FAQs by Brian Scott Cohen, SVP of Mortgage Lending

The total cash needed includes your down payment, closing costs, and reserves. While some loan programs offer down payment options starting at 3% to 5%, NYC’s high property prices often mean buyers need down payment options in the 10% to 20% range for condos or co-ops, especially when board requirements are considered. Closing costs can add another 2% to 5% depending on the property type and loan. We create custom pre-approval budgets that account for all these variables upfront.

In most cases, a first-time buyer is defined as someone who hasn’t owned property in the past three years. Qualification is based on credit score, income, debt-to-income ratio, and employment history. Some city and state programs add income limits or require homebuyer education classes. We help clients understand what documentation they’ll need and how to position their file for approval.

Yes. Co-ops do come with additional requirements, and each building sets its own financial standards. Many NYC co-ops look for a solid financial profile, including down payment and liquidity expectations, along with a well-prepared board package. That said, there are financing programs available with lower down payment options in certain buildings. I help first-time buyers structure their application to meet financing requirements.

It typically takes 45 to 60 days from accepted offer to closing. Pre-approval can be completed in as few as 24-48 hours*. Co-op purchases may take longer due to additional approval steps. The key is preparation — we work with clients early to avoid delays and ensure a smooth path to closing.

*OriginPoint cannot guarantee that an applicant will be approved or that a closing can occur within a specific timeframe. All dates are estimates and will vary based on all involved parties level of participation at any stage of the loan process. Contact OriginPoint for more information.

In a condo, you’re buying real property — a physical unit — and receive a deed. In a co-op, you’re buying shares in a corporation that owns the building, along with a proprietary lease for your unit. Condos generally offer more flexibility with subletting and financing, while co-ops are more restrictive, requiring board approval and additional financial scrutiny. Both have their advantages, and I walk clients through the financial implications of each.

Co-ops come with unique approval requirements. Not only must the buyer be approved for financing, but the building itself must also meet eligibility guidelines. Co-op boards may also have their own financial criteria. While many co-ops look for strong financial profiles, we offer down payment options as low as 10% in certain buildings, with flexibility depending on the building and borrower qualifications. I help clients structure their loan application to meet our financing requirements.

Co-op boards typically require a full financial package, which may include tax returns, bank statements, employment history, and other documentation. Requirements vary by building. On the financing side, we work closely with clients and real estate agents to ensure your financing is well-prepared and aligned with your purchase goals.

New developments may not be eligible for traditional financing until a certain percentage of units are sold or occupied. Some developers partner with trusted lenders to streamline this. These loans may require larger down payments and carry different rate structures. We help buyers understand these nuances and work to get financing approved efficiently.

A jumbo loan exceeds the conforming loan limit set by Fannie Mae and Freddie Mac. In high-cost areas like NYC, the limit is higher — as of 2026 around $1,149,825 for one-unit properties — but anything above that is considered a jumbo loan. Jumbo mortgages are common in Manhattan and Brooklyn, where many homes and apartments are priced above this threshold. These loans require more stringent underwriting and documentation.

Jumbo loans have guidelines that can differ from conforming loans because they are not backed by Fannie Mae or Freddie Mac. Qualification is based on factors like credit profile, income documentation, assets, and overall financial strength. Down payment options can vary by program, and lenders may request detailed income and asset verification. I guide clients through the documentation process and help align their loan file with underwriting expectations for higher-value financing.

Many jumbo loans offer down payment options starting at 10% depending on the property and loan amount. For luxury condos and co-ops, building guidelines may also require higher equity positions. I work with clients to structure their financing for maximum flexibility and competitive rates, even in high-demand price ranges.

Yes, in many cases. Year-end bonuses, stock options, and restricted stock units (RSUs) can be considered when calculating qualifying income — but only if the income is consistent, documented over several years, and expected to continue. I work closely with clients in finance, tech, and law to ensure these income types are properly documented and count toward loan eligibility.

