First-Time Home Buyer Guide for Long Island
By Jack Cutrone, Licensed Real Estate Salesperson | MRP | PSA
Patriot Real Properties | JackCutrone.com
Buying your first home on Long Island can feel overwhelming. Between high property taxes, closing costs, inspections, attorneys, mortgage options and competitive home prices, there is a lot to understand before you make an offer.
This guide is designed to help first-time homebuyers across Suffolk and Nassau Counties understand the process, prepare financially and avoid common mistakes. For an overview of how I work with buyers, see buying a home on Long Island.
Whether you are just starting to save or already looking at homes, having a clear plan can make the process much easier.
Quick Answer: What Should a First-Time Homebuyer on Long Island Do First?
The first step should usually be getting financially prepared and speaking with a qualified mortgage professional about your purchasing power.
Before shopping for a home, you should have a clear understanding of:
how much you can comfortably afford
the approximate cash needed to close
your mortgage options
property taxes
homeowners insurance
closing costs
potential down payment assistance
monthly payment including taxes and insurance
A pre-approval can help you understand your price range and show sellers that you are a serious buyer.
Step 1: Understand Your Total Monthly Payment
One of the biggest mistakes first-time buyers make is focusing only on the home price.
On Long Island, your monthly housing cost may include:
- principal and interest
- property taxes
- homeowners insurance
- private mortgage insurance, if applicable
- HOA or condominium fees
- flood insurance in certain areas
- utilities and maintenance
Two homes with the same purchase price can have very different monthly costs because of differences in property taxes and insurance.
That is why buyers should compare the total monthly payment, not just the asking price.
Step 2: Get Pre-Approved Before Shopping
A mortgage pre-approval helps determine how much a lender may be willing to lend based on your income, credit, assets and debts.
A pre-approval can also help you:
- establish a realistic purchase range
- understand estimated monthly payments
- compare loan programs
- identify potential credit or documentation issues early
- make a stronger offer when you find the right home
A pre-approval is not the same as final loan approval. Final approval is generally subject to underwriting, appraisal and other conditions.
Step 3: Learn About Mortgage Options
First-time buyers may have several financing options depending on their circumstances.
Conventional Loans
Conventional mortgages are widely used and may be available with relatively low down payments for qualified borrowers.
FHA Loans
FHA loans may offer lower down-payment requirements and more flexible credit guidelines than some conventional products.
VA Loans
Eligible veterans, active-duty military members and certain surviving spouses may qualify for VA financing, which may offer significant benefits.
As a Military Relocation Professional (MRP), I have specialized training related to the housing needs of military members and veterans. Learn more about military relocation on Long Island, or read what veterans should know before buying on Long Island.
SONYMA Programs
The State of New York Mortgage Agency (SONYMA) offers mortgage programs for eligible New York homebuyers, including lower down-payment options and potential down-payment assistance.
Buyers should review current SONYMA eligibility requirements, income limits, purchase-price limits, participating lenders and program availability directly through New York State.
Step 4: Research Down Payment Assistance Programs
There may be state, county or lender-based programs available to eligible first-time homebuyers.
Availability, income limits, funding and application rules can change, so buyers should always verify current information directly with the program administrator.
Last reviewed: September 2026
Nassau County First-Time Homebuyer Assistance
Nassau County provides information regarding first-time homebuyer and down-payment assistance opportunities through its housing and community development programs.
Program availability, funding and eligibility requirements can change.
Official source: Nassau County First-Time Home Buyers page
Suffolk County Homebuyer Assistance
Suffolk County periodically offers housing and down-payment assistance through its Community Development programs.
Availability may depend on funding cycles and eligibility requirements.
Official source: Suffolk County Community Development
Homebuyer Dream Program
The Federal Home Loan Bank of New York operates the Homebuyer Dream Program, which may provide eligible first-time buyers with assistance for down payment and closing costs through participating financial institutions.
Homebuyers generally apply through an approved participating lender rather than directly through the Federal Home Loan Bank.
Official source: Federal Home Loan Bank of New York Homebuyer Dream Program
Important Disclaimer About Assistance Programs
Patriot Real Properties and Jack Cutrone do not administer, approve, process, submit or determine eligibility for any government, nonprofit, lender or down-payment assistance program listed on this page.
These links are provided for general educational and informational purposes only.
Any buyer interested in a program should independently review the current eligibility requirements, terms, funding status and application process and contact the appropriate program administrator, lender, housing agency or approved provider directly.
Participation in or eligibility for any assistance program is determined solely by the program provider.
Programs, funding, income limits, eligibility requirements and availability may change at any time.
Step 5: Understand Long Island Closing Costs
First-time buyers should plan for more than just the down payment.
Closing costs may include:
- lender fees
- appraisal
- attorney fees
- title insurance
- inspection fees
- prepaid property taxes
- homeowners insurance
- mortgage recording tax, when applicable
- escrow funding
- survey costs
- other transaction-related expenses
The exact amount varies by property, loan and transaction.
Before making an offer, ask your lender and attorney for estimates so you understand how much cash may be required at closing.
How Much Are Closing Costs for a First-Time Buyer on Long Island?
