Down payment by loan type
The minimum down payment depends on the loan, not the house. These are the published program minimums. Your lender decides what you actually qualify for, and putting down more can lower your payment and your mortgage insurance.
| Loan type | Published minimum down | On a $250,000 home | Worth knowing |
|---|---|---|---|
| Conventional | As low as 3% on certain Fannie Mae programs | $7,500 at 3% | The 3% options have conditions, like a first-time buyer on the loan or income limits. Under 20% down usually means mortgage insurance. |
| FHA | 3.5% with a credit score of 580 or higher | $8,750 | Scores from 500 to 579 need 10% down. FHA charges mortgage insurance premiums. |
| VA | No down payment | $0 | For eligible veterans, service members and some surviving spouses, as long as the price isn’t above the appraised value. A one-time funding fee may apply. |
| USDA guaranteed | No down payment | $0 | Only in USDA-eligible areas and under its income limits. Eligibility goes by address, so check the property on USDA’s eligibility map. |
| SONYMA | As low as 3% | $7,500 | New York’s state program. Generally for first-time buyers (with exceptions for eligible veterans and Target Areas), with income and price limits, a homebuyer education course, and a minimum cash contribution of 1%. |
Not sure which loan fits? That’s a lender conversation, and it’s the first one I send buyers to. See the first-time buyer guide for how we line that up.
Earnest money: not extra, just early
Earnest money is the deposit you put down when your offer is accepted. It shows the seller you’re serious. The amount is something you choose and write into the offer, and it’s held in escrow, usually by a broker or an attorney, until closing.
At closing it’s credited back toward what you owe, so it isn’t an extra cost. It’s part of your cash to close, paid sooner. Have it ready in your account before you start writing offers. Whether you could lose it if the deal falls apart depends on the contract and its contingencies, which is exactly what your attorney reviews.
Closing costs in Monroe County
New York is an attorney state. You’ll have your own real estate attorney, and so will the seller. Around Rochester, the agent often drafts the purchase contract subject to both attorneys’ approval. Here are the buyer-side costs you’ll see most often.
Your attorney
Most residential attorneys quote a flat fee for a purchase. Fees vary by attorney and by how complicated the deal is. Ask for a written quote before you sign anything, and ask what it includes.
Lender fees
Origination charges, credit report, flood certification, appraisal and any points you choose to pay. Every lender must give you a Loan Estimate within three business days of your application. Compare Loan Estimates side by side; the fees differ more than people expect.
Title insurance
If you’re getting a mortgage, your lender will require a lender’s title insurance policy, and the buyer typically pays for it. An owner’s policy, which protects you, is optional. Around Rochester, the seller customarily provides the abstract of title and the survey, but your contract controls who pays for what.
Mortgage recording tax
Usually the largest single closing cost for a financed buyer in Monroe County. It gets its own section below.
Recording fees
The Monroe County Clerk charges to record your deed and your mortgage. These are small next to the mortgage tax, and your attorney itemizes them.
Tax adjustment to the seller
If the seller has already paid taxes for time you’ll own the house, you reimburse them for your share at closing. The property tax and STAR guide explains how that proration works.
Things the seller usually pays, not you
New York’s real estate transfer tax, $2 for every $500 of the price, is paid by the seller. The one big exception on the buyer side is the so-called mansion tax: 1% of the price on residential purchases of $1 million or more, paid by the buyer.
The mortgage recording tax, in plain English
New York taxes a mortgage when it’s recorded. In Monroe County the total rate is $1.00 for every $100 of the loan, made up of three parts: a basic tax of 50 cents, a special additional tax of 25 cents, and an additional tax of 25 cents.
- The lender usually covers one piece. On homes with up to six units, the 25-cent special additional tax is generally paid by the lender, not the borrower. That’s why buyers usually see about 75 cents per $100 on their side.
- One- and two-family homes get a small break. The first $10,000 of the loan is left out when figuring the 25-cent additional tax. That saves $25.
- Some lenders are exempt. Certain nonprofit, tax-exempt lenders don’t pay the special additional tax, and then it can land on the borrower. If you’re using a credit union, ask how they handle it.
Quick math: on a $237,500 loan for a single-family home, the borrower’s share works out to about $1,756. Your Loan Estimate and your attorney’s closing statement show the exact figure.
Prepaids and escrow
These aren’t fees. They’re your own future bills, paid up front.
- Homeowners insurance: lenders typically want the first year’s premium paid at or before closing. Get quotes early, especially on older homes.
- Prepaid interest: interest from your closing day to the end of that month. Closing later in the month means a smaller number here.
- Escrow starting balance: if your lender pays your taxes and insurance from an escrow account, you’ll fund it at closing so it has enough on hand when the next bill comes due. How much depends on your closing date and when the city, town, county and school bills land.
Costs you pay before closing
Some checks go out during the deal, not at the closing table, so they aren’t always in the cash-to-close number.
- Home inspection: price depends on the size, age and type of the house. Add-ons like a sewer scope, radon test or wood-destroying insect inspection cost extra. On older Rochester homes I’d strongly consider the sewer scope. More in the older-home systems guide.
