What Is a Mortgage Broker in New York?
A mortgage broker in New York is a NYS licensed professional who arranges your home loan through third-party lenders instead of lending their own money. You apply once, the broker compares programs from the lenders it works with, and your loan closes with the lender you choose. American Capital Mortgage Inc. works this way, and all of our loans are arranged through third-party providers.
A broker can only offer loans from the lenders it works with, and broker compensation is part of your loan costs. Your Loan Estimate shows those costs in writing before you commit, so compare it with any other offer you have.
How Do You Choose the Best Mortgage Broker in New York?
Choose a broker with an active NYS license, experience with your property type, and written cost estimates for each option. Verify the license and NMLS ID, ask for a Loan Estimate on every loan you consider, and confirm the broker has closed loans like yours, such as co-ops or two- to four-family homes.
| What to check | How American Capital Mortgage fits |
|---|---|
| Active NYS license | NYS licensed mortgage broker; verify loan officers at NMLS Consumer Access |
| Experience | Sunny Jain in the business since 1996; Joe St. Rose a 30-year real estate veteran |
| Property-type fit | Co-op, condo, 2-4 family, mixed-use and multifamily financing |
| Written costs | A Loan Estimate shows your costs before you commit |
| Client reviews | Rated top on Google by clients |
Can You Get a Mortgage for a Co-op in New York?
Yes. Co-op purchase and refinance loans are available in New York, but the building’s board must approve you, and many boards require a larger down payment than the lender does, commonly 20% or more, plus cash reserves after closing. American Capital Mortgage Inc. offers co-op purchase and refinance loans.
- What you’re financing: shares in a corporation and a proprietary lease, with the loan secured by those shares rather than a deed.
- Board package: your finances are reviewed by the board, which may also interview you.
- Monthly costs: maintenance charges count toward your debt-to-income ratio.
- Building review: the lender may look at the building’s finances and underlying mortgage.
Talk to us before you make an offer so you know whether a building’s rules fit your budget.
How Much Down Payment Do You Need in New York?
It depends on the loan and the property. FHA allows 3.5% down with a 580 credit score, some conventional programs allow 3% down, VA loans often require none, and SONYMA offers down payment assistance. Co-op boards, investment properties and jumbo loans typically require more.
| Loan | Typical minimum down payment | Notes |
|---|---|---|
| FHA | 3.5% with a 580 score | Lower scores generally need a larger down payment |
| FHA Advantage Program | Varies | Our program lists credit scores as low as 550 |
| Conventional (HomeReady, Home Possible, Fannie Mae, Freddie Mac) | As little as 3% | Eligibility rules apply |
| VA | Often 0% | For eligible veterans and service members |
| SONYMA Achieving the Dream | As low as 3% | Income and price limits apply by county |
| Jumbo | Up to 85% LTV | About 15% down |
| Co-op | Set by the board | Often higher than the lender’s minimum |
What Is SONYMA and Does It Help New York Buyers?
SONYMA is the State of New York Mortgage Agency, a state agency that offers below-market-rate mortgages and down payment assistance to eligible buyers. Its Achieving the Dream program offers financing of up to 97% of the value on eligible 1- and 2-family homes, plus assistance of $3,000 or 3% of the price, up to $15,000.
To qualify you generally need to be a first-time buyer, with exceptions for eligible veterans and homes in federally designated target areas, and you must meet income and purchase price limits that vary by county. Program rules and current limits are published by NY State Homes and Community Renewal. We check whether you may qualify before you make an offer.
What Are the Closing Costs on a New York Home Purchase?
New York closing costs commonly include title insurance, attorney fees, lender fees, and mortgage recording tax of roughly 1% to 2% of the loan amount depending on the county. Purchases of $1 million or more can also trigger the “mansion tax,” which starts at 1% of the price and is paid by the buyer.
- Co-op loans: loans secured by co-op shares generally avoid mortgage recording tax, but building move-in fees and other charges may apply.
- Condos and co-ops: many buildings charge fees and require lender reserves.
- Where to verify: the NY Department of Taxation and Finance publishes current transfer and recording tax rules.
Do You Need an Attorney to Buy a Home in New York?
