Staten Island is the city's most suburban borough. Detached and semi-attached one- and two-family homes run from St. George and Westerleigh on the North Shore through New Springville and Todt Hill to Great Kills, Annadale and Tottenville on the South Shore, with townhouse and condo developments mixed in.
If you run a trades or service business, your tax returns may reflect years of buying trucks, tools and equipment. That can be smart tax planning and still leave a mortgage application looking thin.
What does Staten Island's housing mean for financing?
With few co-ops, most buyers here skip board packages entirely. That leaves the lender as the only gatekeeper, and more programs, both conventional and non-QM, are open to you.
Two-family homes are common, and if you live in one unit, a portion of the rent from the other may help you qualify. Townhouse and condo communities are reviewed by the lender like any condo, so check early whether the association is acceptable to the program.
Why do contractors' tax returns understate income?
Conventional lenders qualify you on net income after deductions, usually averaged over two years. A contractor who bought a dump truck, an excavator or a fleet of vans can show very little taxable income in a strong year.
Depreciation is a non-cash expense, and Fannie Mae's cash-flow analysis can sometimes add it back. If that closes the gap, a conventional loan may still work. If it doesn't, a bank statement program that looks at deposits less an expense factor may show more usable income.
Ask your preparer for your depreciation schedules. They're the first thing an advisor will look for on a trades file.
Example: a Staten Island landscaper
A landscaping company owner in Great Kills bought two trucks and a skid steer over the past two years. His returns show low net income after depreciation. An advisor might first check whether adding depreciation back on a conventional file gets him there, then compare a 24-month bank statement program that would also smooth out his slower winter months.
What closing costs apply on Staten Island?
Staten Island is Richmond County, part of New York City, 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 more. That's a meaningful cash cost that buyers coming from New Jersey or Long Island sometimes don't expect.
The 2026 one-unit conforming loan limit in Richmond County is $1,249,125. Larger homes on Todt Hill or Emerson Hill that pass $1 million also trigger New York's 1% mansion tax.
Add-backs, bank statements or a 1099 mortgage: what fits a Staten Island trade?
Your advisor will typically run more than one method to see which shows the most income lenders can use. Commission earners should also note that lenders look at the trend: a sharp drop from one year to the next usually needs an explanation, whichever path you take.
- Builders, GCs, landscapers, paving and excavation companies: conventional with depreciation added back, or business bank statements.
- Plumbers, electricians, HVAC and roofing owners: bank statements when write-offs are heavy; a P&L if the business is growing fast.
- Insurance brokers, real estate agents and mortgage professionals paid on commission: 1099 programs or bank statements.
- Medical and dental practice owners: full documentation often fits, but a P&L can capture a practice that recently expanded.
- Pizzeria, deli and restaurant owners: business bank statement programs with an expense factor tied to the business type.
Mortgage broker on Staten Island or a bank: which is cheaper?
Neither is cheaper by default. A bank lends from its own shelf, and if your returns qualify, its pricing may be competitive. A mortgage broker shops your file to several wholesale lenders, which helps when you need a bank statement or 1099 program a bank doesn't carry.
The downsides of a broker are real: you're one step removed from the lender that underwrites the loan, and compensation adds a cost layer, paid either by you or by the lender, never both. Federal rules bar originators from earning more for steering you to a pricier loan. Compare Loan Estimates line by line.
Bank statement loan requirements on Staten Island
Bank statement loans are mostly non-QM products. Many retail banks don't offer them, so buyers usually reach them through mortgage brokers or lenders that work with non-QM investors. The core requirements are similar across programs:
- 12 or 24 months of business or personal statements; a seasonal trades business usually reads better over 24.
- An expense factor applied to business deposits, set by business type and number of employees.
- Commonly two years in business, sometimes one with prior experience in the same trade.
- Credit, down payment and reserves that vary by program. Bruised credit doesn't rule you out everywhere, but it narrows choices and raises costs.
- For the conventional comparison: two years of returns with depreciation schedules.
Try the bank statement income calculator, then compare it with what your returns show after depreciation is added back.
Common questions
Does Staten Island charge NYC mortgage recording tax?
Yes. Staten Island is part of New York City, so houses and condo units pay NYC mortgage recording tax, about 1.8% or 1.925% of the loan depending on size.
Can depreciation on my equipment be added back?
Sometimes. Depreciation is a non-cash expense, and lenders using Fannie Mae's cash-flow analysis can often add it back to your income. Most real cash expenses can't be added back.
My business is seasonal. Which loan fits?
A 24-month bank statement program averages deposits across two full years, which can smooth out slow seasons. A conventional loan averages two years of returns. The better fit depends on what each method shows.
Are there co-ops on Staten Island?
There are some, but most homes are houses, townhouses and condos. That means most self-employed buyers here won't need a board package.
What is the conforming loan limit on Staten Island?
For 2026 the one-unit limit in Richmond County is $1,249,125, matching the rest of the city.
Can I get a mortgage with just my bank statements?
Possibly, through a bank statement program, which qualifies you on 12 or 24 months of deposits instead of tax returns. You'll still need identification, credit, asset statements for the down payment and reserves, and often a CPA letter or business license to confirm the business exists. It's alternative documentation, not no documentation.
How do mortgage lenders calculate 1099 income?
On a conventional loan, lenders use net income from your tax returns, usually averaged over two years, so mileage and equipment deductions reduce it. A 1099 program instead starts with gross 1099 earnings, commonly from one to two years, and subtracts a set expense factor. Staten Island commission earners often find the two methods produce very different numbers.
Does Fannie Mae give mortgages?
Not directly. Fannie Mae buys loans from lenders and publishes the Selling Guide rules those loans must meet, including its self-employment rules. You apply through a lender, which may offer conforming loans that follow Fannie's guidelines alongside non-QM programs that don't.