The Complete First-Time Homebuyer’s Guide to Staten Island, New York

Buying your first home in Staten Island represents an exciting milestone—and with the right guidance, it’s more achievable than you might think. As of 2025, Staten Island’s median home price sits around $710,000-$750,000, offering more affordable options compared to Manhattan or Brooklyn while maintaining NYC connectivity.

This comprehensive guide walks you through every step of purchasing your first Staten Island home, from understanding local assistance programs to navigating neighborhoods and financing options. Whether you’re a young professional seeking easy ferry access to Manhattan or a growing family wanting suburban space with city amenities, Staten Island delivers unique value for first-time buyers.

Robert DeFalco Realty has served as Staten Island’s #1 real estate firm for over 30 years, helping thousands of first-time buyers navigate the borough’s diverse neighborhoods and complex buying process. Our local expertise ensures you’ll make informed decisions and avoid common pitfalls.

In this guide, you’ll discover:

• How to access up to $100,000 in down payment assistance
• The best Staten Island neighborhoods for first-time buyers
• Step-by-step financing and mortgage guidance
• Common mistakes to avoid and insider tips
• Timeline expectations and closing cost breakdowns

Let’s turn your Staten Island homeownership dream into reality.

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Why Choose Staten Island as a First-Time Homebuyer?

Staten Island offers first-time buyers a rare opportunity: genuine New York City living with suburban benefits and relatively affordable pricing.

Affordability That Makes Sense

The median home price in Staten Island reached approximately $750,000 in 2025, representing an 8.7% year-over-year increase. While this may seem substantial, consider the alternative: In Manhattan, $650,000 might only secure a small one-bedroom apartment, while in Brooklyn, you might find a compact one-bedroom in a developing area. In Staten Island, that same budget gets you a spacious single-family home with a backyard and potentially a driveway—luxuries nearly impossible to find elsewhere in NYC.

More Space for Your Money

The median price per square foot in Staten Island sits at $442-$474, significantly lower than Manhattan and Brooklyn. This translates to larger living spaces, actual yards for children and pets, and room to grow without immediately outgrowing your first home.

Manhattan Access Without Manhattan Prices

The Staten Island Ferry provides free, reliable 24/7 service to Lower Manhattan with stunning harbor views during the 25-minute commute. Express buses offer direct routes to Midtown and other Manhattan destinations, while the Verrazzano-Narrows Bridge connects you to Brooklyn in minutes.

Strong Appreciation Potential

Staten Island property values have shown promising appreciation trends, especially in developing North Shore neighborhoods like Stapleton and St. George. With ongoing development projects like Empire Outlets and potential transportation improvements, the borough presents solid long-term investment potential.

Family-Friendly Communities

Staten Island neighborhoods offer excellent schools, abundant parks, low crime rates, and strong community ties. Areas like Great Kills, Annadale, Westerleigh, and Tottenville provide safe, welcoming environments ideal for raising families.

Green Space and Outdoor Living

Staten Island boasts more green space than any other NYC borough, with hundreds of acres of parks, beaches, and protected woodlands. From Great Kills Park to the Staten Island Greenbelt, outdoor recreation opportunities abound.

For first-time buyers weighing options across the metro area, Staten Island delivers unmatched value: authentic NYC living with space to breathe, communities to grow in, and prices that won’t leave you house-poor.

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Determining What You Can Afford

Before falling in love with a property, establish a realistic budget based on your financial situation.

The Affordability Calculation

A general rule suggests your monthly mortgage payment shouldn’t exceed 35% of your gross monthly income. For purchase price, aim for homes costing approximately 2.5 times your annual household salary. A household earning $100,000 could reasonably afford a home priced around $250,000.

However, in Staten Island’s current market, you may need to adjust expectations. With the median price around $725,000-$750,000 in 2025, first-time buyers often target more affordable neighborhoods or consider co-ops, condos, and attached homes as entry points.

Credit Score Requirements

Your credit score significantly impacts mortgage eligibility and interest rates:

Conventional loans typically require a minimum credit score of 620, with better rates available at 780 or higher. FHA loans accept scores as low as 580 for a 3.5% down payment (or 500-579 with 10% down). VA loans for eligible veterans generally require around 620, with no PMI requirement.

Check your credit report at annualcreditreport.com at least 6-12 months before house hunting. According to Consumer Reports, 34% of Americans found at least one error on their credit report—mistakes that could lead to higher loan rates. Dispute any inaccuracies immediately.

Down Payment Realities

While 20% down remains ideal for avoiding Private Mortgage Insurance (PMI), Staten Island first-time buyers have options. With the median price at $750,000, a 20% down payment would require $150,000—a significant barrier.

However, down payments as low as 3.5% (FHA) or 3% (conventional) are possible. Based on Staten Island’s median price, a 5% down payment would be $37,500, while 20% would be $150,000.

Lower down payments mean:

• Higher monthly payments
• PMI costs (typically 0.5%-1% of loan amount annually)
• Potentially less competitive offers in bidding situations

Closing Costs to Budget

Closing costs in Staten Island typically range from 2-5% of the purchase price, covering appraisal fees, title insurance, attorney fees, recording fees, and various lender charges. On a $700,000 home, budget $14,000-$35,000 for closing costs.

The Power of Pre-Approval

In Staten Island’s competitive market with just 3.6 months’ supply of inventory, mortgage pre-approval is essential. Pre-approval demonstrates to sellers you’re a serious, qualified buyer—crucial when competing against multiple offers.