In practice, yes. New York buyers customarily hire a real estate attorney to review the contract, search title and attend the closing. Your attorney works with your broker, your agent and the lender’s counsel, and we stay in contact with all of them until closing day.
How Long Does a New York Mortgage Take to Close?
Many New York purchase loans close in about 45 to 60 days after the contract is signed. Co-op purchases can take longer because the board package and approval add steps. Timing also depends on the appraisal, title work and how quickly you provide documents.
- Pre-approval: we review your documents so your offers are credible.
- Contract: your attorney reviews and signs the purchase contract.
- Loan selection: you choose a program and we lock your rate when you’re ready.
- Underwriting: the lender orders the appraisal and issues a loan commitment; for co-ops your board package is submitted.
- Closing: we coordinate your attorney, agent and the lender through the closing table.
Can You Buy a Two- to Four-Family Home With a Low Down Payment?
Yes, if you will live in one of the units. FHA allows 3.5% down on owner-occupied one- to four-unit homes for qualifying borrowers, and rent from the other units can sometimes be counted toward qualifying, depending on the program. This is a classic New York route to homeownership.
If you are buying purely as an investment, our DSCR and commercial programs look at the property’s income instead of only your personal income. Tell us how you plan to use the building and we’ll point you to the right loan.
What Documents Do You Need for a New York Mortgage?
Most applicants need a photo ID, two years of tax returns, recent pay stubs and W-2s, recent bank statements and the signed purchase contract. Co-op buyers also need a board package and the building’s financial documents, and self-employed borrowers need business returns plus a profit-and-loss statement or bank statements.
- Government-issued photo ID
- Two years of tax returns, pay stubs and W-2s
- Recent bank and asset statements
- Signed purchase contract
- Co-ops: board package and building financials (we help you assemble them)
- Self-employed: business returns and a profit-and-loss statement, or 12 to 24 months of bank statements for alternative documentation loans
Does American Capital Mortgage Finance Multifamily and Commercial Properties in New York?
Yes. We arrange commercial, mixed-use, multifamily, SBA, construction, bridge, fix and flip, rehab and land loans. Our loan officer Joe St. Rose is a 30-year real estate veteran and NYS licensed real estate broker who managed about 250 apartments in New York City before specializing in multifamily property management and commercial mortgage origination. See our commercial loan programs.
Who Is American Capital Mortgage Inc.?
American Capital Mortgage Inc. is a mortgage banker and broker headquartered in Orange, New Jersey, licensed as a mortgage broker in New York and several other states. Our founder and CEO, Sunny Jain, has been in the mortgage business since 1996, previously worked at Bank America Mortgage and Bank of NY, and works with civic groups in his Staten Island community.
- Sunny Jain, CEO (NMLS ID 13710): residential and commercial originations, 30+ years of experience
- Joe St. Rose, Loan Officer (NMLS ID 1473569): multifamily and commercial mortgage origination
- Rajiv Jain, Vice President (NMLS ID 16291): 20+ years in the mortgage business
FAQs:
Costs depend on the loan program and lender. Broker compensation is part of your loan costs and appears on your Loan Estimate, which you receive before you commit. Compare it line by line with any other offer you have.
Neither is always cheaper. A broker compares several lenders, which helps with co-ops, multi-unit homes and non-standard income, while a bank offers only its own products. Compare written Loan Estimates from both.
FHA guidelines allow 3.5% down with a 580 score, and lower scores generally need a larger down payment. Our FHA Advantage Program lists scores as low as 550. Conventional loans commonly look for 620 or higher.
A co-op loan is secured by shares and a proprietary lease, while a condo loan is secured by a recorded mortgage on a deeded unit. Co-ops add board approval, and condos add a building review by the lender.
Yes. Self-employed borrowers can qualify with tax returns, or through non-QM and alternative documentation programs that use bank statements, 1099s or profit-and-loss statements.
Yes. Pre-approval shows sellers you are serious and tells you your budget before you make offers, which matters in a competitive market.
Yes. We arrange FHA, conventional and co-op refinance loans for New York homeowners who want to lower their payment, shorten their term or access equity.
Ready to Get Started?
Get your free quote today Contact us or Call: 516-327-6000
Email: sunnyjain@amcaps.com
Address: 439 Main Street, Suite 102, Orange, NJ 07050