Queens offers more price points and building types than any other borough. Garden-style and prewar co-ops fill Jackson Heights, Forest Hills, Rego Park, Kew Gardens and Bayside. Attached one- to three-family homes line the blocks of Astoria, Ridgewood, Woodside and Middle Village. Newer condos rise in Long Island City and Flushing.
That choice affects you more than it affects a salaried buyer. A W-2 buyer can finance nearly any of these with the same paperwork. A self-employed buyer may find that the co-op that fits the budget has a shorter list of willing lenders.
Co-op or condo: which is easier to finance on bank statements?
Co-ops often cost less to buy in Queens, but many non-QM lenders don't lend on co-ops at all, and some bank statement programs list co-ops as ineligible. Even when you find a lender, the board will review its own package, which usually includes two years of tax returns and a CPA letter.
Condos in Long Island City or Flushing tend to have more lender options, though each building is reviewed. A non-warrantable condo, for example one with many investor-owned units, generally needs portfolio or non-QM financing.
| Factor | Queens co-op | Queens condo |
|---|---|---|
| Lender availability on alternative documentation | Limited | Broader, subject to building review |
| Board or building approval | Board reviews your finances | Lender reviews the building |
| NYC mortgage recording tax | Not charged | Charged |
| Tax returns still requested? | Usually, by the board | Depends on the program |
Can a Queens two- or three-family help you qualify?
Attached multi-family houses in Astoria, Ridgewood and Maspeth are a common choice for owners who want a tenant to help with costs. When you live in one unit, lenders may count part of the rent from the others. Existing leases and a deposit history make that income easier to document.
Rules on how much rent counts differ between conventional and non-QM programs, so it's worth running both.
Example: a Queens rideshare driver
A full-time rideshare driver in Woodside receives 1099s from two platforms. After mileage deductions, his Schedule C shows little net profit. A 1099 program might look at his gross 1099 earnings less a set expense factor instead. If he's shopping co-ops in Jackson Heights, the next question is whether the lender finances co-ops and what the board will want to see.
What local costs should Queens buyers plan for?
Queens is Queens County, so NYC mortgage recording tax applies to houses and condo units: about 1.8% of loans under $500,000 and about 1.925% of loans at $500,000 or above. Co-op purchases are exempt, which is a real offset against their tighter financing.
The 2026 one-unit conforming loan limit in Queens County is $1,249,125. If a purchase reaches $1 million, New York's 1% mansion tax applies.
On a co-op, the recording tax you save can go toward the post-closing liquidity many boards want to see.
Which path fits common Queens businesses, including a 1099 mortgage?
Independent drivers, tradespeople and storefront owners all buy in Queens, and their files look very different. The path that fits usually depends on how money reaches your accounts.
- Rideshare, taxi, livery and delivery drivers: 1099 programs can use gross 1099 earnings less an expense factor, which helps when mileage deductions wipe out Schedule C income.
- Restaurant, grocery, salon and retail owners: business bank statement programs, as long as receipts are deposited. Cash that never reaches the bank can't be counted.
- Plumbers, HVAC techs, electricians and contractors: bank statements or a conventional file with depreciation added back.
- Medical, dental and physical therapy practice owners: often strong returns already, so compare a full-documentation loan first.
- Import, wholesale and small manufacturing owners near LIC and Maspeth: a CPA-prepared P&L backed by statements may show current income better than last year's return.
Is a mortgage broker in Queens worth it if you're self-employed?
It can be, mainly for reach. A mortgage broker doesn't lend its own money; it compares programs from several wholesale lenders, which matters when only some of them finance co-ops or use 1099 income. A bank or direct lender offers its own products, which may be all you need if your returns already qualify.
Cost isn't automatically higher either way. Federal rules let a loan originator be paid by you or by the lender, not both, and bar pay tied to your loan's terms. Compare Loan Estimates side by side, since that's where every party's charges appear.
Bank statement loan requirements in Queens
How a bank statement loan works: instead of reading your tax returns, the lender totals 12 or 24 months of deposits. Personal-account deposits are often counted in full. Business-account deposits are cut by an expense factor tied to your business type and staff size. Transfers between your own accounts don't count, and large one-off deposits may need explaining.
Who does bank statement loans? Mostly non-QM lenders, not every bank, and some of them exclude co-ops. That's why Queens buyers should narrow the search to co-op, condo or house first. On a co-op, ask the listing agent for the building's financing rules and board requirements before you bid.
Lenders commonly want two years self-employed, though some accept one with prior experience in the same work. Credit, down payment and reserve standards differ from one program to the next.
Plug a year of deposits into the bank statement income calculator to see roughly how an expense factor changes the result.
Common questions
Can I buy a Queens co-op with a bank statement loan?
It's possible but harder. Many non-QM lenders exclude co-ops, and the board typically still asks for tax returns and a CPA letter. Confirm both the lender's and the board's expectations before you sign a contract.
I drive for a rideshare company. Can I qualify for a mortgage in Queens?
You may. Some 1099 programs qualify drivers on gross 1099 earnings less an expense factor rather than the net income left after mileage deductions. Lenders commonly want one to two years of 1099 history. Programs vary.
What is the mortgage recording tax rate in New York City, and does it apply to a Queens condo?
Yes, it applies to Queens condo units and 1–3 family houses. The buyer's effective rate is about 1.8% of loans under $500,000 and about 1.925% at $500,000 or more. Co-op purchases are exempt, which can partly offset their tighter financing.
Does cash income from my store count?
Only if it's deposited. Bank statement programs count deposits that appear in your accounts, and large or unusual deposits may need explaining. Talk to your CPA about how income is reported.
What's the conforming loan limit in Queens?
For 2026 the one-unit limit in Queens County is $1,249,125. Larger loans fall into jumbo territory, where each lender sets its own self-employed rules.
What are red flags for mortgage lenders?
On a self-employed file, lenders look hard at unexplained large deposits, frequent overdrafts, income that falls sharply from one year to the next, new debt taken on mid-process, and business and personal money mixed in ways that are hard to follow. None is automatically disqualifying, but each usually needs a written explanation, so it helps to address them before you apply.
What disqualifies you from a mortgage in Queens?
The usual reasons are income you can't document well enough, credit issues, too little cash for closing and reserves, or a property the lender won't accept. In Queens, a co-op can add a fifth: a board that declines your application even after a lender agrees. Knowing the building's financial requirements in advance lowers that risk.