The Best Mortgage Lenders in Coram, NY
Compare verified mortgage lenders serving Coram, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Coram
Featured Mortgage Lenders
Michael D'Agostino
Teachers Federal Credit Union
Teachers Federal Credit Union stands as one of Long Island's most trusted mortgage lenders with deep roots in Suffolk County. While headquartered in Hauppauge, they extensively serve the Coram community with personalized mortgage solutions. Their exceptional 4.8 rating reflects consistent customer satisfaction, competitive rates, and local expertise. As a member-owned financial cooperative, they prioritize member needs over profits, offering comprehensive guidance through the entire mortgage process. Their mortgage specialists provide tailored solutions for first-time homebuyers, veterans, and those seeking refinancing options.
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John Romano
Flagstar Bank
Flagstar Bank maintains a strong physical presence in the Coram area with their nearby Selden branch, making them easily accessible for local homeowners. With over three decades in business, they've built a reputation for reliable service and competitive mortgage products. Their 4.7 rating demonstrates consistent customer satisfaction, particularly noted for their efficient processing and knowledgeable local loan officers. Flagstar offers a comprehensive range of mortgage options including specialized programs for veterans and rural homebuyers, backed by robust digital tools that streamline the application process.
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Robert Santoro
CrossCountry Mortgage
CrossCountry Mortgage has established itself as a premier mortgage provider in the Long Island market, serving Coram residents with exceptional dedication. Their outstanding 4.9 rating reflects their commitment to personalized service and competitive financing solutions. With nearly two decades of industry experience, they've developed expertise in navigating the unique Long Island real estate market. Local borrowers praise their responsive communication, flexible loan options, and ability to close loans efficiently. Their Melville location provides convenient access for Suffolk County clients while maintaining strong relationships with local real estate professionals.
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Frequently Asked Questions
Common questions about mortgage lending in Coram, NY
Are there any special mortgage programs for first-time homebuyers in Coram, NY?
Yes, Coram homebuyers can access New York State's SONYMA (State of New York Mortgage Agency) programs, which offer low down payments, competitive interest rates, and down payment assistance. Additionally, Suffolk County offers the "Homebuyer Dream Program" which can provide up to $14,999 in down payment and closing cost assistance for eligible buyers purchasing within the county, including Coram.
How do property taxes in Coram impact my mortgage qualification and monthly payment?
Suffolk County property taxes are relatively high, and Coram is within the Middle Country School District, which has a significant tax levy. Lenders will factor these taxes into your debt-to-income ratio, and your monthly mortgage payment will include a sizable escrow portion for taxes. It's crucial to get a clear estimate of the annual tax bill on any property, as it can add several hundred dollars to your monthly payment.
What is the typical down payment needed for a home in Coram's current market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Coram utilize conventional loans with 3-5% down or FHA loans with 3.5% down, especially given the area's median home prices. With competitive bidding still common, a stronger down payment (10-20%) can make your offer more attractive to sellers compared to offers with minimal down payments.
Are there specific mortgage considerations for purchasing a condo in Coram?
Yes, financing a condo in Coram requires the condominium project itself to be approved by the lender. Many older condo complexes in the area may not be on FHA or VA approved lists, limiting your loan options. You'll also need to factor the monthly condo fee into your debt-to-income ratio, and lenders will review the HOA's financial health and insurance coverage.
How do flood zones in parts of Coram affect the mortgage process?
Several areas in Coram, particularly those near the Carmans River or connected waterways, are in designated flood zones. If your property is in a Special Flood Hazard Area, your lender will require you to purchase flood insurance as a condition of the mortgage. This is a separate, mandatory policy that adds to your closing costs and ongoing monthly housing expenses, so a proper flood zone determination is an essential early step.
Why Choose a Mortgage Lender in Coram?
Local Market Knowledge
Lenders who understand Coram'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 New York.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Coram and get competitive rates on your home loan.