The Best Mortgage Lenders in Philadelphia, NY
Compare verified mortgage lenders serving Philadelphia, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Philadelphia
Featured Mortgage Lenders
Firstrust Bank Mortgage Team
Firstrust Bank
Firstrust Bank has been serving the Philadelphia region for nearly 90 years and is consistently rated among the best mortgage lenders in the area. They offer personalized service with local decision-making, competitive rates, and a wide variety of loan products. Their mortgage team has deep roots in the Philadelphia community and provides exceptional customer service with quick turnaround times. Firstrust maintains an A+ rating with the Better Business Bureau and is known for their commitment to first-time homebuyers and local real estate market expertise.
Loan Types:
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage has a strong Philadelphia presence with multiple local offices and consistently receives outstanding customer reviews. They offer a comprehensive range of mortgage products with competitive rates and exceptional customer service. Their local team understands the unique Philadelphia real estate market and provides personalized guidance throughout the entire mortgage process. They are particularly noted for their efficiency in closing loans and their expertise with both conventional and government-backed loan programs.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is one of the largest retail mortgage lenders in the U.S. with a strong Philadelphia presence. They are known for their innovative digital mortgage platform that streamlines the application process while maintaining personalized service. Their local Philadelphia team has extensive experience with the city's diverse housing market and offers competitive rates across all loan types. They consistently receive high marks for their transparent process, quick closings, and excellent communication throughout the loan process.
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Frequently Asked Questions
Common questions about mortgage lending in Philadelphia, NY
What are the best first-time homebuyer programs available specifically in Philadelphia, NY?
Philadelphia, NY, offers several valuable programs, most notably the **PHFA (Pennsylvania Housing Finance Agency) Keystone Home Loan** program, which provides competitive fixed-rate mortgages and down payment/closing cost assistance. Additionally, the **PHFA Homebuyer Tax Credit** offers a federal tax credit. For city employees, teachers, and healthcare workers, the **Good Neighbor Next Door** program offers significant discounts on HUD-owned homes in designated revitalization areas.
How does Philadelphia's 10-year property tax abatement program affect my mortgage and homebuying strategy?
The abatement, which phases out for new construction but remains for renovations, significantly lowers your initial monthly housing costs, which can improve your debt-to-income ratio for mortgage qualification. Lenders familiar with Philadelphia will understand this program and can help you calculate payments that account for the future increase in taxes once the abatement expires, ensuring you don't become "house poor" later.
Are mortgage rates different in Philadelphia, PA, compared to national averages, and why?
Rates in Philadelphia are generally aligned with national averages but can be influenced by local competition among lenders and specific county-level factors. However, your final rate is more dependent on your personal credit profile and loan type. Utilizing a local lender who understands the Philadelphia market's nuances, like row home valuations and specific neighborhood trends, can sometimes secure more favorable terms or specialized loan products.
What special considerations do lenders have for appraising Philadelphia's iconic row homes?
Lenders and appraisers pay close attention to the condition of shared walls (party walls), the roof, and the foundation, which are common in row homes. They also heavily consider recent sales of similar "comp" properties on the same block or in the immediate neighborhood, as value can vary dramatically from one street to the next. Issues like outdated mechanicals or lack of rear yard access can significantly impact the appraisal value.
Does the City of Philadelphia offer any assistance for down payments or closing costs?
Yes, the **Philadelphia Homebuyer Program** (PHP) offers up to $10,000 in a forgivable loan for down payment and closing cost assistance to eligible first-time homebuyers. This program is often layered with PHFA loans. Furthermore, the **Restore, Repair, Renew** program provides grants for home repairs in certain neighborhoods, which can be a crucial factor when purchasing an older home that needs work.
Nearby Cities
Explore mortgage lenders in cities near Philadelphia, NY
Why Choose a Mortgage Lender in Philadelphia?
Local Market Knowledge
Lenders who understand Philadelphia'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 Philadelphia and get competitive rates on your home loan.