The Best Mortgage Lenders in Farmington, NY
Compare verified mortgage lenders serving Farmington, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Farmington
Featured Mortgage Lenders
ESL Federal Credit Union
ESL Federal Credit Union
ESL Federal Credit Union is a highly respected lender in the Rochester region, serving Farmington with top-tier customer service and competitive mortgage solutions. With over a century of experience, they boast exceptional ratings for their personalized approach, community involvement, and wide range of loan products, making them a trusted choice for homebuyers seeking reliability and local expertise.
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M&T Bank
M&T Bank Corporation
M&T Bank is a stalwart regional institution with a strong footprint in Western New York, including Farmington. Known for its stability and customer-focused services, they offer diverse mortgage options with competitive rates and have built a reputation for dependable lending practices and local branch support, ensuring borrowers receive attentive guidance throughout the home financing process.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a nationally recognized lender with a strong local presence in the Rochester area, serving Farmington homebuyers. Praised for their efficient processing, competitive rates, and extensive loan programs, they consistently earn high marks for customer satisfaction and have a proven track record of making the mortgage experience smooth and accessible for a variety of borrowing needs.
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Frequently Asked Questions
Common questions about mortgage lending in Farmington, NY
What are the current mortgage rates like in Farmington, NY, and how do they compare to the national average?
Mortgage rates in Farmington, NY, are typically very close to the national average, as it's part of the broader Rochester metropolitan statistical area (MSA). However, specific rates can vary based on the lender, loan type, and your financial profile. It's advisable to shop around with local credit unions and regional banks, as they may offer competitive terms for properties in Ontario County.
Are there any special first-time homebuyer programs available specifically for Farmington, NY, residents?
Yes, first-time homebuyers in Farmington can access the "Achieving the Dream" program offered by the New York State Homes and Community Renewal (HCR). This provides down payment assistance and competitive interest rates. Additionally, the Ontario County Home Fund may offer grants to eligible buyers purchasing within the county, including Farmington, to help with closing costs and down payments.
How does Farmington's location in the Finger Lakes region affect property taxes and mortgage lending considerations?
Farmington is in Ontario County, which generally has property tax rates that are moderate for the region but can be a significant part of your monthly housing cost. Lenders will carefully factor these taxes into your debt-to-income ratio. It's crucial to get an accurate tax estimate during the pre-approval process, as taxes can vary between the town and the local school district (Victor Central School District).
What type of property appraisals are common for mortgages in Farmington, given its mix of newer subdivisions and rural land?
Appraisals in Farmington must account for its diverse property types, from newer homes in planned communities like those near the Finger Lakes Gaming & Racetrack to older farmhouses on larger lots. Appraisers will look for comparable sales ("comps") primarily within the town or nearby Victor to establish value, which can be challenging for unique rural properties, potentially affecting loan approval timelines.
Are USDA Rural Development loans a viable option for mortgages in Farmington, NY?
Yes, parts of Farmington, NY, are eligible for USDA Rural Development loans, which offer 100% financing (no down payment). This can be an excellent option for eligible buyers looking at properties in the more rural sections of the town. You should check the USDA eligibility map for the specific property address, as not all areas of Farmington may qualify due to its proximity to the suburban Victor corridor.
Nearby Cities
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Why Choose a Mortgage Lender in Farmington?
Local Market Knowledge
Lenders who understand Farmington'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 Farmington and get competitive rates on your home loan.