Historically, jumbo rates were higher than conforming loans, but in the Q1 2026 market, they can be quite competitive — and sometimes even lower. Pricing depends on the loan amount, credit profile, and overall market conditions. I monitor pricing daily to help clients secure the most favorable terms they qualify for.

Down payment options depend on the loan program, property type, and your financial profile. For primary residences, Conventional loans can start with down payment options as low as 3%, while FHA loans offer down payment options starting at 3.5%. However, in NYC — especially for co-ops or higher-priced properties — down payment options in the 10% to 20% range are more typical, and some buildings may require higher down payment amounts. We evaluate each client’s situation to determine the right approach and help structure the loan accordingly.

Closing costs in New York City tend to be higher than the national average. For buyers, expect to pay roughly 2% to 5% of the purchase price in closing costs — including attorney fees, title insurance, mortgage recording tax (for condos), and lender fees. Co-op buyers typically pay slightly less, since there’s no mortgage recording tax. We provide clients with an itemized estimate early in the process, so there are no surprises at the closing table.

A Loan Estimate is a standardized document that outlines the terms of your loan, including estimated interest rate, monthly payment, and closing costs. Lenders are required to provide this within three business days of receiving a loan application. It allows you to compare offers and understand the full financial picture. We walk clients through this document to explain each cost and identify opportunities for savings*.

*Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact OriginPoint for current rates. Restrictions apply.

There are several ways. Some buyers negotiate seller or developer concessions, others opt for lender credits in exchange for slightly higher rates. Shopping for title insurance can also help. For condos, strategies like purchasing in a new development with sponsor-paid taxes or fees could result in significant savings*. I help clients explore every avenue to minimize upfront costs.

*Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact OriginPoint for current rates. Restrictions apply.

From pre-approval to closing, the process usually takes 45 to 60 days — but it depends on property type*. Co-op transactions often take longer due to board package review and approval. We help clients move quickly by organizing documentation early and coordinating with all parties to keep things on track.

*OriginPoint cannot guarantee that an applicant will be approved or that a closing can occur within a specific timeframe. All dates are estimates and will vary based on all involved parties level of participation at any stage of the loan process. Contact OriginPoint for more information.

Absolutely. While many programs require two years of tax returns (including all schedules) and possibly a year-to-date P&L statement, we also have options that use 1–2 years of personal or business bank statements to document income instead of a full tax return review. I review my clients’ documentation in advance to help position self-employed borrowers for success and find the programs that best fit their situation.

If bonuses or RSUs (restricted stock units) are consistent and well-documented over at least two years, they can often count as qualifying income. However, these types of income are evaluated differently depending on the program. I work with clients in finance, tech, and law to make sure their variable income is properly accounted for — and often use specialized underwriting channels to maximize approval potential.

While requirements can vary, most programs will request a valid passport and visa, proof of funds for down payment and reserves, international credit references or reports, and income verification from a foreign employer or business. We assist with translating and validating documentation and offer programs designed for global buyer financing.

Yes. We have programs for certain borrowers — such as self-employed individuals and property investors — that do not rely solely on traditional income documentation. Self-employed borrowers may qualify using bank statements, while investors may qualify based on a property’s cash flow. In many cases, tax returns are not required. These programs can come with slightly higher rates but may be a strong fit in the right scenarios. I help clients evaluate when these options make sense and weigh the cost versus benefit.

Yes. For borrowers with substantial liquid assets — such as stocks, bonds, and in some cases retirement accounts — there are programs that may not require traditional income documentation or tax returns. Instead, eligibility is based on qualifying assets. I review client documentation in advance to confirm asset eligibility and help determine if this option is a clear fit.

Yes. Many NYC properties are purchased as investment units by international buyers. Financing may be available, though down payment requirements and pricing can differ from primary residence loans. For buyers who qualify under foreign national lending programs, financing is typically for investment properties rather than personal occupancy. I help international clients explore mortgage options that align with their goals and eligibility.

Rate locks protect you from rising interest rates during your mortgage process. I typically recommend locking once you're under contract — but in volatile markets, some buyers may choose to lock earlier. Lock periods can range from 10 to 90 days, with some options offering float-down features if rates improve. I help clients time their rate lock based on market trends and their personal goals.