Pre-approval (not just pre-qualification) involves:

• Full credit check
• Income and employment verification
• Asset documentation
• Conditional approval for a specific loan amount

Work with local lenders familiar with Staten Island market conditions and first-time buyer programs. Your real estate agent can provide trusted lender referrals.

Ready to explore your buying power? Contact Robert DeFalco Realty for connections to experienced local mortgage professionals who specialize in first-time buyer financing.

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Unlocking Up to $100,000 in Down Payment Assistance

First-time Staten Island homebuyers have access to substantial financial assistance programs that can dramatically reduce upfront costs.

HomeFirst Down Payment Assistance Program

The HomeFirst Down Payment Assistance Program, administered by NYC’s Department of Housing Preservation and Development (HPD), offers qualified first-time homebuyers up to $100,000 in forgivable loans toward down payments or closing costs for 1-4 family homes, condominiums, or co-ops in any NYC borough, including Staten Island.

Program Highlights:

• Up to $100,000 in forgivable loan assistance
• Can be used for down payment or closing costs
• Buyers receiving loans of $40,000 or less must maintain owner-occupancy for 10 years; loans over $40,000 require 15 years (or 15 years regardless of amount for city-funded loans)
• Loan forgiven after meeting residency requirements

Eligibility Requirements:

• Household income cannot exceed 80% of Area Median Income (AMI)
• Must complete homebuyer education course through HPD-approved counseling agency
• Minimum 3% down payment from buyer’s own funds required
• Property must pass Housing Quality Standards (HQS) inspection
• Purchase price must be at or below HUD limits (approximately $1,018,350-$1,131,500 for Staten Island as of September 2024)

State of New York Mortgage Agency (SONYMA) Programs

SONYMA offers multiple first-time buyer programs with competitive rates and down payment assistance:

1. Achieving the Dream Program
Designed for low-income buyers, this program offers 97% financing with just a 1% borrower contribution, fixed low interest rates, and 120-240 day rate locks.

2. Low Interest Rate Program
Features 30-year fixed-rate mortgages with down payments as low as 3%, ideal for standard purchases.

3. Down Payment Assistance Loan (DPAL)
Provides up to $30,000 at 0% interest, forgiven after 10 years if conditions are met, specifically for down payments and closing costs.

All SONYMA programs require completion of a homebuyer education course and meeting income limits.

Local Staten Island Resources

Staten Island residents can access homebuyer education and program guidance through approved counseling agencies:

Northfield Community Local Development Corporation

• Address: 160 Heberton Avenue, Staten Island, NY 10302
• Phone: 718-442-7351
• Services: English and Spanish

Neighborhood Housing Services of Staten Island

• Address: 192 Corson Avenue, Staten Island, NY 10301
• Phone: 718-442-8080
• Website: NHS NYC

These agencies provide free or low-cost homebuyer education, application assistance, and ongoing support throughout the process.

Application Process

To apply for HomeFirst:

1. Register for and complete a homebuyer education course through an HPD-approved counseling agency
2. Receive your eligibility certificate
3. Present certificate to a participating lender for mortgage pre-approval
4. Work with a real estate professional (like Robert DeFalco Realty) to identify an affordable home
5. Hire a real estate attorney
6. Negotiate a contract of sale

Real Success Stories

“I never thought I could afford a home in Staten Island until I learned about the HomeFirst program. With their assistance, I was able to secure a $50,000 grant that covered my down payment and closing costs. Now, I’m proud to call Staten Island my home!” – Sarah, Staten Island homeowner who worked with Robert DeFalco Realty

Want to explore your eligibility for these programs? Contact Robert DeFalco Realty today. Our team can connect you with approved counseling agencies and guide you through the application process.

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Best Staten Island Neighborhoods for First-Time Homebuyers

Choosing the right neighborhood determines your daily quality of life, commute, and long-term investment value. Here are the top Staten Island neighborhoods offering the best combination of affordability, amenities, and growth potential for first-time buyers.

North Shore Neighborhoods

(Best for: Manhattan commuters, urban amenities)

1. St. George

• Median Price Range: $600,000-$800,000
• Home Types: Victorian homes, brownstones, new waterfront developments, condos

St. George serves as Staten Island’s cultural heart and downtown, featuring the Staten Island Ferry terminal, St. George Theatre, and a growing arts scene. The neighborhood offers a vibrant, urban feel with excellent public transportation access.

Pros:

• Ferry terminal location provides 25-minute free commute to Manhattan
• Mixed housing options from historic to modern
• Cultural attractions and dining
• Waterfront living with harbor views

Cons:

• Higher prices than other Staten Island neighborhoods
• More urban, less suburban feel
• Limited parking in some areas

Best for: Young professionals, Manhattan commuters, those seeking cultural amenities

Browse homes for sale in St. George

2. Tompkinsville

• Median Price Range: $550,000-$650,000
• Home Types: 3-4 bedroom homes, 1-2 bedroom apartments, duplexes

Tompkinsville is a vibrant, diverse neighborhood with approximately 20,000 residents, including many young professionals and families. Properties include medium-sized homes and smaller apartments, with authentic Sri Lankan and Mexican restaurants and Tompkinsville Park for outdoor recreation.

