The Best Mortgage Lenders in Amherst, MA
Compare verified mortgage lenders serving Amherst, Massachusetts. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Amherst
Featured Mortgage Lenders
UMassFive College Federal Credit Union
UMassFive College Federal Credit Union
UMassFive College Federal Credit Union stands out as one of the top mortgage lenders serving Amherst due to its deep community roots and exceptional member service. As a local credit union originally founded to serve the Five College community, they have extensive experience with the unique real estate market in the Pioneer Valley. They offer highly competitive rates, personalized service, and specialized first-time homebuyer programs. Their mortgage advisors provide comprehensive guidance through the entire homebuying process, and their local underwriting allows for faster decisions. With numerous local branches and deep community involvement, they consistently receive outstanding reviews for their knowledgeable staff and commitment to member satisfaction.
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Florence Bank
Florence Bank
Florence Bank has been serving Western Massachusetts communities for over a century and maintains a strong presence in the Amherst area. This community-focused bank combines the stability of a long-established institution with personalized, local decision-making. They offer a comprehensive range of mortgage products with competitive rates and flexible terms. Their mortgage specialists are praised for their expertise in navigating complex real estate transactions and providing exceptional customer service. Florence Bank's deep understanding of the local market dynamics in Hampshire County, combined with their commitment to community development, makes them a preferred choice for Amherst homebuyers seeking reliable, locally-based mortgage services.
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New England Funding
New England Funding
New England Funding is a highly-rated local mortgage broker with physical offices in Amherst, providing personalized mortgage services directly to the community. As a mortgage brokerage, they have access to multiple lenders and can shop for the best rates and terms on behalf of their clients. They specialize in navigating complex financing situations and have particular expertise with the unique aspects of the Amherst real estate market, including properties near the university campuses. Their team receives exceptional reviews for their responsiveness, transparency throughout the process, and ability to secure favorable terms for buyers. Their local presence ensures they understand neighborhood-specific market conditions and can provide face-to-face service throughout the mortgage process.
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Frequently Asked Questions
Common questions about mortgage lending in Amherst, MA
Are there any first-time homebuyer programs specific to Amherst, MA that can help with down payments?
Yes, the Massachusetts Housing Partnership's ONE Mortgage Program is popular in Amherst and offers a low down payment (as little as 3%), reduced mortgage insurance, and a competitive interest rate. Additionally, the town may occasionally offer local down payment assistance programs, so it's wise to check with the Amherst Community Development office for any current offerings.
How do student populations from UMass Amherst and the colleges impact the local mortgage and housing market?
The large student population creates strong rental demand, which can make investment properties appealing but also increases competition for single-family homes, particularly those near campus. This can lead to higher purchase prices and multiple-offer situations, so securing mortgage pre-approval is crucial for buyers to compete effectively in this dynamic market.
What are typical property tax rates in Amherst, and how do they affect my monthly mortgage payment?
Amherst's property tax rate is currently around $19-20 per $1,000 of assessed value, which is moderately high for Massachusetts. Lenders will include these taxes in your monthly escrow payment, so when calculating affordability, factor in an additional $4,000-$6,000+ annually for a median-priced home, impacting your total monthly mortgage obligation.
Are there special energy efficiency or green mortgage incentives available for Amherst homeowners?
Yes, through Mass Save® and other state programs, Amherst homeowners can access HEAT loans for energy-efficient upgrades, which offer 0% interest financing for 7 years. Some lenders also offer Energy Efficient Mortgages (EEMs) that allow you to finance cost-effective improvements into your primary mortgage, which is beneficial given Amherst's focus on sustainability.
How does Amherst's unique zoning and historic district regulations affect the mortgage process?
If you're buying in Amherst's historic districts or a home with potential preservation restrictions, lenders may require additional inspections or appraisals to ensure the property meets standards. It's important to work with a local lender familiar with these requirements, as non-compliance could affect loan approval or future property modifications.
Why Choose a Mortgage Lender in Amherst?
Local Market Knowledge
Lenders who understand Amherst'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 Massachusetts.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Amherst and get competitive rates on your home loan.