESTER, NY$424,100$543,000$656,350$815,650
WESTCHESTERNEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
YATESROCHESTER, NY$424,100$543,000$656,350$815,650

New York conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in New York?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in New York, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum New York Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

NY Conventional Loan RequirementsConventional mortgage guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.

Learn more about conventional mortgages.

What types of mortgage and refinance programs do Conventional Loans offer in New York?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in New York:

  • Conventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
  • Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home.  If not, Conventional 97% loan programs may also work for you.
  • Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?

To meet conventional refinance mortgage requirements in New York, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More New York Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:


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