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Second Home Mortgages in New York

What New York investors should know, with county data and city pages.

Buyers looking for a vacation or part-time home in New York use second home mortgages for beach places, mountain cabins, lake houses and homes near family. The loan is a consumer mortgage, so the lender must make a good-faith determination that you can repay it, and the occupancy you state has to match your real plans. Local data on seasonal housing and rental rules appears on this page to help frame your questions.

Questions about second home mortgages in New York?

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New York short-term rental tax registration: Sales tax on short-term rental unit occupancy. Operators of short-term rental units in New York must register as sales tax vendors and collect state and local sales tax and the unit fee, unless every rental is handled by a registered booking service that collects for them. Lenders may ask for proof of registration with booking statements.

Where the numbers point in New York

Counties with the most second-home loans (2024):

CountySecond-home loans (2024)
Suffolk County956
New York County568
Sullivan County221
Ulster County153
Kings County148
Warren County141
Jefferson County122
Monroe County115
Queens County109
Saratoga County106
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Second Home Mortgages by city in New York

Common questions

How does a lender decide whether a home is a second home?

Lenders generally look for a one-unit property you occupy for part of the time, that is not rented full time, that is not a timeshare, and that you control rather than a management company. Many also consider whether it sits in a vacation-type area or at a reasonable distance from your main home. Each lender applies its own standards, so describe your plans honestly and ask how they will classify the property.

Does the home need to be far from where I live?

Many programs want a second home to be in a resort or vacation-type area or a reasonable distance from your main residence, though they do not all define it the same way. A home very close to your primary residence may raise questions about how it will be used. Ask the loan officer how their program views the location before you go under contract.

Can rental income help me qualify for a second home?

Usually not. Many second home programs do not count expected rental income from the property when deciding whether you qualify, because the home is meant for your own use. The lender will look at your own income against all your debts, including both homes. If you need rental income to qualify, the property may belong in the investment category instead.

Other investor loans in New York

DSCR loansDSCR requirementsDSCR down paymentAirbnb / STR loansHard money lendersHard money for a primary homeFix and flip loansInvestor bridge loansPortfolio lendersBlanket mortgagesInvestment property loansHELOC on a rentalInvestor cash-out refiInterest-only investor loansPrivate money lenders

Related guides

Second Home Mortgages overview · New York investor loan overview

  • 2024 HMDA data
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