New York VA Loans
Deciding to purchase a house in New York is a huge financial decision, but with the unique benefits provided by the VA loan, your dream of homeownership just got that much easier.
With the average listing price of a home in New York landing at $725K, the VA loan’s signature $0-money-down benefit is a considerable advantage for New York homebuyers.
How to get a VA Loan in New York
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Albany, NY, you'll need to find a lender licensed in New York to do the loan.
See also: VA Loan Eligibility Requirements
New York VA Loan Limits
As of January 1, 2020, VA borrowers in New York with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, veterans without their full VA loan entitlement are still bound to New York’s VA loan limits.
New York VA Loan Limits by County
| County | Loan Limit |
|---|---|
| Bronx County | $1,089,300 |
| Dutchess County | $726,525 |
| Kings County | $1,089,300 |
| Nassau County | $1,089,300 |
| New York County | $1,089,300 |
| Orange County | $726,525 |
| Putnam County | $1,089,300 |
| Queens County | $1,089,300 |
| Richmond County | $1,089,300 |
| Rockland County | $1,089,300 |
| Suffolk County | $1,089,300 |
| Westchester County | $1,089,300 |
| All other areas | $726,200 |
Property Taxes in New York
Another consideration for VA buyers in New York is property taxes. For certain VA buyers, there are exemptions.
You may be eligible for a property tax exemption in New York if you meet one of the following conditions:
- A disabled veteran may receive an exemption based on the type of service, disability as determined by the New York State Division of Veterans Affairs, and the value of the exemption as determined by the county or municipality.
Property Tax Exemptions in New York:
- Alternative Veterans' Exemption: available to veterans who served during a certain time for residential properties
- Cold War Veterans' Exemption: available to veterans of the Cold War (1945 - 1991) for residential properties
- Eligible Funds Exemption: reduces the property's assessed value that a veteran purchased with eligible funds from their discharge
If you are required to pay property tax in New York, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
Property Tax Rates in New York
| County | Property Tax Rate |
|---|---|
| Albany | 1.74% |
| Allegany | 2.96% |
| Bronx | 0.69% |
| Broome | 2.43% |
| Cattaraugus | 2.67% |
| Cayuga | 2.59% |
| Chautauqua | 2.75% |
| Chemung | 2.56% |
| Chenango | 2.35% |
| Clinton | 1.99% |
| Columbia | 1.62% |
| Cortland | 2.89% |
| Delaware | 1.62% |
| Dutchess | 1.51% |
| Erie | 2.65% |
| Essex | 1.36% |
| Franklin | 2.08% |
| Fulton | 2.38% |
| Genesee | 2.78% |
| Greene | 1.43% |
| Hamilton | 1.07% |
| Herkimer | 2.39% |
| Jefferson | 1.68% |
| Kings | 0.52% |
| Lewis | 1.71% |
| Livingston | 2.73% |
| Madison | 2.48% |
| Monroe | 2.92% |
| Montgomery | 2.86% |
| Nassau | 1.79% |
| New York | 0.71% |
| Niagara | 3.06% |
| Oneida | 2.46% |
| Onondaga | 2.60% |
| Ontario | 2.41% |
| Orange | 1.79% |
| Orleans | 3.33% |
| Oswego | 2.68% |
| Otsego | 1.59% |
| Putnam | 1.75% |
| Queens | 0.61% |
| Rensselaer | 2.06% |
| Richmond | 0.92% |
| Rockland | 1.73% |
| Saratoga | 1.52% |
| Schenectady | 2.41% |
| Schoharie | 1.64% |
| Shuyler | 2.28% |
| Seneca | 2.86% |
| St. Lawrence | 2.10% |
| Steuben | 2.60% |
| Suffolk | 1.70% |
| Sullivan | 1.95% |
| Tioga | 2.40% |
| Tompkins | 2.35% |
| Ulster | 1.74% |
| Warren | 1.38% |
| Washington | 2.10% |
| Wayne | 2.98% |
| Westchester | 1.62% |
| Wyoming | 2.60% |
| Yates | 2.12% |
How VA Loans Work in New York
View the graphic below to learn more about how VA loans work in New York.