Closing costs vary based on the purchase price, mortgage, property taxes and transaction. First-time buyers should budget for expenses beyond the down payment, including lender fees, attorney fees, appraisal, title insurance, homeowners insurance, prepaid taxes and escrow costs. Ask your lender and attorney for transaction-specific estimates before making an offer.
Step 6: Choose the Right Long Island Community
Long Island is not one single housing market.
Suffolk and Nassau Counties contain dozens of communities with different:
- home prices
- property taxes
- school districts
- commuting options
- lot sizes
- housing styles
- downtown areas
- proximity to beaches and parks
A first-time buyer should think about more than the house itself.
Consider:
- commute
- monthly taxes
- transportation
- lifestyle
- school district, if relevant
- future resale potential
- flood zones
- local amenities
- maintenance requirements
Learn more about Suffolk County real estate and Nassau County real estate.
Have questions about buying your first home on Long Island? I can help explain the real estate side of the process.
Step 7: Start Touring Homes
Once you are pre-approved and understand your budget, you can begin looking at homes.
When touring properties, first-time buyers should pay attention to major systems and long-term expenses, including:
- roof
- heating system
- central air
- electrical panel
- plumbing
- windows
- foundation
- basement moisture
- septic or sewer system
- permits and certificates of occupancy
An attractive kitchen is nice, but expensive structural or mechanical problems can have a much greater financial impact.
Step 8: Make an Offer
When you find the right home, your real estate agent can help you evaluate:
- recent comparable sales
- current competition
- property condition
- asking price
- market activity
- potential negotiation strategy
As a Pricing Strategy Advisor (PSA), I have additional training in comparative market analysis and property pricing, which can be helpful when evaluating a home's market position.
Price is important, but other offer terms can matter too.
Step 9: Inspection and Attorney Review
New York real estate transactions typically involve attorneys.
After an accepted offer, buyers usually move quickly toward inspection and contract review.
A professional home inspection may identify issues involving:
- structure
- roofing
- plumbing
- electrical
- heating and cooling
- moisture
- safety concerns
Your attorney will review the contract and help protect your legal interests.
Step 10: Mortgage, Appraisal and Underwriting
After going into contract, your lender will continue processing the mortgage.
This may include:
- income verification
- asset verification
- credit review
- appraisal
- title review
- underwriting
- insurance documentation
Buyers should avoid making major financial changes during this period unless they have first spoken with their lender.
That can include:
- opening new credit cards
- financing a vehicle
- changing jobs
- moving large sums of money without documentation
- taking on new debt
Step 11: Final Walkthrough and Closing
Before closing, buyers typically complete a final walkthrough to confirm that the home is in the expected condition.
At closing, documents are signed, funds are transferred and ownership officially changes.
Once the transaction is completed, you receive the keys to your new home.
Frequently Asked Questions
How much money does a first-time buyer need on Long Island?
There is no single amount.
It depends on the purchase price, mortgage program, taxes, closing costs and whether the buyer qualifies for assistance.
Some mortgage programs allow relatively low down payments, but buyers should also budget for inspections, attorneys, insurance and other closing expenses.
Do first-time homebuyers need 20% down?
No.
Many buyers purchase homes with less than 20% down, depending on the mortgage program and their financial qualifications.
Are there first-time homebuyer grants on Long Island?
There may be state, county and lender-based programs available at different times.
Programs may include SONYMA, Nassau County assistance, Suffolk County assistance and the Federal Home Loan Bank of New York's Homebuyer Dream Program.
Eligibility and funding can change, so buyers should verify current requirements directly with each program.
Is SONYMA only for first-time buyers?
Many SONYMA programs are designed for first-time buyers, although some exceptions or special programs may apply depending on the borrower and property.
Buyers should review current SONYMA requirements directly with New York State Housing and Community Renewal.
Should I talk to a real estate agent before getting pre-approved?
You can speak with an agent at any point, but having a pre-approval before seriously shopping makes the process much easier.
It helps establish your budget and prepares you to make an offer when the right home becomes available.
How long does it take to buy a home on Long Island?
The timeline can vary depending on the property, financing, attorney review, appraisal, title work and mortgage underwriting. In New York, buyers should also allow time for attorneys to review and negotiate the contract after an accepted offer. Your lender, attorney and real estate agent can give you a more specific estimate based on your transaction.
How much are closing costs for a first-time homebuyer on Long Island?
There is no single closing-cost amount that applies to every buyer. Costs may include lender fees, attorney fees, appraisal, title insurance, prepaid taxes, homeowners insurance, escrow funding and other transaction expenses. Buyers should request detailed estimates from their lender and attorney before making a purchase decision.
Buying Your First Home on Long Island
Buying your first home is a major financial decision, but you do not have to figure out the real estate side of the process alone.
I work with first-time buyers throughout Suffolk and Nassau Counties, helping them understand local markets, evaluate homes, structure offers and navigate the transaction from the initial search through closing. Learn more about Jack Cutrone.
Jack Cutrone
Licensed Real Estate Salesperson
Patriot Real Properties
Military Relocation Professional (MRP)
Pricing Strategy Advisor (PSA)
Serving Suffolk & Nassau Counties, Long Island, NY
Phone: 631-926-9592
Email: Jack@PatriotRealProperties.com
Website: JackCutrone.com