Buying your first home on Long Island? This guide breaks down the steps to securing a mortgage—from pre-approval through closing—so you know exactly what to expect.
Why Long Island stays competitive: Its proximity to New York City, highly rated schools, and a desirable suburban–coastal lifestyle keep demand strong across Nassau and Suffolk counties.
What that means for first-time buyers: Limited inventory often triggers multiple-offer situations and upward pressure on prices. As a Long Island first-time home buyer, being well-prepared and moving quickly can make all the difference.
With a median sales price of $728K, it is no surprise that Long Island can be a tough market to compete in if you don’t have the right know-how.
Back-of-napkin “overall” benchmark: Taking a simple midpoint of Nassau and Suffolk medians gives ≈ $781,000 for July 2025. (Note: a true weighted figure would require sales counts per county.) marketstats.onekeymls.com
Context (geographically on Long Island but usually treated as NYC borough markets):
What Are The Unique Characteristics of The Long Island Real Estate Market?
Before we jump into the tips, let’s take a quick look at the unique characteristics of the Long Island real estate market:
High Demand – As we mentioned earlier, Long Island is a highly desirable area thanks to its proximity to NYC, attractive suburban lifestyle, prestigious high schools, as well as its coastal appeal.
Low Inventory – However, inventory is typically limited, especially in areas such as Nassau County and parts of Suffolk Country. This means that Long Island first time home buyers often have to act quickly to secure a home.
Diverse Property Types – You can find a wide range of housing types in this area, from more affordable starter homes to luxury waterfront properties, which allows you to find the property that fits your needs the best.
High Property Taxes – Long Island is known for its high property taxes, which can impact affordability. So, it’s very important that you factor this into your budget, especially if you are comparing homes in different neighborhoods.
Price Trends – As a Long Island first time home buyer, you will also have to keep up with the increasing prices, which has been a strong trend in the past few years.
Close to NYC – Because the area is relatively close to New York City, it is a popular option for commuters, especially with the Long Island Rail Road (LIRR) as a key selling point. However, this adds to the increasing demand.
All of these characteristics are key in understanding the market as a Long Island first time home buyer, so you can learn how to navigate it to your advantage. And now, let’s get to some of our top tips:
First Time Home Buyers: 5 Tips For Securing a Home Loan
1. Get a Mortgage Pre-Approval To Prepare For Bidding
Considering the competitiveness of the Long Island market, which can often lead to bidding wars, we highly recommend getting a mortgage pre-approval before you begin your home research.
A pre-approval not only gives you a clear understanding of your budget but also signals to sellers that you’re a serious and qualified buyer. This can strengthen your position in a competitive bidding situation, making your offer more appealing compared to others who may not have secured financing yet.
To get a mortgage pre-approval as a Long Island first time home buyer:
Ensure that you have a good credit score, ideally +680
Check your credit report for any errors or inaccuracies
Collect your financial documents, such as bank statements and proof of income
Find an experienced and reputable Long Island lender, such as Jet Direct Mortgage
Submit a pre-approval application, providing your financial information
Receive your pre-approval letter
Once you’ve gotten your letter, it’s time to begin house hunting! This step will give you the confidence to look for your dream home knowing your budget and that you are a qualified buyer.
2. Understand The Variety of Mortgage Types
As a Long Island first time home buyer, a part of the homebuying journey is to understand the different mortgage types that you have at your disposal. Some of the most common options include:
Conventional Home Loans – You can get a conventional home loan, which is a mortgage that is not backed up by a government entity. You will have flexibility when it comes to loan amounts, and you will have to show a credit score of +680.
FHA Home Loans – Another option you have as a Long Island first time home buyer are FHA home loans, which are insured by the Federal Housing Administration. You can get approved with a moderate credit score between 500 and 580.
Jumbo Loans – Considering the high median prices in Long Island, you might have to take a jumbo loan. Jumbo loans exceed the conforming loan limits set by government-sponsored enterprises, and require a credit score of +700.
VA Loans– If you are a qualified veteran or active duty in any branch of the military (or a qualifying spouse), you might be eligible for a VA loan, which is backed up by the Department of Veteran Affairs. A credit score of at least 620 is recommended.
3. Prepare Your Credit Score For Your Preferred Loan Type
We highly recommend ensuring that your credit score is close to the credit score required by lenders for your loan of choice. It’s important to carefully choose the type of mortgage that suits your needs best as a Long Island first time home buyer.
If you are having troubles figuring out which loan works for you, Jet Direct Mortgage is here to help. We will provide personalized guidance from start to finish to guarantee a hassle-free home buying journey.
If your credit score is not close to the above-mentioned ones, make sure you work your way up before applying. You can increase your score by:
Paying bills on time
Reducing credit card balances
Avoiding new credit inquiries
Disputing credit report errors: Regularly check your credit report for any inaccuracies and dispute them if necessary.
Maintaining older credit accounts
Consolidating debt
By preparing properly before you begin the application process, you will have better chances of getting approved for a Long Island loan, and get more favorable terms and rates.
4. Factor in Property Taxes, Cost of Living, and Closing Costs
If you are a Long Island first time home buyer, another key tip we have for you is to factor in property taxes and cost of living when preparing for the application process.
Long Island has some of the highest property taxes in the nation, which is why you need to consider that into your budget to avoid unpleasant surprises.
Depending on the county and specific town, property taxes can vary widely, so it’s essential to research the tax rates in different areas, as this could significantly affect your monthly mortgage payments. You can use a tax calculator to get a more precise idea.