Pros:

• About 50% homeownership rate; median home price around $590,000
• Pedestrian-friendly with Staten Island Railway access at Tompkinsville station—one stop from St. George Ferry
• Diverse community and restaurant scene
• Waterfront access to Upper New York Bay

Cons:

• Mixed residential/commercial character
• Some areas undergoing revitalization

Best for: First-time buyers seeking affordability, diversity, and easy Manhattan access without a car

3. Port Richmond

• Median Price Range: $520,000-$600,000
• Home Types: Single-family homes, apartments

Port Richmond is an up-and-coming North Shore neighborhood along the Bayonne Bridge highway, offering history and affordable pricing. The area features the Dutch Reformed Church (early 18th century) and Ritz Theater (1924), with a small downtown area along Port Richmond Avenue providing supermarkets and local shopping.

Pros:

• Median home price around $550,000; one-bedroom apartments average $1,750
• Historical character and landmarks
• Local and express bus options throughout the island
• Emerging neighborhood with growth potential

Cons:

• No direct Staten Island Railway access
• More industrial character in some areas

Best for: Budget-conscious buyers, those interested in emerging neighborhoods

Mid-Island Neighborhoods

(Best for: Central location, shopping, families)

4. New Dorp

• Median Price Range: $670,000-$750,000
• Home Types: Colonial homes, single-family detached, apartments, condos

New Dorp offers a central location with excellent shopping and dining options, including plazas from HomeGoods to boutique shops. The neighborhood features an antique flair with colonial homes, New Dorp Beach (once a popular resort), and Miller Field sporting facilities.

Pros:

• Median price around $699,000 offers balanced market conditions
• Excellent shopping and amenities
• Mix of housing types for various budgets
• Family-friendly with good schools
• One of Staten Island’s safest neighborhoods

Cons:

• Higher prices than North Shore
• More car-dependent

Best for: Families, those wanting shopping convenience, buyers seeking established neighborhoods

5. Graniteville

• Median Price Range: $500,000-$570,000
• Home Types: Single-family homes

Named for historical granite quarries that supplied construction materials for Staten Island and NYC, Graniteville offers affordable, historically significant living. The neighborhood provides easy access to Staten Island Expressway and Route 440, with nearby Staten Island Industrial Park featuring 100+ acres of wetlands and rare vegetation.

Pros:

• Median home value around $520,000; one-bedroom apartments average $1,900
• Major highway access
• Natural parkland nearby
• More affordable entry point

Cons:

• May require buying instead of renting for best value
• More residential, fewer amenities within walking distance

Best for: Budget buyers, nature lovers, commuters needing highway access

South Shore Neighborhoods

(Best for: Families, space, tranquility)

6. Great Kills

• Median Price Range: $720,000-$800,000
• Home Types: Single-family homes, duplexes, condos

Despite its name (derived from Dutch word “kill” meaning creek/channel), Great Kills offers safe, family-friendly living. The neighborhood features single-family homes from the 1960s-70s, plus newer construction. Recent revival replaced many older homes with contemporary builds.

Pros:

• Great Kills Park (part of Gateway National Recreation Area) offers trails, kayaking, bird-watching, and waterfront views
• Staten Island Railway runs through neighborhood with Great Kills station
• Strong schools including P.S. 8 Shirlee Solomon and Staten Island Technical High School (top-ranked in NYC)
• Marina Cafe and thriving local businesses
• Strong sense of community

Cons:

• Higher price point
• 30+ minute commute to Manhattan

Best for: Families prioritizing schools and outdoor recreation, waterfront lovers

View homes in Great Kills

7. Tottenville

• Median Price Range: $650,000-$775,000
• Home Types: Single-family detached, historic homes, townhouses

Located at Staten Island’s southernmost point, Tottenville offers peaceful, secluded living with beautiful waterfront views, access to nature trails, and a small-town vibe. The area features excellent schools and a strong family-friendly atmosphere ideal for suburban lifestyle seekers.

Pros:

• Quiet atmosphere with historical charm
• Waterfront access and marina
• Top-rated schools
• Conference House Park

Cons:

• Longest commute to Manhattan (60-75 minutes)
• Most isolated from city amenities
• Limited nightlife and dining

Best for: Families wanting maximum space and tranquility, those with flexible work arrangements

8. Annadale

• Median Price Range: $750,000-$850,000
• Home Types: Single-family homes, some waterfront properties

Annadale features excellent schools, numerous parks and playgrounds, and a strong sense of community. The neighborhood offers a charming, tight-knit atmosphere popular with families seeking great schools and welcoming environments.

Pros:

• Median price around $775,000
• Family-centric with top schools
• Parks and green space
• Suburban tranquility

Cons:

• Higher end of first-time buyer budgets
• Car necessary for most activities

Best for: Families with school-age children, buyers seeking premium suburban experience

Choosing Your Perfect Neighborhood

When selecting your Staten Island neighborhood, consider: commute requirements (North Shore neighborhoods offer shortest ferry access while South Shore provides more space), school district quality if you have or plan children, proximity to parks and amenities, your budget reality, and whether you prefer urban energy or suburban tranquility.

Not sure which neighborhood fits your lifestyle and budget? Schedule a neighborhood tour with Robert DeFalco Realty. Our local experts know every community intimately and can match you with your ideal location.

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Your Step-by-Step Home Buying Journey in Staten Island

The home buying process in Staten Island typically takes 4-6 months from start to finish, though this varies based on market conditions, your preparedness, and seasonal factors. Here’s what to expect at each stage.

