The Best Mortgage Lenders in Patterson, NY
Compare verified mortgage lenders serving Patterson, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Patterson
Featured Mortgage Lenders
William Raveis Mortgage
William Raveis Mortgage, LLC
William Raveis Mortgage is one of the most highly-rated regional mortgage lenders serving Putnam County and the Patterson area. With over 45 years in business, they have built an exceptional reputation for personalized service and competitive rates. Their local office in nearby Carmel provides convenient in-person service for Patterson residents, offering a full range of loan products including specialized programs for first-time homebuyers. Their high rating reflects consistent customer satisfaction with their responsive loan officers and streamlined application process.
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Tom Baird
Trustco Bank
Trustco Bank has a strong physical presence in Patterson with their local branch, making them exceptionally accessible for area residents. As a community-focused bank with over a century of service, they offer competitive mortgage rates and personalized lending services. Their local loan officers have deep knowledge of the Patterson real estate market and provide face-to-face guidance throughout the mortgage process. Customers consistently praise their reliability, local decision-making, and commitment to the community.
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Dan Gazzola
Hudson Valley Credit Union
Hudson Valley Credit Union is a highly-regarded regional financial institution that serves the entire Hudson Valley region, including Patterson. While their nearest branch is in Fishkill, they actively serve Putnam County residents with competitive mortgage products and exceptional member service. As a credit union, they often offer lower rates and fewer fees than traditional banks. Their mortgage team receives consistent praise for their expertise, responsiveness, and ability to guide borrowers through complex financing situations, particularly for first-time homebuyers in the Patterson area.
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Frequently Asked Questions
Common questions about mortgage lending in Patterson, NY
What are the typical down payment requirements for homes in Patterson, NY, given its market?
In Patterson's competitive Putnam County market, a 20% down payment is standard to avoid private mortgage insurance (PMI) on a conventional loan. However, many local lenders offer programs with as little as 3-5% down for qualified buyers, which is crucial given the area's median home prices. USDA loans with 0% down are also a possibility in eligible rural parts of Patterson.
Are there any first-time homebuyer programs specific to Patterson or Putnam County?
Yes, the **State of New York Mortgage Agency (SONYMA)** offers several low-interest rate programs with down payment assistance, available to Patterson buyers meeting income and purchase price limits. Additionally, the **Putnam County Housing Corporation** provides counseling and may have information on local grants or affordable housing initiatives for first-time buyers in the area.
How do property taxes in Patterson impact my mortgage qualification and monthly payment?
Patterson has relatively high property taxes, typical of Putnam County, which significantly affect your debt-to-income (DTI) ratio and monthly escrow payment. Lenders will closely scrutinize this, so it's essential to get an accurate tax estimate early. Budgeting for an annual tax bill often ranging from $8,000 to $15,000+ is critical for determining your comfortable price range.
What should I know about well and septic system requirements for a mortgage in Patterson's more rural properties?
Many Patterson homes are not on municipal water and sewer. Lenders will typically require a satisfactory water potability test and a septic system inspection before closing. For a USDA loan, which is common here, these requirements are particularly strict, and any issues must be remedied for loan approval, potentially impacting the sale timeline.
Are 40-year mortgages or other extended term products common in Patterson to help with affordability?
While not the most common, some lenders are offering 40-year mortgage terms to help buyers qualify in high-cost areas like Putnam County. These can lower the monthly payment but result in significantly more interest paid over the life of the loan. It's vital to compare these with more traditional 30-year fixed-rate loans, which are still the standard in the Patterson market.
Why Choose a Mortgage Lender in Patterson?
Local Market Knowledge
Lenders who understand Patterson'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 Patterson and get competitive rates on your home loan.