The Best Mortgage Lenders in Purchase, NY
Compare verified mortgage lenders serving Purchase, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Purchase
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in Westchester County, including Purchase. Known for its competitive rates and digital mortgage process, the company has consistently high customer satisfaction ratings. With over two decades of experience, they offer a wide range of loan products and personalized service, backed by numerous industry awards and a reputation for transparency and efficiency. Their White Plains office provides convenient access for Purchase residents, making them a reliable choice for home financing.
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New American Funding
New American Funding
New American Funding is a highly regarded mortgage lender with a significant footprint in the New York metro area, including service to Purchase. They excel in providing diverse loan options with a focus on community engagement and customer education. With 20 years in business, they have built a reputation for excellent customer service, particularly for first-time homebuyers and underserved communities. Their local office in New Rochelle ensures personalized attention, and they are praised for competitive rates and a streamlined application process.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a reputable national lender with a strong local office in White Plains, serving Purchase and surrounding areas. They are known for their extensive loan products and dedicated customer support, with high ratings for reliability and ease of process. With two decades of experience, they offer competitive rates and flexible terms, catering to a variety of borrower needs. Their team provides personalized guidance, and they have a track record of closing loans efficiently, making them a trusted option in the Westchester County mortgage market.
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Frequently Asked Questions
Common questions about mortgage lending in Purchase, NY
Are mortgage rates in Purchase, NY, typically higher than the national average?
Yes, mortgage rates in Purchase and the broader Westchester County area can be slightly higher than the national average due to the high property values and the competitive, affluent nature of the local market. However, securing a competitive rate is highly dependent on your credit profile, down payment, and the specific lender you choose, so it's crucial to shop around with both local banks and national lenders.
What local down payment assistance or first-time homebuyer programs are available in Purchase?
While Purchase itself is a high-cost area with limited specific programs, eligible first-time homebuyers in Westchester County can access the "Achieving the Dream" program, which offers down payment assistance in the form of a forgivable loan. Additionally, New York State's SONYMA (State of New York Mortgage Agency) offers several low-interest loan programs with down payment assistance that are available to Purchase buyers who meet income and purchase price limits.
How does the high property tax rate in Purchase affect my mortgage qualification?
Purchase has some of the highest property tax rates in Westchester County, which significantly impacts your debt-to-income (DTI) ratio. Lenders will calculate your estimated monthly tax payment, which can be substantial, into your total monthly housing expense. You may qualify for a lower mortgage amount than you might in a lower-tax area, so it's essential to get pre-approved with accurate tax estimates from recent comparable home sales.
Are jumbo loans common for mortgages in Purchase, and do they have different requirements?
Absolutely. Given the high median home price in Purchase, jumbo loans (which exceed the conforming loan limits of $1,149,825 for 2024 in Westchester County) are very common. These loans often require stronger financials, including higher credit scores (typically 720+), larger down payments (often 20-30%), and more extensive reserve requirements (6-12 months of mortgage payments in liquid assets).
What should I know about co-op financing when looking at properties in Purchase?
While Purchase is known for single-family homes, some buyers consider nearby co-ops. Co-op financing is fundamentally different; you are getting a share loan to purchase shares in a corporation, not a traditional mortgage. Lenders will scrutinize the co-op corporation's financial health, its underlying mortgage, and its bylaws (e.g., sublet policies). Not all lenders offer co-op loans, so you must work with a bank experienced in this specific and complex type of lending in Westchester.
Nearby Cities
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Why Choose a Mortgage Lender in Purchase?
Local Market Knowledge
Lenders who understand Purchase'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 Purchase and get competitive rates on your home loan.