The Best Mortgage Lenders in Phelps, NY
Compare verified mortgage lenders serving Phelps, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Phelps
Featured Mortgage Lenders
Canandaigua National Bank & Trust Company
Canandaigua National Bank & Trust Company
As the leading community bank in the Finger Lakes region, CNB has served Ontario County and surrounding areas for over 135 years. They maintain a strong physical presence with multiple branches throughout the region, including close proximity to Phelps. Their mortgage team offers personalized service with local decision-making, competitive rates, and extensive experience with rural property financing common in the Phelps area. CNB consistently receives exceptional customer reviews for their responsive service and deep community commitment.
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NVR Mortgage
NVR Mortgage
NVR Mortgage has established itself as one of the top mortgage lenders serving the Rochester metropolitan area and surrounding counties including Ontario County. With decades of experience and strong regional presence, they offer competitive rates and efficient processing. Their dedicated team specializes in both purchase and refinance transactions, with particular expertise in rural and suburban properties. Customers consistently praise their streamlined application process and knowledgeable loan officers who understand the unique aspects of the Finger Lakes housing market.
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ESL Federal Credit Union
ESL Federal Credit Union
As one of the largest credit unions in upstate New York, ESL has served the Rochester and Finger Lakes region for over a century. They maintain strong membership eligibility throughout Ontario County and offer highly competitive mortgage rates to their members. ESL receives outstanding customer satisfaction ratings for their personalized service, local underwriting, and community-focused approach. Their mortgage specialists have extensive experience with properties throughout rural Ontario County, including Phelps, and offer special first-time homebuyer programs and competitive construction lending options.
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Frequently Asked Questions
Common questions about mortgage lending in Phelps, NY
Are there any special mortgage or down payment assistance programs for first-time homebuyers in Phelps, NY?
Yes, homebuyers in Phelps can access statewide programs like the SONYMA Achieving the Dream program, which offers low down payments and competitive rates. Additionally, the Finger Lakes region may have local grants or assistance through organizations like the Ontario County Housing Council. It's wise to consult a local lender familiar with these resources.
How do property taxes in Phelps, NY, impact my mortgage qualification and monthly payment?
Property taxes in Ontario County, which includes Phelps, are a significant factor. The combined town, county, and school tax rates are relatively high for upstate NY, which increases your total monthly PITI payment. Lenders will carefully factor this into your debt-to-income ratio, potentially lowering the loan amount you qualify for compared to areas with lower taxes.
What types of properties in Phelps might require specialized mortgage products?
Given Phelps's rural character and agricultural history, you may find properties with acreage, older farmhouses, or unique outbuildings. These can sometimes require a jumbo loan or a specialized appraisal. For a working farm, an agricultural or Farm Credit System loan might be more appropriate than a standard conventional mortgage.
What is the typical timeline for mortgage approval and closing on a home in Phelps's market?
The timeline is generally 30-45 days from application to closing. However, Phelps's market can be competitive for move-in ready homes, so getting a solid pre-approval from a local lender is crucial to make a strong offer. Using a local title company familiar with Ontario County records can help ensure a smooth closing process.
Are USDA Rural Development loans available for homes in Phelps, NY?
Yes, most of Phelps and the surrounding area is eligible for USDA loans, which offer 100% financing. This is a major advantage for eligible buyers looking at properties in the village or the more rural parts of town, as it eliminates the need for a down payment while offering competitive interest rates.
Nearby Cities
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Why Choose a Mortgage Lender in Phelps?
Local Market Knowledge
Lenders who understand Phelps'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 Phelps and get competitive rates on your home loan.