The Best Mortgage Lenders in Floral Park, NY
Compare verified mortgage lenders serving Floral Park, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Floral Park
Featured Mortgage Lenders
Bethpage Federal Credit Union Mortgage Department
Bethpage Federal Credit Union
As one of New York's largest credit unions with deep roots in Long Island, Bethpage FCU consistently ranks among the top mortgage lenders in the Floral Park area. They offer highly competitive rates to members, exceptional customer service with local loan officers who understand Nassau County's real estate market, and a comprehensive range of loan products. Their long-standing community presence and commitment to member satisfaction make them a trusted choice for Floral Park homebuyers seeking personalized service and financial expertise.
Loan Types:
CrossCountry Mortgage Long Island
CrossCountry Mortgage, LLC
With a strong local presence in Garden City just minutes from Floral Park, CrossCountry Mortgage has built an exceptional reputation for mortgage lending throughout Nassau County. Their team of experienced local loan officers provides personalized service and deep knowledge of the Floral Park housing market. They excel at navigating complex transactions and offer competitive rates with a wide variety of loan programs. The company receives consistently outstanding reviews for their responsiveness, expertise, and ability to close loans efficiently.
Loan Types:
NYCB Mortgage Company
New York Community Bank
With deep roots in the New York metropolitan area and multiple branches serving Nassau County, NYCB has established itself as a premier mortgage lender for Floral Park residents. They offer specialized knowledge of local market conditions and provide competitive mortgage products tailored to the New York housing landscape. Their experienced loan officers understand the unique aspects of Floral Park properties and provide personalized guidance through the entire mortgage process. The bank's longstanding community presence and commitment to customer service make them a reliable choice for home financing.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Floral Park, NY
Are there any special mortgage programs for first-time homebuyers in Floral Park, NY?
Yes, Floral Park homebuyers can access New York State programs like the SONYMA Achieving the Dream loan, which offers competitive rates and down payment assistance. Additionally, Nassau County offers its own Homeownership Program for first-time buyers, which can provide down payment and closing cost assistance, making it easier to afford a home in this high-cost area.
How do property taxes in Floral Park impact my mortgage qualification and monthly payment?
Floral Park's property taxes are a significant factor, as Nassau County has some of the highest property taxes in the nation. Lenders will include your estimated annual tax bill (often $12,000-$20,000+ for a typical home) in your debt-to-income ratio calculation. Your monthly mortgage payment will include a substantial escrow portion for taxes, which can sometimes equal or exceed the principal and interest payment itself.
What is the typical down payment needed for a home in Floral Park's competitive market?
While 20% down is ideal to avoid private mortgage insurance (PMI), the competitive market often sees buyers putting down 10-15%. For the median home price in Floral Park, this means a down payment of $100,000 to $150,000 or more. Strong offers often include higher down payments to demonstrate financial stability to sellers.
Are there specific lenders or credit unions in Floral Park that have expertise with local co-op apartments?
Yes, while Floral Park is predominantly single-family homes, nearby co-ops require specialized lending. Local institutions like Flushing Bank and Bethpage Federal Credit Union have extensive experience with Long Island co-op financing. They understand the unique requirements, such as board approval processes and proprietary lease structures, which many national lenders may not handle.
How does being in a flood zone (like parts of Floral Park) affect the mortgage process?
Several areas in Floral Park, especially near the Floral Park Pond and drainage basins, are in FEMA-designated flood zones. This will require you to purchase flood insurance as a mandatory condition of your mortgage loan. Your lender will order a flood certification, and the cost of this insurance (which can be $1,000-$3,000+ annually) must be included in your total monthly housing expense calculation.
Nearby Cities
Explore mortgage lenders in cities near Floral Park, NY
Why Choose a Mortgage Lender in Floral Park?
Local Market Knowledge
Lenders who understand Floral Park'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 Floral Park and get competitive rates on your home loan.