Step 1: Get Your Finances in Order (Weeks 1-4)

Before viewing a single property:

• Check and improve your credit score
• Save for down payment and closing costs
• Gather financial documents (pay stubs, tax returns, bank statements)
• Research down payment assistance programs
• Calculate realistic budget

Step 2: Get Mortgage Pre-Approval (Weeks 2-5)

In Staten Island’s competitive market with just 3.6 months’ supply of inventory, mortgage pre-approval is essential for serious buyers.

Pre-approval involves:

• Meeting with lender or mortgage broker
• Credit check
• Income and employment verification
• Conditional approval for specific loan amount
• Pre-approval letter (typically valid 60-90 days)

Step 3: Choose Your Real Estate Agent (Week 3-6)

A knowledgeable Staten Island real estate agent who knows the local market is worth their weight in gold. They’ll help you find properties, negotiate offers, coordinate inspections, and navigate closing.

Look for agents with:

• Deep Staten Island neighborhood knowledge
• Experience with first-time buyers
• Understanding of assistance programs
• Strong negotiation skills
• Availability and responsiveness

Step 4: House Hunting (Weeks 5-12+)

This typically becomes the longest phase, especially in Staten Island’s limited inventory environment. Work with your agent to target homes matching your priorities and price range.

During this phase:

• Tour homes in target neighborhoods
• Attend open houses
• Refine your wish list
• Compare options
• Track market activity

Properties in desirable neighborhoods like Tottenville move quickly, while other areas offer more flexibility. Spring brings more listings but higher competition; winter offers potential deals but fewer options.

Step 5: Make an Offer (Week 8-16+)

Once you’ve found your dream home, your agent helps craft a competitive offer. In hot neighborhoods, expect possible bidding wars.

Your offer includes:

• Purchase price
• Earnest money deposit (typically 1-2% of purchase price)
• Contingencies (inspection, financing, appraisal)
• Proposed closing date
• Any special terms

Step 6: Home Inspection & Appraisal (Weeks 10-18)

Always, always, always get a home inspection. Staten Island has unique considerations like flood zones that require professional evaluation.

Home Inspection:
Schedule a comprehensive inspection within 2-5 days of offer acceptance. Request specialized inspections if needed for pests, radon, or structural issues. Review reports and decide if repairs are necessary, then renegotiate with seller if significant problems are found.

Staten Island-specific inspection concerns:

• Flood damage and mold (especially basements)
• Foundation issues
• Roof condition
• Lead paint or asbestos in older homes
• Pest infestations

Appraisal:
Your lender orders an appraisal (typically takes up to 2 weeks) to confirm the property’s value supports the loan amount. If appraisal comes in low, you may need to renegotiate, increase your down payment, or walk away.

Step 7: Secure Your Mortgage (Weeks 12-20)

After inspection and appraisal, finalize your mortgage application:

• Submit any additional documentation requested
• Lender processes full underwriting
• Lock in your interest rate
• Review and sign final loan documents

Critical: From pre-approval to closing, avoid making significant financial changes including opening new credit cards, closing existing accounts, or making large purchases. These actions can jeopardize your final loan approval.

Step 8: Hire a Real Estate Attorney (Weeks 10-18)

In New York, it’s standard and smart to have a real estate attorney handle your closing. They’ll review all paperwork and ensure everything is legally sound.

Your attorney will:

• Review purchase contract
• Conduct title search
• Review title insurance
• Coordinate closing logistics
• Explain all documents you’ll sign
• Ensure proper fund transfers

Step 9: Final Walkthrough (1-2 days before closing)

Conduct a final walkthrough to verify the property’s condition hasn’t changed and agreed-upon repairs were completed. Check:

• All systems functioning (HVAC, plumbing, electrical)
• Agreed repairs completed
• Property clean and empty (unless otherwise negotiated)
• All fixtures and appliances included remain
• No new damage occurred

Step 10: Closing Day (Weeks 16-24)

The closing process typically takes 60-90 days from offer acceptance to closing, though it can vary. On closing day:

You’ll sign approximately a million documents, hand over a big check for down payment and closing costs, and finally receive the keys to your new home.

Bring to closing:

• Government-issued photo ID
• Cashier’s check or proof of wire transfer for closing costs
• Proof of homeowners insurance
• Any additional documents your attorney requests

You’ll sign:

• Mortgage note and deed
• Settlement statement (HUD-1)
• Title documents
• Affidavits and disclosures
• Various lender documents

After Closing:

• Change locks immediately
• Set up utilities in your name
• File homestead exemption (if applicable)
• Keep all closing documents safe
• Begin planning any renovations

Staten Island-Specific Timeline Considerations

Weather conditions can impact inspections in Staten Island, particularly during winter months. Additionally, properties in desirable neighborhoods like Tottenville can move quickly while other areas may offer more flexibility for negotiations.

Spring creates optimal purchasing conditions with increased inventory and market activity. More sellers list properties during this season, expanding available options, though this timing advantage requires preparation and quick decision-making.

Ready to start your home buying journey? Contact Robert DeFalco Realty today. We’ll guide you through each step with personalized attention and local expertise.

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Understanding Your Mortgage Options

Choosing the right mortgage type significantly impacts your monthly payment, total interest paid, and upfront costs.

Conventional Loans

Conventional loans are the most common mortgage type. They typically require a minimum credit score of 620 and down payments ranging from 3-20%. Better interest rates become available at credit scores of 780 or higher.

