Buying in NY · CT · NJ
The Complete Home Buyer's Guide
Everything you need to buy with confidence in New York, Connecticut and New Jersey, from your first pre-approval to the day you get the keys. Written for first-time buyers, move-up buyers and investors.
Free guide
The Complete Home Buyer’s Guide
Take it with you. Our free 9-page guide covers the 8 steps to buying, loan options, down payment assistance in New York, Connecticut and New Jersey, real closing costs, offers and contracts by state, inspections, and a deal analysis worksheet for investors.
Step by step
How buying a home works
- 01
Get clear on your goals
Decide what matters most: budget, towns, commute, schools, space and how long you plan to stay. Investors should define target returns and strategy up front.
- 02
Get pre-approved
A lender reviews your income, assets and credit and issues a pre-approval letter. It shows your true budget and makes your offers stronger.
- 03
Sign a buyer agreement
Since August 2024, buyers sign a written agreement with their agent before touring homes. It spells out services and compensation, which is negotiable.
- 04
Tour homes and compare
We set up custom searches, tour homes with you and share recent comparable sales so you know what a home is really worth.
- 05
Make a strong offer
We recommend price and terms based on the data: deposit, contingencies, closing date and, in competitive markets, how to stand out.
- 06
Inspections & attorney review
Professional inspections, then contracts negotiated by attorneys. Timing and process differ by state; see below.
- 07
Appraisal & mortgage commitment
The lender orders an appraisal and finalizes underwriting. We stay on top of every deadline.
- 08
Final walk-through & closing
Walk the home one last time, sign at closing and get your keys.
First-time buyers
Buying your first home
Buying your first home is a big step. These are the loan types and assistance programs our first-time buyers ask about most.
Loan options
- Conventional loansSome conventional programs allow as little as 3% down for qualified first-time buyers. Putting less than 20% down usually means private mortgage insurance (PMI), which can be removed later.
- FHA loansGovernment-insured loans with down payments as low as 3.5% and more flexible credit guidelines. FHA can also be used to buy a 2–4 family home you live in.
- VA & USDA loansEligible veterans and service members may buy with no down payment through VA loans. USDA loans cover eligible rural areas, including parts of the Hudson Valley.
First-time buyer tips
- Know your all-in monthly costMortgage, property taxes, insurance and any HOA, condo or co-op fees.
- Keep credit steadyAvoid new loans, credit cards or job changes until after closing.
- Save for more than the down paymentPlan for closing costs, moving and a cushion for repairs.
- Don't skip the inspectionIt's your best protection, especially with older homes.
- Ask about assistance earlySome programs require a homebuyer education course and pre-approval through a participating lender.
Down payment & first-time buyer programs
New York: SONYMA
The State of New York Mortgage Agency offers first-time buyer mortgages and down payment assistance loans. Learn more at hcr.ny.gov.
Westchester County
The Westchester County Home Ownership Initiative offers up to $25,000 in down payment and closing cost assistance to eligible first-time buyers with household income at or below 80% of area median income. See program details.
Connecticut: CHFA
The Connecticut Housing Finance Authority offers below-market-rate mortgages and down payment assistance for eligible buyers. Visit chfa.org.
New Jersey: NJHMFA
The New Jersey Housing and Mortgage Finance Agency offers first-time buyer mortgages and down payment assistance programs. Visit njhousing.gov.
Program terms, income limits and funding change often. We’ll connect you with lenders who participate in these programs to confirm what you qualify for.
Costs
What it really costs to buy
Typical buyer costs
- Down paymentFrom 0% to 20% or more, depending on the loan.
- Earnest money depositOften around 10% of the price in New York and Connecticut, held in escrow; New Jersey deposits vary.
- Lender & appraisal feesLoan origination, credit report and appraisal.
- Title insurance & searchProtects you and your lender against title problems.
- Attorney feesAttorneys handle contracts and closings in all three states.
- InspectionsHome, termite, radon, sewer and other inspections as needed.
- Prepaids & escrowsProperty taxes, homeowner's insurance and prepaid interest.
State-specific costs to know
- New York: mansion taxBuyers pay a 1% tax on residential purchases of $1 million or more.
- New York: mortgage recording taxCharged on most purchase mortgages; the rate varies by county and city.
- ConnecticutConveyance taxes are generally paid by the seller.
- New JerseyTransfer fees are generally paid by the seller. Since July 2025, the mansion tax on sales over $1 million is also paid by the seller.
- Co-opsExpect co-op application, move-in and lender fees, but no title insurance.
Closing costs commonly run a few percent of the purchase price. Your lender and attorney will give you exact figures.
Offers & contracts
How offers and contracts work in each state
All three states use real estate attorneys, but the timing differs. Here's what to expect.
New York
An accepted offer isn’t binding until both sides sign a contract. Attorneys negotiate the contract after the inspection, and the buyer typically puts down a deposit when signing.
