Nassau is Long Island's older, more built-out county, with Mineola as its county seat. Postwar single-family neighborhoods fill Levittown, Hicksville and Massapequa, larger homes sit on the North Shore around Manhasset, Roslyn and Port Washington, and Garden City and Rockville Centre mix established houses with village-center apartments. Great Neck has a sizable co-op and condo market, and Long Beach has condos along its oceanfront.
Home prices across much of the county mean many purchases approach or pass the conforming limit, which is where documentation choices start to matter most.
What happens when your loan nears the conforming limit?
Up to $1,249,125 for a one-unit home in 2026, a conforming loan follows Fannie Mae or Freddie Mac rules, generally two years of tax returns with possible add-backs like depreciation. Fannie Mae can accept one year of returns when the business has existed five years and you've owned 25% or more of it for that whole time.
Above the limit, you're in jumbo territory. Jumbo lenders often ask for more reserves, and non-QM jumbo programs may accept bank statements or a P&L instead of returns. Pricing and down payment requirements typically rise with the alternative documentation.
If you're close to the limit, it's worth seeing whether a slightly larger down payment would keep you conforming.
How do Great Neck and Long Beach apartments differ from houses?
Co-ops in Great Neck and other village centers come with a board review and a shorter list of willing lenders, since many non-QM lenders don't finance co-ops. Condos in Long Beach and newer developments near LIRR stations are reviewed building by building; a non-warrantable project typically needs portfolio or non-QM financing.
Single-family homes avoid both reviews, which is why most self-employed Nassau buyers find the widest choice of programs on houses.
Example: a Nassau dental practice owner
A dentist who has owned her Garden City practice for eight years is buying a home in Rockville Centre. Because the practice is well established, an advisor might look at whether Fannie Mae's one-year return option applies, then compare that against a jumbo file if the purchase pushes the loan above the conforming limit.
What costs should Nassau buyers plan for?
These are cash items, so plan them alongside your down payment.
- Mansion tax: New York's 1% tax on purchases of $1 million or more applies to a large share of North Shore homes.
- Mortgage recording tax: NYC's version doesn't apply, but New York State's does and will appear on your closing estimate.
- Property taxes: lenders include them in your monthly cost, so check the current bill and any exemptions that won't transfer to you.
- Reserves: jumbo and non-QM programs often want several months of payments set aside after closing.
From practices to contractors: bank statement loans and 1099 mortgages in Nassau County
Established Nassau businesses with five or more years of history may benefit from Fannie Mae's one-year return option.
- Physicians, dentists, orthodontists and other practice owners: strong returns may support a conventional or jumbo loan; a P&L can help when a practice recently expanded.
- Attorneys, CPAs and financial advisors with their own firms: returns or a P&L, with K-1 income reviewed.
- Builders, remodelers and landscape contractors: bank statements, or conventional with depreciation added back.
- Real estate agents and insurance producers: commission 1099s or bank statements.
- Retail, restaurant and franchise owners: business bank statement programs with an expense factor based on the business type.
- Long-time owners with significant savings: asset-based programs may be worth a look.
Mortgage broker in Nassau County or a direct lender?
A mortgage broker in Nassau County compares several wholesale lenders on your behalf; a direct lender or bank offers its own programs. If your returns qualify for a conventional loan, a direct lender may be all you need. If you need bank statements, a P&L or a non-QM jumbo, a broker's wider shelf can save you from applying lender by lender.
Is it worth paying a mortgage broker? Judge it by the Loan Estimate, where every party's compensation shows up. Federal rules mean the originator is paid by you or the lender, not both, and can't be paid more for a costlier loan.
Bank statement loan requirements in Nassau County
If you want a self-employed mortgage without tax returns, a bank statement program is the usual route. Lenders commonly ask for 12 or 24 months of personal or business statements, apply an expense factor to business deposits, exclude transfers between your accounts and ask about large one-off deposits. Many want two years in business; some accept one with prior experience in the same field. Credit, down payment and reserve requirements vary by program and typically run higher than conforming loans.
Before you shop, estimate your price range and whether the loan will likely stay under the conforming limit, then gather returns, K-1s if any, statements and a current P&L so an advisor can compare a conforming file against jumbo and non-QM options.
The bank statement income calculator shows how much an expense factor changes what your deposits support.
Common questions
What's the 2026 conforming loan limit in Nassau County?
The one-unit limit is $1,249,125 for 2026, per FHFA. Loans above that are jumbo loans with lender-specific requirements.
Can I use only one year of tax returns?
Possibly. Fannie Mae lets lenders use one year when the business has existed for five years and you've owned 25% or more for five consecutive years, with a cash-flow analysis. Not every lender applies it.
Does the mansion tax apply in Nassau?
Yes. Any Nassau purchase priced at $1 million or more owes the state's 1% mansion tax, paid in cash at closing.
Can I buy a Great Neck co-op with bank statements?
It's harder than buying a house. Many non-QM lenders don't finance co-ops, and the board will review your finances, usually including returns and a CPA letter.
Do Nassau property taxes affect how much I can borrow?
Yes. Lenders add property taxes to your monthly housing cost when calculating debt-to-income, so a higher tax bill reduces how much loan your documented income supports.
How hard is it to get a mortgage if you are self-employed?
Harder on paper, not always in practice. The challenge is usually that write-offs shrink the income on your returns. Fannie Mae's rules, add-backs like depreciation, and non-QM programs that read bank statements or 1099s give Nassau business owners several ways to document income. Expect more paperwork than a salaried buyer.
Can I get a mortgage if I've been self-employed less than a year?
It's difficult. Fannie Mae generally needs your latest signed returns to show a full 12 months of self-employment, and bank statement lenders that bend on history commonly look for at least one year plus prior experience in the same work, such as a dentist who left a group practice to open her own. Reaching that mark first may open more options. Requirements vary.
Who is the best lender for self-employed borrowers?
No single lender fits every file. A Nassau practice owner with strong returns may do well with a conventional or jumbo lender, while a contractor with heavy write-offs may need a non-QM bank statement program. The right lender is one that offers the documentation method that shows your real income and accepts your property type.