Advantages:

• No upfront mortgage insurance premium
• PMI can be removed once you reach 20% equity
• More flexible property type eligibility
• Potentially lower interest rates with strong credit

Disadvantages:

• Stricter credit requirements than FHA
• Larger down payment often needed for best rates
• PMI required if down payment less than 20%

Best for: Buyers with good credit (680+) and moderate down payment savings

FHA Loans

FHA loans are great for first-time buyers, requiring lower down payments (as low as 3.5%) and being more forgiving of lower credit scores. With a 580 credit score, you qualify for the 3.5% down payment; scores of 500-579 require 10% down.

Advantages:

• Lower credit score requirements
• Down payments as low as 3.5%
• More lenient debt-to-income ratios
• Assumable loans (can be transferred to future buyers)

Disadvantages:

• Required upfront mortgage insurance premium (1.75% of loan amount)
• Ongoing mortgage insurance for life of loan (if down payment <10%)
• Property must meet FHA standards
• Loan limits apply

Best for: First-time buyers with limited savings or credit scores below 680

VA Loans

If you’re a veteran or active-duty military member, VA loans offer outstanding benefits including no down payment required, competitive interest rates, and no PMI requirement, though a credit score around 620 is typically needed.

Advantages:

• Zero down payment required
• No PMI
• Competitive interest rates
• Limited closing costs
• No prepayment penalties

Disadvantages:

• Must be eligible veteran, active military, or qualifying spouse
• VA funding fee (1.25-3.3% of loan, can be financed)
• Property must meet VA standards

Best for: Eligible veterans and active military personnel

Jumbo Loans

For high-value properties exceeding conforming loan limits, jumbo loans are necessary. In 2025, conforming loan limits are approximately $766,550 for most areas. Properties above this require jumbo financing.

Advantages:

• Access to high-value properties
• Competitive rates for qualified buyers

Disadvantages:

• Stricter qualification requirements
• Higher credit score needed (typically 700+)
• Larger down payment (often 10-20%)
• More extensive documentation

Best for: Buyers purchasing premium properties in Todt Hill, Emerson Hill, or waterfront areas

Understanding PMI (Private Mortgage Insurance)

If your down payment is less than 20%, most lenders require PMI:

• Typically costs 0.5-1% of loan amount annually
• Protects lender if you default
• For conventional loans, can be removed at 20% equity
• For FHA loans (originated after June 2013), remains for loan life if down payment <10%

Example: On a $700,000 home with 5% down ($35,000):

• Loan amount: $665,000
• PMI: ~$3,325-$6,650 annually ($277-$554/month)

Current Staten Island Mortgage Rates

As of 2024-2025, mortgage rates in Staten Island hover around 6-7% for a 30-year fixed mortgage. However, rates fluctuate based on:

• Your credit score
• Down payment amount
• Loan type
• Lender
• Market conditions
• Debt-to-income ratio

Rate Shopping Strategy

Consult at least three different lenders. Since rates change frequently, get rate quotes on the same day. Compare rates, lender fees, and loan terms. Don’t discount customer service and lender responsiveness—both play key roles in smooth mortgage approval.

Types of lenders to consider:

• Local banks and credit unions (often better understanding of Staten Island market)
• National banks (competitive rates, established processes)
• Mortgage brokers (shop multiple lenders for you)
• Online lenders (potentially lower rates, less personal service)

Fixed vs. Adjustable Rate Mortgages (ARMs)

30-Year Fixed:

• Same rate for entire loan
• Predictable monthly payment
• Higher initial rate than ARMs
• Best in rising rate environments

15-Year Fixed:

• Lower interest rate than 30-year
• Higher monthly payment
• Build equity faster
• Pay significantly less total interest

Adjustable Rate (ARM):

• Lower initial rate (often 1-2% below fixed)
• Rate adjusts after initial period (5, 7, or 10 years typically)
• Can increase significantly
• Risky if you can’t afford potential increases

Need help navigating mortgage options? Robert DeFalco Realty partners with experienced local lenders who specialize in first-time buyer financing and Staten Island market conditions.

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Understanding the True Cost of Homeownership in Staten Island

Beyond your monthly mortgage payment, budget for ongoing expenses that significantly impact affordability.

Staten Island Property Taxes

Property taxes in Staten Island are generally lower than in the rest of NYC, but they’re still substantial. As of 2024, the effective property tax rate in Staten Island is around 0.8% of the property’s assessed value.

How Property Taxes Are Calculated:

Your actual tax amount depends on:

• Property’s assessed value
• Tax class (most single-family homes fall under Class 1 with the lowest rate)
• Exemptions you qualify for

Example Calculation:

• Home purchase price: $700,000
• Assessed value: $700,000 × 0.8% = $5,600 annually (~$467/month)

Note: NYC has a complex property tax system with different tax classes, so consult with your real estate attorney for precise estimates on specific properties.

STAR Program (School Tax Relief)

New York’s STAR program provides property tax relief for primary residences. Basic STAR is available to homeowners with household incomes below $500,000, while Enhanced STAR offers additional savings for seniors 65+ with income below $92,000.

Mansion Tax

For properties sold at $1 million or more, be aware of the Mansion Tax. The rate starts at 1% and increases progressively with purchase price, reaching up to 3.9% for properties over $25 million.

On a $1.2 million home: Mansion Tax = $12,000-$14,400 (1-1.2%)

Homeowners Insurance

Homeowners insurance is mandatory if you have a mortgage and crucial for protecting your investment.