Yes — our Lock ’n’ Roll Program* allows you to lock in a rate for 60, 75, or 90 days while you shop for a property before signing a purchase contract. This can be especially helpful in a rising-rate environment. I walk clients through how it works, any considerations, and whether it makes sense based on their timeline and the market.

*The Lock 'n' Roll program is eligible for conventional and government, fixed rate loans. Loan term requirements vary and apply based on loan type. Lock period must be a minimum of 60 days. Lock 'n' Roll locks cannot be extended, relocked, or renegotiated until after lender receives a fully executed sales contract and are only eligible for up to 30 days of extension. If the purchase contract is terminated, Lock 'n' Roll locks cannot be transferred. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Restrictions apply.

From accepted offer to closing, the process usually takes 45 to 60 days*. That includes appraisal, underwriting, loan approval, and preparing closing documents. Co-op purchases can add time due to board package reviews and interviews. We start preparing loan files in advance so clients are ready to move fast once their offer is accepted.

*OriginPoint cannot guarantee that an applicant will be approved or that a closing can occur within a specific timeframe. All dates are estimates and will vary based on all involved parties level of participation at any stage of the loan process. Contact OriginPoint for more information.

Co-op board approval can add additional time to the process. After your mortgage commitment is issued, the board typically reviews your financial package and may schedule an interview. Once approved, you can set a closing date. We coordinate closely with the buyer’s agent and managing agent to keep the financing timeline on track.

Common delays include missing documents, title or lien issues, and appraisal delays. NYC transactions often involve multiple parties — managing agents, attorneys, brokers, lenders — and proactive communication is key. We stay on top of each moving piece to avoid surprises and keep deals moving toward a timely close.

Yes, but your payment and approval may be affected. A rate lock protects you from this, but if you haven’t locked in, and rates increase significantly, it could impact your loan eligibility or monthly payment. That’s why I walk clients through this decision carefully and review options if rates shift mid-process.

Over the past few years, we’ve helped hundreds of clients make the move from city living to suburban life. Buyers are prioritizing more space, private outdoor areas, better schools, and long-term lifestyle value. The shift to remote or hybrid work has made living outside the five boroughs more practical — especially in areas like Westchester, Long Island, New Jersey, and parts of Connecticut. Many are realizing they can get more home without sacrificing quality of life or access to the city.

Some of the most popular commuter towns include Scarsdale, Larchmont, and Pelham in Westchester; Garden City, Rockville Centre, and Port Washington in Long Island; Montclair, Summit, and Ridgewood in New Jersey; and Stamford or Greenwich in Connecticut. Most offer direct access to Metro-North, LIRR, NJ Transit, or express buses. It’s worth testing your potential commute before deciding — even on weekends or evenings — to get a feel for the timing.

Yes — in some ways. For example, the Mortgage Recording Tax (which applies to condo purchases in NYC) may not apply in Westchester or Long Island co-ops. Attorney and title fees can also vary by county. However, suburban homes typically have higher property taxes, and that can affect your mortgage qualification and monthly payments. I review all local costs with clients and update pre-approvals accordingly.

In most cases, yes — Conventional, Jumbo, and FHA loans are all options outside NYC. However, property types change: suburban homes are often single-family with land, not co-ops or condos. That changes underwriting, insurance, and sometimes the appraisal process. We help clients transition seamlessly between markets and adjust financing as needed.

School districts are a major reason people move out of NYC. Towns like Bronxville, Rye, Millburn, and Darien have top-rated schools, and they influence home values. Whether or not you have children, school quality can affect long-term appreciation and resale value. I help clients consider school performance as part of their broader homeownership strategy.

Many buyers are prioritizing a home office, extra space, and outdoor access. Whether it's a quiet town in Connecticut or a vibrant New Jersey suburb, working from home is easier with the right layout and lifestyle. We’ve helped many remote professionals buy homes that support their long-term flexibility — and make sure the financing accounts for unique income types or career transitions.