Additionally, factor in the cost of living, which includes utilities, groceries, transportation, and maintenance expenses. Long Island’s cost of living is higher than the national average, so creating a detailed budget will help you understand what you can afford and avoid being stretched too thin.
Understanding these costs upfront ensures you’ll be financially prepared for the true costs of homeownership.
Last but not least, make sure to budget for closing costs. As a Long Island first time home buyer, you can typically expect to pay anywhere from 2% to 5% of the home’s purchase price, so make sure to take this into account.
5. Be Ready For a Competitive Market
Probably the biggest tip we can give you if you are a Long Island first time home buyer is to get ready for a competitive market. Patience is a virtue; be patient, calculating, and flexible with your expectations.
In addition, be prepared to move quickly once you find your dream home. Properties in this area often receive multiple offers, and waiting too long could mean losing out. Have your finances in order, and don’t forget to get a pre-approval letter so you can act fast.
Flexibility is also key in this market – whether it’s adjusting your expectations on location, property size, or home features. Be ready to compromise on certain aspects to secure a home that fits most of your needs.
About Jet Direct Mortgage
If you are looking for the best loans as a Long Island first time home buyer, Jet Direct Mortgage can help you find the perfect loan fit for your needs and goals.
Our mission is to set a high standard in the mortgage industry through unmatched customer service, from the application process to the post-closing stage.
Our team of experienced professionals will guide you through the home loan process step by step, so you feel confident in your knowledge and make a well-informed decision on the best mortgage for you.
HOA/condo fees (if applicable): include special assessments risk.
Maintenance & repairs: budget ~1% of home value per year as a baseline.
Emergency fund: 3–6 months of total expenses.
Closing costs: typically ~2–5% of purchase price (origination, title, taxes, escrows).
Smart prep checklist
Get pre-approved and know your max monthly comfort number.
Use a home affordability worksheet that includes taxes, insurance, and commuting.
Compare neighborhoods’ tax rates and potential flood zones before you bid.
If stretching, consider a temporary buydown (e.g., 2-1 buydown) or a longer ARM intro period (7/6 or 10/6) paired with a refinance plan.
Keep a post-closing reserve for appliances, yard work, and first-year surprises.
If you’re a first-time home buyer on Long Island, Jet Direct Mortgage can help you compare loan options and guide you from pre-approval to closing. For personalized advice, current rates, and answers to your questions, contact our team today to discuss your goals.
What qualifies someone as a first-time home buyer in New York?
A first-time home buyer in New York is typically someone who has not owned a primary residence in the past three years. This definition allows many returning buyers to qualify.
Is buying on Long Island different from other parts of New York?
Yes. Long Island has higher property taxes, strong competition, and town-specific regulations that make local knowledge especially important for first-time buyers.
How long does the home buying process usually take?
Most Long Island transactions close within 30 to 60 days after contract signing, though timelines vary depending on inspections, legal review, and lender requirements.
Do first-time buyers need an attorney in New York?
Yes. New York is an attorney-review state, meaning legal representation is a standard and important part of the transaction.
What should buyers plan for after closing?
After closing, buyers are responsible for ongoing home maintenance, property taxes, insurance, and utilities. Planning ahead supports long-term financial stability.
Why Long Island First-Time Buyers Choose Jet Direct Mortgage
Navigating Long Island’s housing market requires experience, transparency, and a deep understanding of New York lending requirements. Jet Direct Mortgage works with first-time buyers to provide clear guidance, personalized loan strategies, and dependable support throughout the process.
With local knowledge and a commitment to clarity, buyers receive assistance designed to help them move forward confidently.
Key Takeaways for Long Island First-Time Home Buyers
Buying your first home on Long Island is a significant milestone that requires thoughtful preparation, local insight, and a clear understanding of the process. The Long Island housing market moves quickly, and first-time buyers who take the time to understand how local factors—such as property taxes, municipal regulations, and neighborhood differences—impact ownership are better positioned to make confident, informed decisions. Preparation goes beyond finding the right home; it includes understanding legal requirements, financial responsibilities, and long-term homeownership expectations.
First-time buyers who approach the process with realistic expectations and professional guidance are more likely to experience a smoother transaction and fewer surprises along the way. Working with experts who understand New York–specific requirements can help reduce stress, improve efficiency, and support better outcomes from start to finish.
Key points for Long Island first-time home buyers to keep in mind include:
Long Island’s housing market is highly localized, with meaningful differences between towns, school districts, and municipalities
Financial readiness includes planning for ongoing ownership costs, not just the purchase itself
Understanding the step-by-step buying process helps buyers act quickly and confidently in competitive situations
Legal review is a standard and essential part of buying a home in New York
Local professional expertise can help prevent delays, missteps, and unexpected costs
With the right preparation and support, first-time buyers can navigate Long Island’s market with clarity and confidence, setting the foundation for long-term homeownership success.
Take the Next Step Toward Homeownership
Buying your first home on Long Island is a major achievement—and having the right mortgage partner makes the journey smoother and more predictable.
Contact Jet Direct Mortgage Website: https://jetdirectmortgage.com Phone: +1.800.700.4JET Email: express@jetdirectmortgage.com Address: 4875 Sunrise Hwy, Suite 300, Bohemia, New York 11716
Experienced Chief Operating Officer with a 26 + year demonstrated history of working in the banking industry. Skilled in all aspects of the residential mortgage market . Strong business development professional with a Bachelor of Science (BS) focused in Business Administration and Management, from St. Joseph College. A direct endorsement underwriter and a licensed Mortgage Loan Originator.
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