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Non-QM Jumbo Loans in New York

What New York borrowers should know, with county data and local pages.

Buyers of higher-priced homes in New York sometimes need a loan above the conforming limit set by FHFA, and many of them earn income that does not fit a W-2. When both are true, a non-QM jumbo loan may be an option. Pick a city below to read how lenders review reserves and asset records on large loans, how high-value homes are appraised, and how a non-QM jumbo compares with a full-documentation jumbo. Each file is subject to credit approval.

Questions about Non-QM jumbo loans in New York?

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New York recording costs: Mortgage recording tax (state, plus local mortgage recording taxes in New York City, Yonkers and some counties), paid to the county recording office when the mortgage is recorded; real estate transfer tax on deeds/conveyances (filed with Form TP-584, or TP-584-NYC in New York City), including the additional 'mansion tax' on higher-priced residential purchases, which is paid by the buyer. Your Loan Estimate lists the taxes that apply to your loan.

Where the numbers point in New York

Counties with the most jumbo first liens (2024):

CountyJumbo first liens (2024)
New York County1,407
Kings County1,064
Westchester County800
Suffolk County724
Nassau County692
Queens County122
Rockland County90
Saratoga County80
Dutchess County79
Erie County79
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Non-QM Jumbo Loans by city in New York

Common questions

What makes a loan a jumbo loan?

A jumbo loan is any mortgage larger than the conforming loan limit FHFA sets for the county where the home sits. Loans under that limit can be bought by Fannie Mae or Freddie Mac. Loans above it are held by banks or sold to private investors. Limits differ in some high-cost counties, so ask a loan officer to confirm the figure for your property.

Can I get a jumbo loan with bank statements?

You may be eligible. Many non-QM jumbo programs review personal or business bank statements over a set window and apply an expense factor or a preparer's expense letter to business deposits. Expect closer review of reserves, credit and the appraisal than on a smaller loan. Requirements differ by borrower, property and investor, and each file is subject to credit approval.

Should I try a full-doc jumbo before a non-QM jumbo?

If your tax returns support the income you need, a full-doc jumbo is usually worth pricing first, since it often costs less and draws on more lenders. If your returns understate your earnings because of deductions or a recent jump in business income, a non-QM jumbo may be the realistic path. Asking for both scenarios at once shows you the real difference.

Other non-QM options in New York

Bank statement loansNon-QM lendersSelf-employed1099 loansP&L loansAsset depletionNo-doc / stated incomeNew self-employedITIN loansForeign nationalNon-warrantable condoBank statement HELOCInterest-onlyAfter bankruptcyBad creditSelf-employed refinance

Related guides

Non-QM Jumbo Loans overview · New York non-QM overview

  • 2024 HMDA data
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