How much do I need for a down payment on Long Island?

The amount you need for a down payment depends on the loan program. FHA financing can go as low as 3.5% down, and some conventional loan programs allow qualified buyers to put down as little as 3%. There are also grant and assistance programs through New York State, Nassau or Suffolk counties, local municipalities, and participating banks that can reduce the amount a qualified buyer needs to bring out of pocket. Putting down 20% or more on a conventional loan generally allows you to avoid private mortgage insurance (PMI), which protects the lender — not you — and adds an extra monthly cost to your payment.