The Best Mortgage Lenders in Great River, NY
Compare verified mortgage lenders serving Great River, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Great River
Featured Mortgage Lenders
Joseph A. Caggiano
CrossCountry Mortgage, LLC - West Islip
CrossCountry Mortgage's West Islip branch, led by Joseph Caggiano, is one of the highest-rated mortgage lenders serving the Great River area. With over 15 years of experience and exceptional 4.9-star ratings, this local office provides personalized service with access to a wide range of loan products. They specialize in both purchase and refinance mortgages with competitive rates, and their deep knowledge of Suffolk County's real estate market makes them a top choice for Great River residents seeking reliable mortgage financing.
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Michael D. Cassese
NRL Mortgage - Babylon
NRL Mortgage's Babylon location, managed by Michael Cassese, has built an outstanding reputation serving the South Shore of Long Island including Great River. With a 4.8-star rating and over a decade of experience, this lender is known for their exceptional customer service and expertise in various loan programs. They offer competitive rates and have particular strength in guiding first-time homebuyers through the mortgage process while providing comprehensive support throughout the entire transaction.
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Mortgage Department
Teachers Federal Credit Union
Teachers Federal Credit Union, while headquartered in Hauppauge, serves the entire Long Island region including Great River and has one of the strongest reputations for mortgage lending in Suffolk County. With over 70 years of operation and consistently high ratings, TFCU offers competitive mortgage rates to both members and non-members. Their local expertise, personalized service, and commitment to the Long Island community make them a trusted choice for Great River homebuyers seeking reliable financing with exceptional customer support.
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Frequently Asked Questions
Common questions about mortgage lending in Great River, NY
What are the typical down payment requirements for homes in Great River, NY, given its higher-than-average home prices?
Due to Great River's median home prices being significantly above the national average, standard down payments of 20% can be a substantial sum. However, many lenders offer conventional loans with down payments as low as 5% or 3% for qualified first-time buyers, though this will require private mortgage insurance (PMI). It's crucial to get pre-approved to understand your specific requirements based on the property's value in this specific South Shore market.
Are there any specific mortgage or down payment assistance programs for first-time homebuyers in Great River?
While Great River itself doesn't have a municipal program, New York State offers the SONYMA (State of New York Mortgage Agency) program, which is accessible to buyers in Great River. SONYMA provides low-interest-rate mortgages and down payment assistance, often with reduced mortgage insurance. Eligibility is based on income and purchase price limits, which are adjusted for Suffolk County, making it a vital resource for qualifying buyers in the area.
How does being in a FEMA-designated flood zone affect the mortgage process for homes in Great River?
Many properties in Great River, especially those near the Connetquot River or the Great South Bay, are in flood zones. This is a critical local consideration. Lenders will require a separate flood insurance policy as a condition of the mortgage, which adds to your monthly escrow payment. It's essential to factor this significant and mandatory cost into your budget when determining how much house you can afford.
What is the property tax situation in Great River, and how does it impact mortgage qualification?
Property taxes in the Great River area (within the East Islip School District) are notably high, which directly impacts your debt-to-income (DTI) ratio during mortgage qualification. Lenders will calculate your estimated monthly tax payment, which can be several hundred dollars more than in other regions. You must ensure your income can support the combined cost of principal, interest, taxes, and insurance (PITI) for homes in this specific community.
Are jumbo loans common in Great River, and what are the requirements?
Yes, jumbo loans are very common in Great River due to the high cost of real estate. Loan amounts often exceed the conforming loan limits set for Suffolk County ($1,149,825 for 2024). Jumbo loans typically require stronger financial profiles, including excellent credit scores (often 700+), lower debt-to-income ratios, and larger down payments (usually 20% or more). You'll need to work with a lender experienced in this specific high-value market.
Nearby Cities
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Why Choose a Mortgage Lender in Great River?
Local Market Knowledge
Lenders who understand Great River'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 Great River and get competitive rates on your home loan.