- Appraisal: ordered by your lender, often paid up front or shown on the Loan Estimate.
- Moving: truck, movers, utility deposits and the stuff you didn’t know you needed until move-in day.
- A repair cushion: something always comes up in the first year. Don’t drain your savings to zero to close.
Sample cash-to-close
This is an example, not a quote. Example assumptions: a $250,000 single-family home in Monroe County, a conventional loan with 5% down ($237,500 loan), a lender that pays the special additional mortgage tax, and $2,500 of earnest money already deposited. Anything I can’t responsibly put one number on says what drives it.
| Line item | Example | What drives it |
|---|---|---|
| Down payment | $12,500 | Price and loan program |
| Mortgage recording tax (borrower share) | About $1,756 | Loan amount, number of units, lender type |
| Buyer’s attorney | Varies | The attorney’s flat fee; get a written quote |
| Lender fees and appraisal | Varies | Your Loan Estimate, points you choose to pay |
| Lender’s title insurance | Varies | Loan amount; owner’s policy optional |
| Recording fees | Small | County Clerk fees for the deed and mortgage |
| Homeowners insurance, first year | Varies | The house, its age and systems, your coverage choices |
| Prepaid interest | Varies | Rate and closing date in the month |
| Escrow starting balance | Varies | Closing date versus tax bill dates |
| Tax adjustment to seller | Varies | Taxes the seller prepaid past your closing date |
| Less earnest money | −$2,500 | Already paid, credited back at closing |
| Less credits | Varies | Seller concessions, grants, lender credits |
Not in the table because you pay them along the way: inspection, any add-on tests, moving, and your repair cushion. Your real number shows up first on the Loan Estimate and finally on the Closing Disclosure, which your lender must give you at least three business days before closing. Read them both, line by line.
Down payment and closing cost help
City of Rochester Home Purchase Assistance Program
For income-eligible first-time buyers purchasing a one- to four-family home inside the City of Rochester. As of October 2026 the City lists grants of up to $8,000 toward closing costs. You put in $1,500 of your own money, use a conventional, FHA, VA or SONYMA mortgage, complete homebuyer training, and live in the home for five years. The big one: apply and get your eligibility paperwork before you sign a purchase offer. Closing typically runs about eight weeks after the City receives your accepted offer. More on buying in the city.
SONYMA Down Payment Assistance Loan (DPAL)
Paired with a SONYMA mortgage. A 0% loan with no monthly payments, worth the greater of $3,000 or 3% of the price (up to $15,000), forgiven after 10 years if you stay. It can cover down payment, closing costs or mortgage insurance. Not every SONYMA lender offers it, and loans with a DPAL can carry a slightly higher rate, so compare.
Programs change, so check before you count on them
Amounts, income limits and funding all change, sometimes mid-year. Confirm current terms directly with the City and with a SONYMA-participating lender before you build your budget around them.
Questions buyers ask
Can the seller pay some of my closing costs?
You can ask for a seller concession in your offer. Loan programs set limits on how much a seller can contribute, and in a competitive situation a request like that can make your offer weaker. We decide together, house by house.
Is the mortgage tax rate the same everywhere in New York?
No. Rates vary by county. Monroe County’s total is $1.00 per $100 of the loan. Some neighboring counties add a local tax on top, so don’t reuse a number from another county.
Do I pay the transfer tax as a buyer?
Normally no. New York’s transfer tax is paid by the seller. Buyers pay the 1% mansion tax only on residential purchases of $1 million or more.
When will I know my exact number?
Your lender’s Closing Disclosure, due at least three business days before closing, has your final cash to close. Your attorney will walk you through it.
Should I pay for the inspection even if I’m tight on cash?
I would. It’s a small cost next to a surprise furnace or sewer line. If cash is tight, that’s a reason to slow down and plan, not to skip it.
Sources
- NYS Department of Taxation and Finance, mortgage recording tax: tax.ny.gov, and county rate tables on Form MT-15 (1/25)
- NYS Tax Department memo on the special additional tax (TSB-M-92(4)R): tax.ny.gov
- HUD, FHA loans: hud.gov
- Fannie Mae, 97% loan-to-value options and HomeReady: fanniemae.com
- U.S. Department of Veterans Affairs, VA purchase loans: va.gov
- USDA Rural Development guaranteed loans: rd.usda.gov and the USDA eligibility map
- SONYMA Low Interest Rate Program: hcr.ny.gov; Down Payment Assistance Loan: hcr.ny.gov
- City of Rochester Home Purchase Assistance Program: cityofrochester.gov/homebuyer
- Monroe County Clerk, land records and recording: monroecounty.gov
- Consumer Financial Protection Bureau, Loan Estimate, Closing Disclosure and title insurance: consumerfinance.gov/owning-a-home and lender’s title insurance
This guide is general information, not legal, tax or lending advice. Your lender and your attorney give you the real numbers for your purchase.
Want your own cash-to-close plan?
Tell me your price range and how you’re financing. I’ll connect you with a lender and help you build a real budget before you fall for a house.
Related: How we help buyers · First-time buyers · 90-day buyer timeline · All guides