To buy a home in New York City without permanent residency, follow these steps: Establish a strong credit score (aim for 620+ for conventional loans) and stable income. Save for a down payment (20% for conventional loans, 3.5% for FHA loans) and closing costs (typically 2-5% of the purchase price). Explore non-permanent residency mortgage options such as FHA loans (available to non-citizens with valid visas), VA loans (for military members or their spouses), or conventional loans with a co-borrower who is a U.S. citizen or permanent resident. Leverage NYC-specific programs like CityFirst or HomeFirst, which offer grants or low-interest loans. Work with a licensed mortgage broker experienced in New York City to navigate complex requirements and secure pre-approval.

The key to qualifying without permanent residency lies in meeting lenders’ credit, income, and documentation standards. FHA loans, for example, require a minimum credit score of 580 and a valid Social Security Number or ITIN, making them accessible to non-citizens. In 2022, 15% of FHA loans in New York City were issued to non-permanent residents, according to the U.S. Department of Housing and Urban Development. Conventional loans typically demand a higher down payment but do not require permanent residency, provided a co-borrower with strong credit supports the application. NYC’s HomeFirst program, administered by the New York City Housing Development Corporation, provided over $200 million in grants to first-time buyers in 2021, including non-permanent residents. Lenders also consider stable employment and tax history, with 70% of non-permanent residents in NYC using co-borrowers to meet debt-to-income ratios, per a 2023 report by the New York State Bar Association. These programs and strategies enable legal residents, including those on visas, to purchase homes despite lacking permanent residency.