Standard Coverage Includes:

• Dwelling structure protection
• Personal property coverage
• Liability coverage
• Additional living expenses if temporarily displaced

Staten Island-Specific Considerations:

Given Staten Island’s coastal location, ensure your policy adequately covers wind and storm damage. Standard homeowners insurance doesn’t cover flood damage—you’ll need separate flood insurance.

Average Costs:
Annual homeowners insurance in Staten Island: $1,200-$2,500 depending on:

• Home value and rebuild cost
• Coverage limits and deductibles
• Home age and condition
• Security features
• Claims history

Pro tip: Shop around for insurance. Rates vary significantly between providers, so compare quotes from multiple insurers. Don’t just focus on premiums—examine coverage limits and deductibles.

Flood Insurance Requirements

Flood insurance is a critical consideration for Staten Island homebuyers. Many areas, especially near the coast, are in designated flood zones. If your home is in a high-risk flood area and you have a mortgage from a federally regulated lender, flood insurance is required.

Understanding Flood Zones:

• Check FEMA flood maps for property location
• Ask your real estate agent for flood zone determination
• Even properties not in high-risk zones may benefit from coverage

Remember: just because a home hasn’t flooded in the past doesn’t mean it won’t in the future. Climate change is increasing flood risks in many areas, so it’s better to be protected.

Flood Insurance Costs:

• Annual premiums: $400-$2,000+ depending on flood risk and coverage
• Higher deductibles reduce premiums
• Elevation certificates may lower rates

Hidden Homeownership Costs to Budget

Beyond mortgage, taxes, and insurance, prepare for:

Maintenance and Repairs:

• Annual cost: 1-2% of home value
• On $700,000 home: $7,000-$14,000/year
• Includes HVAC service, plumbing, roofing, appliances, painting

Utilities:

• Electricity: $150-$300/month
• Gas/heating: $100-$250/month (higher in winter)
• Water/sewer: $80-$150/month
• Internet/cable: $100-$200/month

HOA/Condo Fees (if applicable):

• Condos: $200-$800/month
• Covers building maintenance, amenities, insurance

Landscaping/Snow Removal:

• DIY: Equipment costs
• Professional: $50-$200/month seasonal

Total Monthly Homeownership Cost Example (on $700,000 home with $70,000 down):

• Mortgage (principal & interest at 6.5%): ~$3,980
• Property taxes: ~$467
• Homeowners insurance: ~$150
• Flood insurance: ~$100
• PMI: ~$300
• Maintenance reserve: ~$580
• Utilities: ~$500
• Total: ~$6,077/month

This is why lenders evaluate debt-to-income ratios—ensuring you can comfortably afford true ownership costs, not just the mortgage payment.

Want a personalized cost breakdown for specific properties? Contact Robert DeFalco Realty. We’ll help you understand the complete financial picture before you commit and connect you with resources about closing day expectations.

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10 Critical Mistakes First-Time Staten Island Homebuyers Must Avoid

Learning from others’ errors saves you thousands of dollars and tremendous stress. Here are the most common first-time buyer mistakes—and how to sidestep them.

1. Skipping Pre-Approval

In today’s tight market, not having a mortgage pre-approval when viewing homes can lead to sellers not taking your offer seriously, especially when they have multiple offers. You might also waste time viewing homes you can’t afford.

Solution: Get fully underwritten pre-approval before house hunting. This proves you’re a serious buyer whose credit and finances qualify for financing.

2. Making Major Financial Changes During the Process

From pre-approval to closing, any new loans or credit card accounts on your credit report can jeopardize closing and final loan approval. Buyers, especially first-timers, often learn this lesson the hard way.

Avoid:

• Opening new credit cards
• Closing existing credit accounts
• Making large purchases on credit
• Changing jobs or employment status
• Co-signing loans for others
• Making large cash deposits without documentation

Solution: Maintain financial status quo from pre-approval through closing. Pay existing bills on time and in full, keep balances below 30% of credit limits, and consult your lender before any financial changes.

3. Underestimating Closing Costs

Attaining an iron-clad estimate regarding closing costs isn’t always easy because fees vary and no two home purchases are the same. However, it’s important to have a basic idea of how much you’ll owe on closing day.

Reality: Closing costs in Staten Island typically range from 2-5% of purchase price. On a $700,000 home, that’s $14,000-$35,000.

Solution: Request a Loan Estimate from your lender early. Budget conservatively and maintain a cash cushion beyond the minimum required.

4. Waiving Home Inspection to Win a Bidding War

In competitive markets, some buyers waive inspection to make offers more attractive. This is a risky move that might lead to costly surprises down the road.

Always get a home inspection in Staten Island, which has unique considerations like flood zones requiring professional evaluation.

What inspections reveal:

• Foundation problems ($10,000-$100,000+ to repair)
• Roof issues ($5,000-$25,000 replacement)
• Mold and water damage ($2,000-$30,000 remediation)
• Electrical hazards (safety issues, insurance problems)
• HVAC failures ($5,000-$15,000 replacement)

Solution: Never waive inspection. If a seller won’t accept an inspection contingency, walk away—the risk isn’t worth it. Learn more about why Staten Island home inspections matter.

5. Buying Based on Emotions, Not Logic

Sure, you want a home that checks items off your wish list and meets your needs. But buying purely based on cosmetics can be short-sighted if you’re purchasing in a neighborhood you dislike or an area that proves inconvenient.

