The Best Mortgage Lenders in Downey, CA
Compare verified mortgage lenders serving Downey, California. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Downey
Featured Mortgage Lenders
Mortgage Advisor Team
Union Home Mortgage
Union Home Mortgage's Downey office is consistently rated as one of the top mortgage lenders in the area, with exceptional customer satisfaction ratings. They specialize in personalized service for both purchase and refinance transactions, offering competitive rates and a streamlined process. Their team has deep local market knowledge and strong relationships with real estate professionals throughout Southeast Los Angeles County, making them a preferred choice for Downey homebuyers.
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Member Services
SchoolsFirst Federal Credit Union
As one of California's largest credit unions, SchoolsFirst FCU serves Downey residents with exceptional mortgage products and member-focused service. While originally serving education professionals, they now welcome many Downey residents through family eligibility. They offer highly competitive rates, low fees, and personalized guidance throughout the mortgage process. Their strong financial stability and member-owned structure provide significant advantages over traditional banks.
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Loan Officer Team
CrossCountry Mortgage
CrossCountry Mortgage's Cerritos location serves the Downey market with excellent reputation for competitive rates and exceptional customer service. They offer a wide range of loan programs including specialized options for first-time homebuyers and self-employed borrowers. Their local team provides personalized attention and quick turnaround times, with strong expertise in Southern California's unique real estate market conditions and property types common in Downey.
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Frequently Asked Questions
Common questions about mortgage lending in Downey, CA
What are the current mortgage rates like for homebuyers in Downey, CA?
Mortgage rates in Downey typically align with national averages but can vary based on lender competition in the Los Angeles County market. As of 2024, rates for 30-year fixed mortgages in Downey generally range between 6.5-7.5%, though local credit unions sometimes offer more competitive rates. It's wise to compare multiple Downey-based lenders and monitor how the Southern California housing market influences rate trends.
Are there any first-time homebuyer programs specifically available in Downey?
Yes, Downey homebuyers can access several California-first-time homebuyer programs like the CalHFA FHA loan and MyHome Assistance Program, which provide down payment assistance. Additionally, the City of Downey occasionally partners with local nonprofits to offer homebuyer education workshops and grants. These programs are particularly valuable given Downey's median home prices, which often exceed $700,000.
How does Downey's competitive housing market affect mortgage pre-approval requirements?
Given Downey's highly competitive real estate market, sellers typically expect buyers to have full mortgage pre-approval (not just pre-qualification) from reputable lenders. Local agents recommend obtaining pre-approval letters that specifically mention your ability to afford Downey's current price range of $700,000-$900,000 for single-family homes. Strong pre-approvals with verified funds are essential to compete with cash offers common in the area.
What unique closing costs should I expect when getting a mortgage in Downey?
Beyond standard closing costs, Downey homebuyers should budget for Los Angeles County transfer taxes, which typically amount to $1.10 per $1,000 of sale price. You'll also encounter higher title insurance costs compared to national averages due to California's regulatory environment. Some Downey neighborhoods may require specific inspections or certifications, adding $500-$1,000 to typical closing costs.
Are there special mortgage considerations for purchasing older homes in Downey's historic neighborhoods?
Yes, many Downey homes in neighborhoods like Downtown or the historic district were built before 1970, which may require specialized FHA 203(k) renovation loans or conventional HomeStyle loans. Lenders often require additional inspections for older properties, particularly checking for updated electrical, plumbing, and foundation systems. Some local lenders offer specific loan products tailored to Downey's mix of mid-century and Spanish-style homes.
Why Choose a Mortgage Lender in Downey?
Local Market Knowledge
Lenders who understand Downey's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in California.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Downey and get competitive rates on your home loan.