The Best Mortgage Lenders in Franklin, NY
Compare verified mortgage lenders serving Franklin, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Franklin
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender known for its exceptional customer service, competitive rates, and personalized approach. With over 28 years in business, they have a strong presence in New York and consistently receive high marks for their wide range of loan options and efficient closing processes. They serve Franklin and surrounding areas through local offices and online services, making them a reliable choice for homebuyers in rural communities.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly regarded mortgage lender with a digital-first approach, offering competitive rates and fast closings. Founded in 2000, they have built a reputation for excellent customer satisfaction and transparency. Their services extend to Franklin, NY, through online platforms and local support, providing a seamless experience for borrowers in Delaware County and beyond.
Loan Types:
New American Funding
New American Funding
New American Funding is a trusted lender with a focus on diversity and community outreach, offering a variety of loan products tailored to individual needs. Established in 2003, they have earned high ratings for their customer service and flexible solutions. They actively serve Franklin, NY, and rural areas, with a commitment to helping borrowers achieve homeownership through accessible and supportive lending practices.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Franklin, NY
Are there any special mortgage programs for first-time homebuyers in Franklin, NY?
Yes, New York State offers the SONYMA (State of New York Mortgage Agency) programs, which are popular in Franklin. These include the Low Interest Rate Mortgage and Achieving the Dream programs, which offer competitive rates, down payment assistance, and are specifically designed for first-time buyers. Local lenders in Delaware County are well-versed in these programs and can help you navigate the application process.
How does the rural nature of Franklin, NY, affect the mortgage and appraisal process?
Due to Franklin's rural setting in Delaware County, appraisals can be more complex as comparable home sales ("comps") may be fewer and farther between than in urban areas. This can sometimes lead to longer processing times. Lenders familiar with the area will use appraisers experienced in rural properties, which is crucial for an accurate valuation that meets underwriting standards.
What are typical down payment requirements for homes in Franklin, given its more affordable market?
While 20% down is standard to avoid private mortgage insurance (PMI), Franklin's relatively lower home prices make smaller down payments more accessible. Many buyers successfully use conventional loans with 3-5% down or FHA loans with 3.5% down. Local credit unions and banks often have flexible options for the area's moderate-income borrowers.
Are USDA loans a viable option for mortgages in Franklin, NY?
Absolutely. Given that Franklin is located in a USDA-eligible rural area, many homebuyers can qualify for USDA Section 502 Guaranteed Loans, which offer 100% financing (no down payment). This is a major advantage for eligible buyers looking at properties in and around Franklin, but the home must meet USDA property eligibility requirements, which most in the area do.
How do property taxes in Delaware County impact the mortgage qualification process in Franklin?
Property taxes in Delaware County are a significant factor in your total monthly payment. Lenders will carefully calculate your debt-to-income ratio including these taxes, which can be higher relative to home value than in some other regions. It's essential to get a clear estimate of the tax burden on any property, as it directly affects how much house you can qualify for.
Nearby Cities
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Why Choose a Mortgage Lender in Franklin?
Local Market Knowledge
Lenders who understand Franklin'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 Franklin and get competitive rates on your home loan.