Homeowners in New York sometimes search for hard money when a bank says no or a deadline is approaching. A short-term loan secured by the home you live in can put that home at risk, and it is treated as a consumer loan with ability-to-repay protections. Use this page to understand those protections, the warning signs that call for caution, and alternatives such as non-QM, renovation and bridge options from licensed lenders.
Call to talk with a licensed loan officer. Programs vary by borrower, property and investor.
New York contractor licensing: No state license; local home improvement licensing. The Department of State says New York State does not license home improvement contractors, but some localities do, including New York City, Suffolk, Nassau, Westchester, Putnam and Rockland counties and the City of Buffalo. Lenders funding renovation work often ask for the contractor's license and bid.
Where the numbers point in New York
Counties with the most owner-occupied homes built before 1960:
| County | Owner-occupied homes built before 1960 |
|---|---|
| Queens County | 71.2% |
| Nassau County | 70.3% |
| Kings County | 69.8% |
| Schenectady County | 60.9% |
| Montgomery County | 60.8% |
| Bronx County | 60.5% |
| Chautauqua County | 59.5% |
| Chemung County | 57.7% |
| Westchester County | 56.8% |
| Herkimer County | 55.7% |
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Prefer to talk first? Call (888) 865-8230. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.
Hard Money Loans for a Primary Residence by city in New York
- Airmont
- Albany
- Albertson
- Albion
- Amityville
- Amsterdam
- Auburn
- Baldwin
- Baldwin Harbor
- Baldwinsville
- Ballston Spa
- Batavia
- Bay Shore
- Bayport
- Bayville
- Baywood
- Beacon
- Bellmore
- Bethpage
- Binghamton
- Binghamton University
- Blauvelt
- Bohemia
- Brentwood
- Briarcliff Manor
- Brockport
- Bronx
- Bronxville
- Brooklyn
- Buffalo
- Calverton
- Carle Place
- Carmel Hamlet
- Cedarhurst
- Center Moriches
- Centereach
- Centerport
- Central Islip
- Chester
- Chestnut Ridge
- Clifton Springs
- Cohoes
- Commack
- Congers
- Copiague
- Coram
- Corning
- Cortland
- Croton-on-Hudson
- Deer Park
- Depew
- Dix Hills
- Dobbs Ferry
- Dunkirk
- East Aurora
- East Farmingdale
- East Glenville
- East Hills
- East Islip
- East Massapequa
- East Meadow
- East Moriches
- East Northport
- East Patchogue
- East Quogue
- East Rochester
- East Rockaway
- East Shoreham
- Eggertsville
- Ellenville
- Elmira
- Elmont
- Elmsford
- Elwood
- Endicott
- Endwell
- Fairmount
- Fairport
- Fairview
- Farmingdale
- Farmingville
- Flanders
- Floral Park
- Fort Drum
- Fort Plain
- Fort Salonga
- Franklin Square
- Fredonia
- Freeport
- Fulton
- Garden City
- Garden City Park
- Geneva
- Glen Cove
- Glen Head
- Glens Falls
- Glens Falls North
- Gloversville
- Gowanda
- Great Neck
- Great Neck Plaza
- Greenlawn
- Greenville
- Hampton Bays
- Harris Hill
- Harrison
- Hastings-on-Hudson
- Hauppauge
- Hewlett
- Hicksville
- Highland
- Hillcrest
- Hilton
- Holbrook
- Holtsville
- Honeoye Falls
- Hornell
- Hudson
- Hudson Falls
- Huntington Station
- Ilion
- Inwood
- Irvington
- Islip Terrace
- Ithaca
- Jamestown
- Jefferson Valley-Yorktown
- Jericho
- Johnson City
- Johnstown
- Kaser
- Kenmore
- Kings Park
- Kings Point
- Kingston
- Kiryas Joel
- Lackawanna
- Lake Carmel
- Lake Grove
- Lake Mohegan
- Lake Ronkonkoma
- Lakeview
- Larchmont
- Lawrence
- Levittown
- Lindenhurst
- Lockport
- Long Beach
- Lynbrook
- Mahopac
- Malverne
- Manhasset
- Manhattan
- Manorhaven
- Manorville
- Massapequa
- Massapequa Park
- Mastic
- Mastic Beach
- Mattydale
- Mechanicstown
- Mechanicville
- Medford
- Medina
- Melville
- Merrick
- Middle Island
- Middletown
- Miller Place
- Mineola
- Monsey
- Monticello
- Mount Ivy
- Mount Kisco
- Mount Sinai
- Mount Vernon
