First-time homebuyers in New York face high property taxes and unique costs. FHA loans suit those with credit below 700 or limited savings, offering low down payments but higher, permanent mortgage insurance. Conventional loans favor buyers with credit above 700 and larger down payments, allowing PMI cancellation and lower long-term costs. State programs like SONYMA provide down payment help, but buyers must budget for high closing costs and loan limits vary by county.
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