Solution: Create a prioritized list of must-haves before shopping. Stick to your criteria and budget. Remember: you can change paint colors and fixtures, but you can’t change location.

6. Not Shopping Around for Mortgages

Shopping around with multiple lenders for a mortgage is often overlooked, especially by first-time buyers. But skipping this process can be costly. Even a small difference in interest rate amounts to thousands of dollars saved over the loan term.

Example: On a $630,000 loan (30-year fixed):

• At 6.5%: Monthly payment = $3,979 (Total interest: $802,440)
• At 6.0%: Monthly payment = $3,773 (Total interest: $728,280)
• Savings with 0.5% lower rate: $74,160 over life of loan

Solution: Consult at least three different lenders. Get rate quotes on the same day for accurate comparison. Evaluate rates, fees, and loan terms together.

7. Forgetting About the Neighborhood

When you find a house that feels like home, it’s easy to get swept up in excitement. However, it’s crucial to look beyond the property and consider the surrounding neighborhood. You’re not just buying a house—you’re becoming part of a community.

Research before buying:

• Visit at different times (weekday/weekend, day/night)
• Talk to potential neighbors
• Check school ratings (even without kids—affects resale)
• Review crime statistics
• Assess commute during rush hour
• Identify nearby amenities and services
• Research planned development projects

Solution: Spend time in the neighborhood before committing. Drive the commute, walk the streets, visit local businesses.

8. Maxing Out Your Budget

Many first-time homeowners face the crushing reality that they can’t afford their dream home. Mortgage lenders try not to approve homes above your means because the novelty of scrimping every last penny wears off quickly and makes homeownership a burden.

Just because you’re approved for $800,000 doesn’t mean you should spend it all.

Solution: Remember that most homeowners start with something affordable and work their way up to their dream home over several years or decades. Leave room in your budget for emergencies, lifestyle, and savings.

9. Ignoring First-Time Buyer Programs

A lot of buyers are unaware of different types of low-interest and/or forgivable loans and grant programs to help first-time buyers. Saving for a down payment is often the biggest challenge.

Available assistance in Staten Island:

• HomeFirst: Up to $100,000 in forgivable down payment assistance
• SONYMA programs: Low-interest mortgages and $30,000 down payment loans
• FHA loans: 3.5% down payment options

Solution: Research assistance programs early. Work with approved counseling agencies like Neighborhood Housing Services of Staten Island (718-442-8080) to access all available resources.

10. Rushing the Process

While it’s natural to feel excited and eager to find your dream home, taking your time leads to a more successful and satisfying home-buying experience. Moving quickly through the process leads to overlooking important details or making impulsive choices.

Solution: Be patient and thoughtful throughout the process. Carefully consider each aspect—from property inspections to loan terms. When you’re not rushed, you have more leverage in negotiations and minimize buyer’s remorse.

Avoid these costly mistakes with expert guidance. Contact Robert DeFalco Realty to work with agents who’ve helped thousands of first-time buyers navigate the Staten Island market successfully.

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Why Choose Robert DeFalco Realty for Your First Home Purchase

For over 30 years, Robert DeFalco Realty has ranked #1 in Staten Island real estate for sales, service, and reputation. Since our inception in 1987, we’ve expanded to 5 brokerage locations serving Staten Island, Brooklyn, Manhattan, Queens, Long Island, and New Jersey, with over 400 real estate professionals equipped to handle any transaction.

Specialized First-Time Buyer Expertise

First-time homebuyers face unique challenges and questions. Our agents specialize in:

• Explaining the process in clear, jargon-free language
• Connecting you with down payment assistance programs
• Recommending trusted local lenders, attorneys, and inspectors
• Identifying neighborhoods matching your budget and lifestyle
• Negotiating competitive offers in tight inventory situations
• Guiding you through every document and decision

Unmatched Local Knowledge

As Staten Island’s market leader, we know every neighborhood intimately—from emerging areas like Port Richmond and Stapleton to established communities like Great Kills and Tottenville. We understand:

• Which streets offer best value
• School district boundaries and quality
• Flood zones and environmental considerations
• Upcoming development projects
• Historical price trends
• Neighborhood character and demographics

Comprehensive Services

Beyond finding your home, we provide:

• Market Analysis: Real-time data on comparable sales and pricing
• Program Access: Connections to HomeFirst, SONYMA, and local assistance agencies
• Professional Network: Vetted lenders, attorneys, inspectors, and contractors
• Negotiation Power: Decades of experience securing favorable terms
• Transaction Management: We handle logistics, paperwork, and timelines
• Post-Purchase Support: Ongoing resources and community connections

No-Pressure, Education-First Approach

We believe informed buyers make confident decisions. That’s why we:

• Never pressure you into offers
• Provide honest assessments of properties
• Respect your budget and timeline
• Educate you about the process
• Prioritize your long-term success over quick commissions

Ready to Start Your Journey?

Whether you’re just beginning to explore homeownership or ready to start house hunting today, Robert DeFalco Realty is here to help.

Contact Us Today:

• Website: www.defalcorealty.com
• Office Locations: 5 convenient Staten Island and tri-state locations

Your first home is waiting. Let’s find it together.

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First-Time Homebuyer FAQs: Your Staten Island Questions Answered

Q: How much money do I need to buy a home in Staten Island?