- Myers Corner
- Nanuet
- Nesconset
- New Cassel
- New City
- New Hempstead
- New Hyde Park
- New Rochelle
- New Square
- New York
- Newark
- Niagara Falls
- North Amityville
- North Babylon
- North Bay Shore
- North Bellmore
- North Bellport
- North Gates
- North Hills
- North Lindenhurst
- North Massapequa
- North Merrick
- North New Hyde Park
- North Patchogue
- North Syracuse
- North Tonawanda
- North Valley Stream
- North Wantagh
- Northport
- Norwich
- Nyack
- Oakdale
- Oceanside
- Ogdensburg
- Old Bethpage
- Olean
- Oneida
- Oneonta
- Orange Lake
- Oswego
- Patchogue
- Pearl River
- Peekskill
- Pelham Manor
- Penn Yan
- Plainedge
- Plainview
- Plattsburgh
- Pleasantville
- Port Chester
- Port Jefferson
- Port Jefferson Station
- Port Jervis
- Port Washington
- Poughkeepsie
- Queens
- Ravena
- Rensselaer
- Ridge
- Rochester
- Rockville Centre
- Rocky Point
- Rome
- Ronkonkoma
- Roosevelt
- Roslyn Heights
- Rye Brook
- Salamanca
- Salisbury
- Saranac Lake
- Saratoga Springs
- Sayville
- Scarsdale
- Schenectady
- Scotchtown
- Scotia
- Sea Cliff
- Seaford
- Selden
- Shirley
- Sleepy Hollow
- Solvay
- Sound Beach
- South Farmingdale
- South Hill
- South Huntington
- South Lockport
- South Valley Stream
- Spring Valley
- Springs
- St. James
- Staten Island
- Stony Brook
- Stony Brook University
- Suffern
- Syosset
- Syracuse
- Tappan
- Tarrytown
- Terryville
- Tonawanda
- Troy
- Tuckahoe
- Uniondale
- University at Buffalo
- Utica
- Valatie
- Valley Cottage
- Valley Stream
- Viola
- Wading River
- Walden
- Wantagh
- Wappingers Falls
- Washingtonville
- Watertown
- Watervliet
- Wesley Hills
- West Babylon
- West Glens Falls
- West Haverstraw
- West Hempstead
- West Hills
- West Islip
- West Point
- West Sayville
- Westbury
- Westmere
- Westvale
- White Plains
- Williamsville
- Williston Park
- Woodbury
- Woodbury
- Woodmere
- Wyandanch
- Yaphank
- Yonkers
Common questions
Can I say the home is a rental to get a hard money loan?
No. Misrepresenting occupancy on a loan application is mortgage fraud with serious legal consequences. If you will live in the home, the loan must be made as an owner-occupied consumer loan. A lender or broker who suggests otherwise is putting you at legal and financial risk. Look for a licensed lender who will make the loan honestly or point you to another option.
What should I read before signing a hard money loan on my home?
Read every disclosure and the note itself. Look for the full cost, including rate, points and fees, whether the loan ends with a balloon payment, the extension and default terms, and any prepayment charge. Ask for anything unclear in writing. Consider having an attorney or a HUD-approved housing counselor review the documents before you sign.
Can I get a hard money loan on my primary residence in New York?
It is possible but uncommon. Most hard money lenders only make business-purpose loans on investment property. A lender that does lend on a home you live in is making a consumer loan and must decide, reasonably and in good faith, that you can repay. Ask a licensed loan officer about safer alternatives first, and treat any offer that skips a review of your finances with caution.
Other investor loans in New York
DSCR loansDSCR requirementsDSCR down paymentAirbnb / STR loansHard money lendersFix and flip loansInvestor bridge loansPortfolio lendersBlanket mortgagesInvestment property loansHELOC on a rentalInvestor cash-out refiSecond home loansInterest-only investor loansPrivate money lenders
Related guides
- Hard Money vs DSCR Loan: Which Fits Your Investment Property?
- DSCR Loan vs Conventional Investment Property Loan
- What Is a DSCR Loan? Meaning, the Ratio, and How It Works
Hard Money Loans for a Primary Residence overview · New York investor loan overview
- Census ACS 2020-2024, table B25036