Westchester sits just north of the Bronx with White Plains as its county seat. Its cities, Yonkers, New Rochelle, Mount Vernon and White Plains, have substantial co-op and condo stock near Metro-North stations, alongside two- and three-family houses. Villages and towns like Scarsdale, Larchmont, Rye, Chappaqua and Katonah are dominated by detached single-family homes.
That makes Westchester a hybrid. A buyer who wants a Yonkers co-op faces many of the same hurdles as a Bronx co-op buyer, while a buyer who wants a colonial in Ardsley faces a suburban file more like Long Island's.
How does Westchester's housing mix change your options?
Choosing between these early keeps you from spending weeks on a building your lender won't finance.
| Property type | Where you'll find it | What it means for a self-employed buyer |
|---|---|---|
| Co-op apartments | Yonkers, White Plains, New Rochelle, Hartsdale and other train-station areas | Board review plus a smaller pool of lenders on alternative documentation |
| Condos | Downtown White Plains, New Rochelle, waterfront Yonkers | Building review; non-warrantable projects need portfolio or non-QM loans |
| 2–3 family homes | Yonkers, Mount Vernon, Port Chester | Rent from other units may help you qualify |
| Single-family | Most villages and northern towns | Widest program choice; property taxes weigh on qualifying |
What is Westchester's mortgage recording tax?
Westchester's mortgage recording tax totals 1.3%, lower than NYC's but still a significant closing cost on a financed purchase of a house or condo. As in the city, co-op loans are secured by shares rather than real property, so the recording tax doesn't apply in the same way. Confirm with your attorney for the specific building.
New York's 1% mansion tax applies to purchases of $1 million or more, which covers many homes in southern Westchester villages. NYC's supplemental mansion tax doesn't apply here. The 2026 one-unit conforming loan limit in Westchester is $1,249,125.
If you refinance later, a CEMA can limit recording tax to new money only.
Example: a Westchester consultant choosing between two homes
A self-employed IT consultant paid on 1099s is weighing a co-op near the Hartsdale station against a small single-family house in Ardsley. For the house, a 1099 program might use his gross earnings less an expense factor. For the co-op, he'd also need a lender that finances co-ops and a board package with his returns and a CPA letter.
Consultants, practices and trades: which bank statement loan or 1099 mortgage fits in Westchester?
The cheapest route that works is usually the right one, so an advisor will often check whether your returns qualify before moving to non-QM.
- Management and IT consultants who commute or work remotely: 1099 programs, bank statements, or full documentation if returns are strong.
- Physicians, dentists and therapists with practices in White Plains, Valhalla or Harrison: conventional or jumbo with full documentation, or a P&L for a growing practice.
- Contractors, masons and landscapers: bank statements, or a conventional file that adds back depreciation.
- Restaurant, salon and retail owners in downtown districts: business bank statement programs with an expense factor.
- Real estate agents and independent insurance agents: commission 1099s or bank statements.
- Writers, designers and other creative freelancers: 24 months of statements to smooth project-based income.
What should co-op buyers in Westchester expect?
Westchester co-op boards review buyers much like city boards do, typically asking for returns, statements, a financial statement and references. Many non-QM lenders don't lend on co-ops, so if you need bank statement documentation, confirm early that a lender will finance the specific building.
A CPA letter describing your business and its history often helps the board read self-employed returns accurately.
Is a mortgage broker in Westchester worth it?
For a straightforward file with strong returns, a bank or direct lender may be enough. Where a mortgage broker in Westchester tends to earn its place is breadth: an independent broker can compare wholesale lenders that do bank statement, 1099 or non-QM jumbo loans, and find the ones that finance co-ops in a specific Hartsdale or Yonkers building.
How much do you pay a mortgage broker? It varies, and it's disclosed. Compensation comes from you or the lender, not both, appears on your Loan Estimate and Closing Disclosure, and by federal rule can't rise because your loan's terms are worse.
Bank statement loan requirements in Westchester
Searching for a self-employed mortgage without tax returns usually leads to a bank statement program. Lenders total 12 or 24 months of deposits, reduce business deposits by an expense factor, and set aside transfers between your own accounts. Most want two years in business, some one year with prior experience. Credit, down payment and reserve rules depend on the program.
Write-offs are the reason many Westchester owners end up here: the deductions your CPA recommends lower the net income an underwriter can use on a conventional loan. If you're buying a co-op, remember the board will likely still want your returns. Narrow your search to co-op, condo or house and check the property tax bill on homes you like.
The bank statement income calculator gives a quick read on your deposits before you compare programs.
Common questions
What is the mortgage recording tax in Westchester?
Westchester's total mortgage recording tax is 1.3%. It applies to mortgages on houses and condos. Co-op loans are secured by shares, so the tax generally doesn't apply in the same way.
What's the conforming loan limit in Westchester for 2026?
The one-unit limit is $1,249,125, per FHFA. Loans above it are jumbo loans with lender-specific rules for self-employed borrowers.
Can I buy a Westchester co-op as a self-employed borrower?
You may, but expect both a board review and a narrower set of lenders, since many non-QM lenders don't finance co-ops. Boards usually ask for tax returns even if the lender doesn't.
Does the NYC mansion tax apply in Westchester?
Only the state's 1% mansion tax on purchases of $1 million or more applies. NYC's supplemental tax at $2 million and up is limited to the five boroughs.
Can rent from a Yonkers two-family help me qualify?
When you live in one unit, many programs count a portion of the rent from the others. Leases and a deposit history make that income easier to document.
What looks bad on bank statements for a mortgage?
Large deposits you can't source, repeated overdrafts or returned payments, cash moving between business and personal accounts in ways that are hard to trace, and new recurring payments that point to undisclosed debt. None automatically ends an application, but each needs explaining. Clean, separated accounts make a Westchester bank statement file far easier to underwrite.
Is it hard to qualify for a jumbo loan in Westchester?
Jumbo loans, those above the $1,249,125 one-unit conforming limit for 2026, usually ask more of you: larger reserves, a larger down payment and close review of your income. Self-employed buyers can use full returns or, with some non-QM jumbo programs, bank statements or a P&L. Reserves matter twice if you're also buying a co-op, since the board reviews post-closing liquidity.
What should you not tell a mortgage lender?
Nothing untrue. Misstating income, debts or how you'll use the home on a mortgage application is a serious offense. What you should avoid is doing things mid-process that change your file, such as opening new credit, making large unexplained transfers or changing how your business is paid, without talking to your advisor first.