The Best Mortgage Lenders in Nantucket, MA
Compare verified mortgage lenders serving Nantucket, Massachusetts. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Nantucket
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender renowned for its innovative digital platform, competitive rates, and exceptional customer service. With over two decades of experience, they offer a wide array of loan products and have a strong track record in Massachusetts, including serving Nantucket borrowers through online and remote services. Their high customer satisfaction ratings and efficient processing make them a preferred choice for many homebuyers.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly-regarded lender known for its customer-centric approach and community focus. Founded in 2008, they provide streamlined mortgage solutions with an emphasis on transparency and speed. They serve Nantucket through their national network, offering competitive rates and personalized support, backed by strong reviews for reliability and borrower satisfaction.
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Cape Cod Five Cents Savings Bank
Cape Cod Five Cents Savings Bank
As a longstanding local institution, Cape Cod Five has served Nantucket and the surrounding region for over a century, offering deep community ties and personalized mortgage services. They are highly rated for their competitive rates, expertise in coastal property financing, and commitment to customer satisfaction. With a physical branch in Nantucket, they provide convenient, trusted support for homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Nantucket, MA
How does Nantucket's unique island location and high property values impact mortgage lending requirements?
Nantucket's status as an island with extremely high property values means lenders often require more extensive documentation and may have stricter underwriting standards. You'll typically need stronger credit profiles and larger down payments, as median home prices far exceed mainland Massachusetts averages. Some lenders may even consider these loans "non-conforming" due to the high loan amounts needed.
Are there any special mortgage programs available for year-round Nantucket residents versus seasonal buyers?
Yes, Massachusetts offers specific programs like the ONE Mortgage program that can benefit year-round residents, particularly first-time buyers with moderate incomes. Seasonal or second-home buyers typically don't qualify for these programs and will need conventional financing, often with higher down payment requirements of 20% or more given Nantucket's vacation home market.
What should I know about Nantucket's property tax rates when calculating my total housing costs?
Nantucket has a relatively low property tax rate compared to other Massachusetts communities, currently around $3.73 per $1,000 of assessed value. However, given the island's high property values, the actual dollar amount of property taxes can be substantial and should be carefully factored into your debt-to-income ratio calculations when applying for a mortgage.
How do seasonal income fluctuations affect mortgage qualification for Nantucket's hospitality and service industry workers?
Lenders will typically average your income over two years and may require additional documentation to account for seasonal variations. If you work in Nantucket's tourism-driven economy, be prepared to provide detailed income history, tax returns, and possibly proof of consistent seasonal employment patterns to demonstrate stable earning capacity.
Are there any special considerations for financing historic homes in Nantucket's protected districts?
Financing historic properties in Nantucket's protected districts may require additional inspections and potentially higher insurance costs. Lenders might have specific requirements regarding the property's condition and any preservation restrictions. It's advisable to work with lenders familiar with Nantucket's historic preservation guidelines and the potential maintenance costs associated with older homes.
Nearby Cities
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Why Choose a Mortgage Lender in Nantucket?
Local Market Knowledge
Lenders who understand Nantucket'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 Nantucket and get competitive rates on your home loan.