The Best Mortgage Lenders in Lexington, NY
Compare verified mortgage lenders serving Lexington, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lexington
Featured Mortgage Lenders
NBT Bank Mortgage Team
NBT Bank
NBT Bank stands out as a premier regional mortgage lender with deep roots in upstate New York, serving the Lexington area through their nearby Stamford branch. With over 160 years of banking experience, they offer personalized mortgage solutions with local decision-making authority. Their mortgage team receives consistently excellent reviews for their responsiveness, competitive rates, and expertise with rural property financing. As a community-focused bank, they understand the unique needs of Catskill region homeowners and offer specialized construction and renovation loans perfect for the Lexington area.
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Trustco Bank Mortgage Department
Trustco Bank
Trustco Bank has been serving upstate New York communities for over a century, with multiple branches within 30 miles of Lexington. Their mortgage department earns high marks for competitive interest rates and straightforward application processes. Customers consistently praise their local loan officers for providing clear communication and personalized service throughout the mortgage process. As a brick-and-mortar institution with deep community ties, they offer the stability of a long-established bank with the personal attention of a local lender, making them ideal for Lexington area homebuyers.
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Berkshire Hathaway HomeServices Blake Realtors Mortgage Division
Berkshire Hathaway HomeServices Blake Realtors
This highly-rated mortgage division of a well-established real estate company serves the broader Capital Region including the Lexington area. They receive exceptional reviews for their seamless integration of mortgage and real estate services, providing a streamlined homebuying experience. Their mortgage specialists are praised for their expertise with rural properties and vacation homes common in the Catskill region. With access to multiple lending partners and competitive rate options, they offer flexible solutions for various financial situations while maintaining the personal service expected from a local company.
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Frequently Asked Questions
Common questions about mortgage lending in Lexington, NY
Are there any special mortgage or down payment assistance programs for first-time homebuyers in Lexington, NY?
Yes, as part of Greene County, Lexington homebuyers can access the "Achieving the Dream" program through the Catskill Watershed Corporation (CWC), which offers up to $15,000 in down payment and closing cost assistance. Additionally, New York State's SONYMA program offers low-interest mortgages with down payment assistance, which are available to eligible buyers in this rural area.
How does the seasonal and rural nature of Lexington's real estate market affect the mortgage process?
The market is highly seasonal, with most listings active in late spring and summer. Mortgage pre-approval is crucial to act quickly on limited inventory. Lenders familiar with the area are essential, as they understand how to properly appraise unique rural properties, including those with land, wells, and septic systems, which can sometimes complicate the valuation process.
What are typical property taxes for a home in Lexington, and how do they impact mortgage affordability?
Property taxes in Lexington and Greene County are relatively moderate for New York State but are a significant factor in your total monthly payment. The 2024 combined town and county tax rate is approximately $22-$25 per $1,000 of assessed value. Your lender will calculate your debt-to-income ratio including this escrowed tax payment, which can affect your maximum loan amount.
Are USDA Rural Development loans a common and viable option for mortgages in Lexington, NY?
Absolutely. Given Lexington's rural designation, many properties qualify for USDA loans, which offer 100% financing (no down payment). This is a popular and advantageous program for the area, but it requires the home and borrower to meet specific location and income eligibility criteria, which a local mortgage officer can help verify.
Do lenders have specific requirements for properties with accessory dwellings or vacation rental potential in Lexington?
Yes, this is a key local consideration. If you intend to use an accessory dwelling unit (ADU) for rental income to help qualify for the mortgage, you typically need a signed lease or two years of documented rental history for the property. Lenders may only count a portion (usually 75%) of the projected rental income, and the property must meet local zoning and short-term rental regulations.
Why Choose a Mortgage Lender in Lexington?
Local Market Knowledge
Lenders who understand Lexington'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 Lexington and get competitive rates on your home loan.