How Much Do You Need for a Down Payment to Buy a House in Staten Island?

A down payment on a Staten Island house ranges from 3.5% with an FHA loan to 20% with a conventional loan. On a $750,000 Staten Island home, that is roughly $26,250 to $150,000 in cash up front. Most Staten Island buyers land somewhere between 5% and 10% down. Joseph Ranola, Team Leader of the Bridge and Boro Real Estate Team at Real Broker LLC, helps buyers figure out the right number for their budget before they ever tour a home.

How much do you need for a down payment to buy a house in Staten Island?

You need anywhere from 3.5% to 20% of the purchase price for a down payment on a Staten Island house, depending on your loan. On a $750,000 home that is about $26,250 with an FHA loan or $150,000 with a 20% conventional loan. The right amount depends on your savings, your monthly comfort zone, and whether you want to avoid mortgage insurance. Run the numbers on the mortgage calculator first.

Can you buy a house in Staten Island with less than 20% down?

Yes. Conventional loans allow as little as 3% down for qualified buyers, and FHA loans require just 3.5%. Putting down less than 20% adds private mortgage insurance (PMI) on conventional loans or FHA mortgage insurance, which raises your monthly payment until you reach enough equity. For many Staten Island first-time buyers, getting into a home sooner outweighs the cost of temporary mortgage insurance.

What is the minimum down payment for an FHA loan in Staten Island?

The minimum FHA down payment in Staten Island is 3.5% for buyers with a qualifying credit score. On a $600,000 home that is $21,000. Fresh 2026 fact: the conforming loan limit for a one-unit home in Richmond County is $1,209,750 for 2026, so the vast majority of Staten Island purchases stay inside FHA and conforming territory rather than needing a jumbo loan.

How much is a down payment on a $750,000 Staten Island home?

Here is the math on a $750,000 Staten Island home: 3.5% FHA is about $26,250; 5% down is $37,500; 10% down is $75,000; and 20% down is $150,000. With 30-year fixed rates averaging in the low-to-mid 6% range as of May 2026, a larger down payment lowers both your loan balance and your monthly payment, and at 20% it removes mortgage insurance entirely.

What other costs should Staten Island buyers budget for?

Beyond the down payment, budget 2% to 5% of the price for closing costs: attorney fees, title insurance, the New York mortgage recording tax, and a home inspection. Homes priced over $1M also trigger the New York 1% mansion tax. Joseph Ranola walks every buyer through a line-by-line cost estimate so there are no surprises at the closing table.

“Joe is incredibly knowledgeable, responsive, patient, and truly had our best interests at heart throughout the entire process.”
— Sarah Loughlin, verified Google review

Who can help me buy a home in Staten Island?

Joseph Ranola helps buyers purchase homes across Staten Island, from the South Shore to the North Shore. Call or text (917) 905-2541 or email [email protected], then work with Joseph. Buying across the bridge instead? Read the companion guide: down payments to buy a house in Brooklyn.