The Best Mortgage Lenders in Hampton Bays, NY
Compare verified mortgage lenders serving Hampton Bays, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Hampton Bays
Featured Mortgage Lenders
Michael Dubb
Beechwood Organization Mortgage
Beechwood Organization Mortgage is one of the most respected local mortgage lenders serving the Hamptons area, including Hampton Bays. With over two decades of experience specializing in luxury and coastal properties, they offer personalized service and deep understanding of the unique Southampton/Hampton Bays real estate market. Their team, led by industry veteran Michael Dubb, provides competitive jumbo loans and construction financing specifically tailored for the high-value properties common in the area. Their exceptional 4.9 rating reflects their commitment to client satisfaction and local market expertise.
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John Bivona
Hamptons Lending Group
Hamptons Lending Group specializes exclusively in serving the mortgage needs of the Hamptons communities, including Hampton Bays. With two decades of focused experience in this specific market, they understand the unique challenges and opportunities of financing properties in coastal Suffolk County. They offer highly competitive rates for both primary residences and investment properties, with particular expertise in jumbo loans required for the area's higher-priced homes. Their 4.8 rating and extensive local knowledge make them a top choice for Hampton Bays homeowners.
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Local Branch Manager
Bethpage Federal Credit Union
As Long Island's largest credit union, Bethpage Federal Credit Union has been serving Hampton Bays and surrounding communities for over 80 years. They offer highly competitive mortgage rates for members, with exceptional customer service and local decision-making. Their extensive branch network throughout Suffolk County provides convenient in-person service, while their digital capabilities offer modern convenience. With nearly 500 reviews maintaining a 4.7 rating, they're consistently recognized for their reliability, community focus, and competitive mortgage products specifically designed for Long Island homeowners.
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Frequently Asked Questions
Common questions about mortgage lending in Hampton Bays, NY
What are the typical down payment requirements for a mortgage in Hampton Bays, given its waterfront and seasonal market?
For the diverse Hampton Bays market, down payments typically range from 3% for conventional loans to 3.5% for FHA loans on primary residences. However, for higher-priced waterfront properties or investment/second homes, which are common here, lenders often require 20-25% down due to higher perceived risk and stricter appraisal requirements for flood zones.
Are there specific mortgage programs for first-time homebuyers on Long Island that apply in Hampton Bays?
Yes, the State of New York Mortgage Agency (SONYMA) offers several low-interest rate programs with down payment assistance for first-time buyers in Hampton Bays, such as the Low Interest Rate and Achieving the Dream programs. Additionally, Suffolk County's "Homeownership First" program provides closing cost assistance to eligible first-time buyers purchasing within the county.
How does Hampton Bays being in a coastal flood zone affect the mortgage process?
Purchasing a home in a designated flood zone (most common in areas south of Montauk Highway) requires mandatory flood insurance as a condition of the mortgage. Your lender will order a Flood Zone Determination, and you must secure a policy before closing. This adds a significant, non-negotiable ongoing cost that must be factored into your debt-to-income ratio.
What is the impact of Hampton Bays' seasonal rental market on qualifying for a mortgage on an investment property?
Lenders will typically only consider 75% of documented seasonal rental income (from a signed lease) to qualify for a mortgage on an investment property. Given the high summer rental demand, proper documentation is crucial. For a primary residence with an accessory apartment, you may be able to use rental income to qualify with an FHA or conventional loan, subject to specific guidelines.
Are jumbo loans common in Hampton Bays, and what are the requirements?
Yes, jumbo loans (exceeding $1,149,825 in Suffolk County for 2024) are very common for single-family homes, especially near the water. Requirements are stricter than for conforming loans, often requiring excellent credit (FICO 740+), a down payment of 20-30%, and more substantial cash reserves (often 12+ months of mortgage payments). Local lenders familiar with the Hampts market are essential for navigating this process.
Nearby Cities
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Why Choose a Mortgage Lender in Hampton Bays?
Local Market Knowledge
Lenders who understand Hampton Bays'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 Hampton Bays and get competitive rates on your home loan.