The Best Mortgage Lenders in Lyons, NY
Compare verified mortgage lenders serving Lyons, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lyons
Featured Mortgage Lenders
ESL Federal Credit Union Mortgage Department
ESL Federal Credit Union
ESL Federal Credit Union is one of the most highly-rated mortgage lenders in the Rochester region, serving the entire Finger Lakes area including Lyons. With over a century of service, they offer exceptional customer service, competitive rates, and deep community roots. Their mortgage specialists provide personalized guidance through the entire homebuying process, and they consistently receive top marks for their transparent lending practices and local decision-making capabilities.
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Tompkins Community Bank Mortgage Services
Tompkins Community Bank
Tompkins Community Bank has a physical branch location right in Lyons and serves the entire Wayne County area with exceptional mortgage services. With 150 years of banking experience, they offer local underwriting and decision-making, personalized service from dedicated mortgage specialists, and deep community involvement. Their long-standing presence in the region ensures they understand the local real estate market and can provide tailored mortgage solutions for Lyons residents.
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CNB Bank Mortgage Division
CNB Bank
CNB Bank serves the entire Finger Lakes region including Lyons with their comprehensive mortgage services. As a community-focused bank with 140 years of experience, they offer competitive rates, local loan processing, and personalized customer service. Their mortgage team has extensive experience with rural properties common in the Lyons area and provides flexible financing options with the convenience of local decision-making and ongoing customer support throughout the loan process.
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Frequently Asked Questions
Common questions about mortgage lending in Lyons, NY
Are there any special mortgage programs for first-time homebuyers in Lyons, NY?
Yes, first-time homebuyers in Lyons can access the New York State Homes and Community Renewal (HCR) programs, such as the Achieving the Dream program, which offers competitive interest rates and down payment assistance. Additionally, the Wayne County Community Development office may offer local grants or assistance programs for income-eligible buyers purchasing within the village or town limits.
How do property taxes in Lyons, NY, affect my mortgage and overall affordability?
Wayne County, which includes Lyons, has property tax rates that are above the national average, which can significantly impact your monthly mortgage payment when escrowed. It's crucial to factor in these taxes, which typically range from 2.5% to 3% of assessed value, when calculating your debt-to-income ratio and overall budget, as they can add several hundred dollars to your monthly housing cost.
What is the typical down payment required for a mortgage on a home in Lyons' market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Lyons utilize conventional loans with 3-5% down or FHA loans with 3.5% down, especially given the area's median home prices. For the many historic or older homes in the village, lenders may have specific appraisal and inspection requirements that could influence down payment decisions.
Are USDA rural development loans available for homes in Lyons, NY?
Yes, Lyons is eligible for USDA Rural Development loans, which offer 100% financing (no down payment) for qualified buyers and properties. This can be a significant advantage for eligible borrowers, as much of the area outside the dense village center is classified as rural by the USDA, making it easier to purchase a home with no money down.
How does the appraisal process work for Lyons' mix of historic village homes and newer properties?
Appraisals in Lyons require local expertise due to the variety of housing stock, from well-maintained 19th-century homes in the historic district to newer constructions on the outskirts. Lenders will appraisers familiar with Wayne County who can accurately compare properties, which can be challenging for unique historic homes where finding direct comparables ("comps") may be more difficult.
Why Choose a Mortgage Lender in Lyons?
Local Market Knowledge
Lenders who understand Lyons'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 Lyons and get competitive rates on your home loan.