The Best Mortgage Lenders in Montrose, NY
Compare verified mortgage lenders serving Montrose, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Montrose
Featured Mortgage Lenders
Michael D'Arcy
The Federal Savings Bank
The Federal Savings Bank maintains a strong presence in Westchester County with excellent customer satisfaction ratings. Michael D'Arcy and his team specialize in serving Montrose and surrounding Hudson Valley communities with personalized mortgage solutions. They are particularly noted for their competitive jumbo loan programs and exceptional service for first-time homebuyers, with numerous positive reviews highlighting their responsiveness and expertise throughout the loan process.
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Howard Hanna Mortgage Services
Howard Hanna Financial Services
Howard Hanna has established itself as a trusted regional mortgage lender with deep roots in Westchester County. Their Yorktown Heights office regularly serves Montrose clients with comprehensive mortgage services. They are particularly recognized for their construction lending expertise and government-backed loan programs, with many reviews praising their local market knowledge and smooth closing processes. The company maintains strong relationships with local real estate professionals throughout the Hudson Valley.
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Tom Boniello
GuardHill Financial Corp.
GuardHill Financial has been serving Westchester County for over two decades with a focus on personalized mortgage banking services. Located in nearby Elmsford, they actively serve Montrose homebuyers with competitive conventional and jumbo loan programs. The company is particularly noted for their in-house underwriting and portfolio lending capabilities, allowing for more flexible qualification criteria. Multiple reviews highlight their expertise with complex financial situations and investment property financing in the Hudson Valley market.
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Frequently Asked Questions
Common questions about mortgage lending in Montrose, NY
What are the typical down payment requirements for homes in Montrose, NY, given its competitive Westchester County market?
In Montrose's competitive market, many conventional loans require a 20% down payment to avoid private mortgage insurance (PMI), especially for single-family homes. However, first-time buyers may qualify for FHA loans with as little as 3.5% down or conventional loans with 3% down, though stronger offers often include higher down payments. Local lenders are familiar with structuring loans to make offers competitive in multiple-bid situations common in the area.
Are there any special mortgage or down payment assistance programs for first-time homebuyers in Montrose?
Yes, eligible buyers can access the New York State Homes and Community Renewal (HCR) programs, such as the Achieving the Dream Down Payment Assistance Loan, which offers up to $15,000. As part of Westchester County, Montrose buyers may also qualify for the County's HOME Program for down payment help. It's crucial to work with a lender approved by these state and county programs to navigate the application process successfully.
How do property taxes in the Hendrick Hudson School District impact mortgage qualification in Montrose?
Montrose's property taxes, which fund the highly-rated Hendrick Hudson School District, are a significant monthly expense and critically affect debt-to-income (DTI) ratios. Lenders will carefully calculate these taxes (typically thousands per year) into your monthly payment during pre-approval. It's common for buyers to qualify for a lower purchase price in Montrose than in other regions due to this high tax burden, so accurate tax estimates are essential from the start.
What should I know about getting a mortgage for a home near the Hudson River or in a flood zone in Montrose?
Properties in designated flood zones (like parts of Montrose near the river) require separate flood insurance, which your lender will mandate as a condition of the loan. This insurance premium must be included in your monthly escrow payment, affecting your overall housing cost. An early flood zone determination is vital, as it can influence both loan approval and the property's appraisal value.
Are jumbo loans common in Montrose, NY, and what are the specific requirements?
Yes, jumbo loans (exceeding the conforming loan limit of $1,149,825 for Westchester County in 2024) are frequently used in Montrose due to home prices. These loans typically require stronger financials, including excellent credit scores (often 700+), lower debt-to-income ratios, and larger cash reserves (sometimes 12+ months of payments). Local lenders with expertise in the Westchester jumbo market can offer competitive terms and navigate the stricter underwriting.
Nearby Cities
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Why Choose a Mortgage Lender in Montrose?
Local Market Knowledge
Lenders who understand Montrose'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 Montrose and get competitive rates on your home loan.