Maybe youre buying your first home in New York, or perhaps youre relocating to New York from another state. Either way, its important that you educate yourself on New York home loans before shopping for a home and mortgage. This article explains what youll need to know before buying a home in New York:

The median price of a home in New York is $148,700. Recently, homes in New York have been appreciating at rates well above the national average. However, the rate of job growth in New York is below the national average. The slow rate of job growth does not seem to be affecting New York residents incomes, as past-due loan rates are below the national average.

The price of homes in New York varies widely between zip codes. For example, in Long Island, New York, the median price of a home in the summer of 2005 was $567,000; however, in Buffalo, New York, the median price of a home was $230,000, and in Yorktown Heights, New York, it was $450,000. Average interest rates in New York are just .01 percent above the national average.

New York state law requires that private mortgage insurance must be cancelled when LTV reaches 75%. It also prohibits loans that are considered high-cost under New York law. Investors in New York will not accept appraisals that were performed before 11 September 2001 because of the change in value of many investment properties after the terrorist attacks on the World Trade Centers.

Low-income families who own homes can apply for a $2000 state tax credit each year. The New York State Low Income Housing Tax Credit must be applied for, and applicants must meet certain set requirements.