A: At minimum, budget for:

• Down payment: 3.5-20% of purchase price ($24,500-$140,000 on a $700,000 home)
• Closing costs: 2-5% of purchase price ($14,000-$35,000)
• Reserve funds: 3-6 months of expenses recommended

However, down payment assistance programs like HomeFirst can provide up to $100,000, dramatically reducing your upfront cash needs.

Q: What credit score do I need?

A: Requirements vary by loan type: Conventional loans typically require 620 minimum (780+ for best rates), FHA loans accept 580 for 3.5% down (or 500-579 with 10% down), and VA loans generally require around 620.

Q: How long does the home buying process take in Staten Island?

A: Typically 4-6 months total from beginning your search to closing, though this varies based on market conditions, your preparedness, and seasonal factors. The actual closing process takes 60-90 days from offer acceptance.

Q: Are Staten Island property taxes high?

A: Compared to Manhattan and Brooklyn, Staten Island property taxes are generally lower. The effective rate is around 0.8% of assessed value—still substantial but more affordable than other NYC boroughs.

Q: Do I need flood insurance in Staten Island?

A: Many Staten Island areas, especially near the coast, are in flood zones. If your home is in a high-risk area and you have a federally-backed mortgage, flood insurance is required. Even outside high-risk zones, coverage is recommended given Staten Island’s coastal location.

Q: What’s the best neighborhood for first-time buyers?

A: It depends on your priorities:

• Budget-conscious: Port Richmond, Graniteville, Tompkinsville ($520K-$590K median)
• Manhattan commuters: St. George, Tompkinsville (ferry access)
• Families: Great Kills, Annadale, Tottenville (schools, parks)
• Central location: New Dorp (shopping, mixed housing)

Q: Should I work with a real estate agent?

A: Absolutely. Buyer agents work in your best interest at no direct cost to you (sellers typically pay commissions). They provide market knowledge, negotiation expertise, and process guidance crucial for first-timers.

Q: Can I really get $100,000 in down payment assistance?

A: Yes—the HomeFirst Down Payment Assistance Program offers up to $100,000 in forgivable loans for qualified first-time buyers. You must meet income limits (80% AMI or below), complete homebuyer education, and contribute a minimum 3% down payment from your own funds.

Q: What if I’m competing against multiple offers?

A: Strengthen your offer with:

• Full pre-approval (not just pre-qualification)
• Larger earnest money deposit
• Flexible closing timeline
• Limit contingencies (but never waive inspection!)
• Personal letter to sellers
• Work with an experienced agent who knows how to structure competitive offers

Q: Should I buy now or wait for prices to drop?

A: Staten Island median home prices rose 7.6-10.3% year-over-year in 2025. Trying to time the market is difficult. Instead, focus on:

• Can you afford monthly payments comfortably?
• Do you plan to stay 5+ years?
• Are current interest rates acceptable?
• Does homeownership align with your life goals?

If answers are yes, buying sooner typically beats waiting, as rent continues rising and you begin building equity immediately.

Q: What happens if my offer is rejected?

A: The first offer you submit won’t always be accepted. It could take several negotiations to secure a home, or you may lose properties to other buyers. Be patient and trust your real estate agent. Review what didn’t work, adjust strategy, and keep looking. The right home will come.

More Questions?

Contact Robert DeFalco Realty for personalized answers to your specific situation. We’re here to guide you every step of the way.

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Your Staten Island Homeownership Journey Starts Now

Buying your first home in Staten Island is more than a real estate transaction—it’s a significant life milestone that opens doors to wealth building, community belonging, and personal satisfaction.

Throughout this guide, you’ve discovered:

• Why Staten Island offers exceptional value for first-time buyers compared to other NYC boroughs
• How to access up to $100,000 in down payment assistance through HomeFirst and SONYMA programs
• The best neighborhoods matching different budgets, lifestyles, and priorities
• Step-by-step process expectations and realistic timelines
• Financing options from FHA to conventional to VA loans
• True costs of ownership beyond the mortgage payment
• Critical mistakes to avoid and expert tips for success

Yes, the process requires effort, patience, and careful planning. But the rewards—building equity, gaining stability, and creating a home truly yours—make every step worthwhile.

Your Next Steps:

1. Check your credit score and review your credit report for errors
2. Calculate your budget realistically, including all ownership costs
3. Research assistance programs and schedule homebuyer education
4. Get pre-approved for a mortgage with at least three lenders
5. Connect with Robert DeFalco Realty for expert guidance and neighborhood tours
6. Start exploring neighborhoods that match your lifestyle and budget
7. Begin house hunting with confidence and clear priorities

Remember: Most homeowners start with something affordable and work their way up to their dream home over several years or decades. Your first home doesn’t need to be perfect—it needs to be a smart financial decision that serves your current needs and future goals.

Staten Island’s combination of relatively affordable pricing, diverse neighborhoods, strong communities, and NYC connectivity creates unique opportunities for first-time buyers willing to take the leap.

The question isn’t whether you can buy a home in Staten Island—with the right preparation and guidance, you absolutely can. The real question is: Are you ready to stop paying someone else’s mortgage and start building your own equity?

Take the First Step Today

Robert DeFalco Realty has helped thousands of first-time buyers achieve Staten Island homeownership over our 30+ year history. We’re Staten Island’s #1 real estate firm because we prioritize your success, provide honest guidance, and leverage unmatched local expertise.

Schedule your free first-time buyer consultation:

• Visit: www.defalcorealty.com
• Contact: Robert DeFalco Realty

Your Staten Island home is waiting. Let’s find it together.