The Best Mortgage Lenders in Mendon, NY
Compare verified mortgage lenders serving Mendon, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Mendon
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender known for its competitive rates, exceptional customer service, and extensive loan options. With over 28 years in business, it has a strong local presence in the Rochester area, serving Mendon residents with personalized mortgage solutions. High customer satisfaction scores and a reputation for smooth, efficient closings make it a preferred choice for homebuyers in the region.
Loan Types:
Movement Mortgage
Movement Mortgage
Movement Mortgage is highly regarded for its fast loan processing, transparent communication, and community-focused approach. Founded in 2008, it has built a solid reputation in the Rochester metropolitan area, including Mendon, by offering flexible loan products and prioritizing customer needs. Their dedication to local involvement and high review ratings underscores their reliability and service excellence.
Loan Types:
New American Funding
New American Funding
New American Funding stands out for its diverse loan portfolio, competitive pricing, and strong customer support. Established in 2003, it has expanded to serve the Mendon area through its Pittsford office, earning high marks for accessibility and tailored mortgage advice. With a focus on innovation and satisfaction, it consistently receives positive reviews for helping clients navigate the home financing process seamlessly.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Mendon, NY
What are the typical down payment requirements for homes in Mendon, NY, given its market?
For Mendon's competitive market with a median home price above the national average, a 20% down payment is common to avoid private mortgage insurance (PMI). However, many local lenders offer conventional loans with as little as 3-5% down, and USDA loans with 0% down are a viable option for eligible properties in Mendon's more rural areas. First-time buyer programs can also reduce this requirement.
Are there any special mortgage programs for first-time homebuyers in Mendon?
Yes, eligible buyers can utilize the "SONYMA Achieving the Dream" program, which offers competitive interest rates, down payment assistance, and closing cost help. Additionally, the Monroe County HOME Funds program provides forgivable loans for down payment and closing costs to income-eligible buyers purchasing within the county, which includes Mendon.
How does Mendon's location in the Town of Mendon and Monroe County affect property taxes and mortgage calculations?
Property taxes in Mendon are a significant component of your monthly payment, as Monroe County and the Mendon Central School District have combined tax rates that are moderately high. Your lender will carefully calculate this escrow amount, and it's crucial to get an accurate tax estimate during pre-approval, as taxes can vary between specific neighborhoods and parcels.
What should I know about getting a mortgage for a home with acreage or a barn in Mendon?
Financing properties with non-standard features like significant acreage, barns, or equestrian facilities often requires a specialized "rural" or "non-warrantable" loan. While some may qualify for a USDA loan, many lenders will require a larger down payment (sometimes 25-30%) and may order a specialized appraisal to assess the value of the improvements and land.
Are jumbo loans common in Mendon, and what are the requirements?
Yes, jumbo loans are frequently needed in Mendon due to home values that often exceed the conforming loan limit ($$766,550 for 2024). Local lenders are experienced with these but require stronger financial profiles, including excellent credit scores (often 700+), lower debt-to-income ratios, and larger cash reserves—sometimes 6-12 months of mortgage payments—post-closing.
Why Choose a Mortgage Lender in Mendon?
Local Market Knowledge
Lenders who understand Mendon'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 Mendon and get competitive rates on your home loan.