Connecticut
Offers often start with a binder. Attorneys then prepare the purchase contract, and inspections usually happen during a short contingency period.
New Jersey
After both parties sign the contract, there is a three-business-day attorney review period during which either side’s attorney can make changes or cancel.
What makes an offer strong
- Pre-approvalA strong lender letter, or proof of funds for cash buyers.
- Clean termsReasonable contingencies and a closing date that suits the seller.
- Data-backed priceBased on recent comparable sales, not list price alone.
- Speed & communicationIn competitive towns, the first strong offer often wins.
Common contingencies
- MortgageLets you cancel if financing isn't approved.
- InspectionLets you negotiate repairs or credits after inspections.
- AppraisalProtects you if the home appraises below the price.
- Board approvalRequired for co-op purchases.
Co-ops & condos
Buying a co-op, condo or townhouse
Co-ops
You buy shares in a corporation that owns the building. Expect a board application, financial review and interview, plus building rules on financing, sublets and minimum down payments. Co-ops are common in Westchester and often cost less than comparable condos.
Condos
You own your unit outright plus a share of common areas. Condos usually allow more flexible financing and renting. Review the budget, reserves and any planned assessments.
Townhouses & HOAs
Many townhouse communities have homeowners associations with monthly fees and rules. Check what’s covered, such as exteriors, landscaping and snow removal.
Investors
Buying investment property
Whether it's your first two-family or your tenth rental, the right numbers and the right location make the difference.
Strategies our investors use
- House hackingBuy a 2–4 family home, live in one unit and rent the others. Owner-occupants can use FHA or conventional loans with lower down payments.
- Long-term rentalsSingle-family and multifamily rentals near transit, hospitals and universities.
- Value-add & renovationBuy below market, renovate and rent or resell. Estate and inherited properties are a frequent source.
- Portfolio growthInvestor loans, including DSCR loans based on a property's rental income, and tax strategies such as 1031 exchanges (consult your tax advisor).
How we evaluate a deal
- Market rentsRent comparables for each unit, not asking rents alone.
- Operating expensesTaxes, insurance, utilities, maintenance, vacancy and management.
- ReturnsCap rate, cash flow and cash-on-cash return at your financing terms.
- Condition & capital needsRoof, systems, code issues and certificates of occupancy.
- Local rulesRental registration, inspections and, in some Westchester municipalities, rent stabilization for older buildings with six or more units.
Our team has helped investors buy two- and multi-family homes across Westchester, the Hudson Valley and Bergen County. We can share recent rents and sales for any property you’re considering.
Working with us
Buyer agreements and how we work
Under industry rules that took effect in August 2024, buyers sign a written agreement with their agent before touring homes. The agreement explains the services we provide and how we’re compensated, which is always negotiable.
In New York, eXp Realty requires a Buyer Broker Representation Agreement and does not require identification or mortgage pre-approval before we work together, though sellers may ask for them. See our New York Standardized Operating Procedures and agency disclosure.
- Local market dataComparable sales and pricing for every home you consider.
- NegotiationPrice, terms, inspection credits and closing dates.
- Trusted referralsLenders, attorneys, inspectors and contractors.
- Start to finishWe coordinate every deadline through closing.
Let’s talk
Ready to start your search?
Tell us what you’re looking for: first home, next home or investment property. We’ll set up a custom search, connect you with trusted lenders and walk you through every step.
Prefer to call? Reach us at (914) 483-2883.
FAQ
Buyer questions, answered
How much do I need for a down payment?
It depends on the loan. Some conventional programs allow 3% down for first-time buyers, FHA requires 3.5%, and VA loans can require no down payment. Putting 20% down avoids private mortgage insurance on conventional loans.
How much are closing costs?
Closing costs often run a few percent of the purchase price and include lender, title, attorney and recording fees, plus prepaid taxes and insurance. In New York, buyers also pay a 1% mansion tax on homes priced at $1 million or more.
Do I need a real estate attorney?
In New York, Connecticut and New Jersey, attorneys typically handle contracts and closings. We can recommend experienced local attorneys.
Are there programs for first-time buyers?
Yes. Options include SONYMA in New York, the Westchester County Home Ownership Initiative, CHFA in Connecticut and NJHMFA in New Jersey, along with low-down-payment FHA and conventional loans.
Can I buy a multi-family home as my first home?
Yes. Many first-time buyers purchase a 2–4 family home, live in one unit and rent the others. FHA and conventional loans allow this with lower down payments when you live in the property.
Do I have to sign a buyer agreement?
Yes. Since August 2024, buyers sign a written agreement with their agent before touring homes. It describes our services and compensation, which is negotiable.
What is the difference between a co-op and a condo?
With a co-op you buy shares in a corporation and need board approval; with a condo you own your unit outright. Co-ops often cost less but have stricter rules on financing and renting.