Non-QM & Self-Employed Mortgages in New York

About 904,006 people work for themselves across the New York counties in our data, and lenders reported 3,275 first mortgages there in 2024 with interest-only, balloon or other features that fall outside the Qualified Mortgage rules. This page covers the New York rules self-employed and non-QM borrowers ask about, every program by state, and local pages for 314 cities and towns.

Self-employed or outside the box in New York?

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New York rules and records to know

Mortgage licensing: New York State Department of Financial Services
Business entity records: New York Department of State, Division of Corporations
CPA licensing: New York State Education Department, Office of the Professions
Professional license lookup: NYSED Office of the Professions online license verification
Condo buyers: In New York, a co-op buyer purchases shares in a corporation that come with a long-term proprietary lease for a specific apartment, rather than a deed to real property as with a condo, so co-op financing works differently from a condo mortgage. Sponsor sales of co-op and condo units are made under an offering plan reviewed by the Attorney General's Real Estate Finance Bureau, while resales by individual owners are not regulated by the Attorney General.
Foreclosure process: Judicial: the lender files a Summons and Complaint in New York State Supreme Court, and if a judge orders foreclosure and sale the home is sold at auction at the courthouse.
Recording taxes and fees: 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.

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Prefer to talk first? Call (888) 508-8976. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.

Non-QM programs in New York

Larger New York cities

https://www.dfs.ny.gov/apps_and_licensing/mortgage_companies
https://hcr.ny.gov/sonyma
https://hcr.ny.gov/programs-add-features
https://tax.ny.gov/pit/mortgage/mtgidx.htm
https://www.tax.ny.gov/bus/transfer/rptidx.htm
https://dos.ny.gov/corporation-and-business-entity-search-database
https://apps.dos.ny.gov/publicInquiry/
https://op.nysed.gov/services/verifications/online-verification-searches
https://ag.ny.gov/resources/individuals/tenants-homeowners/cooperatives
https://ag.ny.gov/sites/default/files/publications/Before_you_buy_a_coop_condo_Physical_Aspect.pdf