Plenty of business owners who start out in the city eventually look east for more space. Long Island's two counties, Nassau and Suffolk, are dominated by detached single-family homes, with co-ops and condos concentrated in a handful of village centers and waterfront towns.
Nassau sits closer to the city with older, denser suburbs. Suffolk stretches east to the North and South Forks, with more land, newer construction in places and a seasonal economy at its far end. Each county has its own guide below.
Choose your county
How does Long Island's housing affect financing?
A detached house is the simplest property type for a lender to review, which opens up most conventional and non-QM programs. Ranches, capes, colonials and split-levels make up much of the stock in towns from Levittown to Smithtown.
Where you do find co-ops and condos, for example in Great Neck, Long Beach or near LIRR stations, the same building reviews that apply in the city come back into play.
| Nassau County | Suffolk County | |
|---|---|---|
| Typical housing | Older single-family suburbs; some co-ops and condos in village centers and along the shore | Single-family across a wider area; second homes and seasonal properties on the East End |
| County seat | Mineola | Riverhead |
| 2026 one-unit conforming limit | $1,249,125 | Ask your advisor for the current figure |
| Guide | Nassau County page | Suffolk County page |
Why do property taxes matter more for self-employed borrowers?
Lenders include property taxes in your monthly housing cost when they calculate debt-to-income. On Long Island, taxes can be a large share of that cost, so the income you document has to stretch further.
That's one reason the documentation method matters so much here. A bank statement program that counts more of your deposits, or a conventional file that adds back depreciation, can be the difference in whether the numbers work. Check the current tax bill on any home you consider, and ask whether exemptions on the seller's bill will carry over to you.
Look up the actual tax bill, not the listing estimate. Your qualifying math uses the real figure.
Example: moving a business from Queens to Nassau
A self-employed physical therapist who has run her practice in Queens for six years is buying a house in Nassau. Her returns are solid but reduced by equipment purchases. An advisor might start with a conventional loan that adds back depreciation and compare it with a bank statement option, with the home's property taxes built into both calculations.
Which closing costs apply outside the city?
Long Island buyers don't pay NYC's mortgage recording tax, but New York State's mortgage recording tax still applies, and it will show on your closing cost estimate. New York's 1% mansion tax applies to purchases of $1 million or more anywhere in the state, which affects many homes on the North Shore and in the Hamptons.
Which Long Island businesses fit a bank statement loan or 1099 mortgage?
- Contractors, pool, landscaping and home-improvement companies: bank statements, or conventional with equipment depreciation added back.
- Medical, dental, chiropractic and veterinary practice owners: full documentation often works; a P&L can show a practice that recently grew or added a location.
- Real estate agents, insurance and financial professionals on commission: 1099 programs or bank statements.
- Seasonal businesses on the East End: 24 months of statements average out slow winters.
- Owners with large investment accounts: asset-based programs may qualify you on liquid assets.
How to compare Long Island lenders for a self-employed loan
Reddit threads and review sites are full of Long Island lender stories, but a five-star rating doesn't tell you whether a lender reads 24 months of seasonal deposits or adds back depreciation. Ask each one which documentation methods it offers, how it sets the expense factor for your type of business, and whether it can run your file more than one way.
Then compare Loan Estimates for the same loan amount and confirm licensing on NMLS Consumer Access. A quick estimate from the bank statement income calculator helps you spot a lender that's reading your income very differently.
Self-employed mortgage requirements on Long Island
Decide which county you're targeting and visit that page for local specifics. Whichever side of the county line you land on, a mortgage for self-employed Long Island buyers is usually built from:
- Two years of personal and business returns, or 12 to 24 months of bank statements, 1099s or a signed P&L on a non-QM program.
- A history in business, generally two years, with some room for less under Fannie Mae's 12-month rule or a lender's prior-experience allowance.
- The real property tax bill on the house, since it feeds your debt-to-income math.
- Cash for the down payment, state recording tax, any mansion tax and reserves. Credit, down payment and reserve requirements vary by program.
Already own here? The same documentation paths can apply if you want to refinance and pull equity out to grow the business.
Common questions
Is there mortgage recording tax on Long Island?
Yes. NYC's recording tax doesn't apply, but New York State's mortgage recording tax does. The amount will appear on your loan estimate and closing disclosure.
What's the conforming loan limit on Long Island?
For 2026 the one-unit limit in Nassau County is $1,249,125. Suffolk has its own figure, so ask your advisor for the current number.
Do high property taxes make it harder to qualify?
They can. Lenders count property taxes in your monthly housing payment, so higher taxes require more documented income. The way you document income can make a real difference.
Can I use bank statements to buy a house on Long Island?
You may. Bank statement programs are widely used for single-family homes, which is most of Long Island's housing. Pricing and down payment requirements are usually higher than conventional loans.
Does the mansion tax apply on Long Island?
Yes. New York's 1% mansion tax applies to residential purchases of $1 million or more statewide. NYC's supplemental tax does not apply outside the city.
Can a 1099 employee get a mortgage on Long Island?
Yes, independent contractors may qualify. If your returns show enough net income, a conventional loan may work. If deductions shrink it, a 1099 program may use gross 1099 earnings, commonly from one to two years, less a set expense factor. Either way, Long Island property taxes count in the qualifying payment, so check the real bill.
How do I qualify for first-time homebuyer help in New York?
Statewide, SONYMA offers mortgages for eligible buyers and a Down Payment Assistance Loan that can only be used with a SONYMA mortgage, with its own eligibility rules. Programs go through participating lenders, so ask whether your self-employed income documentation fits before counting on the help. NYC's HomeFirst program covers only the five boroughs, not Nassau or Suffolk.
What disqualifies you from a mortgage?
Most denials trace to documented income that can't support the payment plus taxes and other debts, credit problems, too little cash for closing and reserves, or a property issue. On Long Island the tax bill is often what tips the math, which is why the way you document income matters so much.