The Best Mortgage Lenders in Putnam Valley, NY
Compare verified mortgage lenders serving Putnam Valley, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Putnam Valley
Featured Mortgage Lenders
Michael F. Carozza
CrossCountry Mortgage
CrossCountry Mortgage's Yorktown Heights branch, led by experienced loan officer Michael Carozza, serves Putnam Valley and the broader Hudson Valley region with exceptional customer service. With over 15 years of mortgage experience and numerous 5-star reviews, this branch is known for its personalized approach, competitive rates, and expertise in various loan programs including first-time homebuyer programs popular in the Putnam County area. Their local presence and deep understanding of the Hudson Valley real estate market make them a top choice for Putnam Valley residents.
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John M. Reilly
Homestead Funding Corp
Homestead Funding Corp has been serving the Hudson Valley region since 1995 and maintains a strong reputation throughout Putnam County. With over 25 years of experience, John Reilly and his team specialize in helping Putnam Valley homebuyers navigate the mortgage process with exceptional customer service. The company is particularly noted for its expertise in FHA and VA loans, competitive conventional rates, and construction lending. Their long-standing presence in the region and commitment to community involvement make them a trusted choice for Putnam Valley mortgages.
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Mortgage Services
Hudson Valley Credit Union
Hudson Valley Credit Union has been serving the region since 1959 and maintains a strong presence throughout Putnam County, including Putnam Valley. As a member-owned financial cooperative, HVCU offers competitive mortgage rates and personalized service. Their mortgage team specializes in first-time homebuyer programs, conventional loans, and offers special benefits to members. With multiple branches throughout the Hudson Valley and a reputation for exceptional member service, HVCU provides Putnam Valley residents with local decision-making and community-focused lending solutions.
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Frequently Asked Questions
Common questions about mortgage lending in Putnam Valley, NY
What are the typical down payment requirements for homes in Putnam Valley, NY, given its market?
For Putnam Valley's single-family homes, which often exceed Westchester County's median price, a 20% down payment is common to avoid private mortgage insurance (PMI). However, many local lenders offer conventional loans with as little as 3-5% down for qualified buyers, and USDA loans with 0% down may be available for eligible properties in the town's more rural-designated areas.
Are there any specific first-time homebuyer programs or grants available for Putnam Valley?
Yes, the New York State Homes and Community Renewal (HCR) offers the "Achieving the Dream" program, providing down payment assistance up to $15,000 for eligible first-time buyers in Putnam County. Additionally, the "SONYMA Low Interest Rate" program is popular, offering competitive rates and flexible down payment options specifically for properties in towns like Putnam Valley.
How does Putnam Valley's status as a rural town affect my mortgage options?
Putnam Valley's USDA rural designation opens access to USDA Section 502 Guaranteed Loans, which offer 100% financing (no down payment) for eligible borrowers and properties. This is a significant advantage not available in more urban parts of the Hudson Valley. Lenders familiar with the area can help determine if a specific property qualifies for this beneficial program.
What should I know about property taxes and escrow when getting a mortgage in Putnam Valley?
Putnam Valley has a relatively high effective property tax rate compared to national averages, which lenders will carefully factor into your debt-to-income ratio. Your mortgage lender will establish an escrow account to pay these taxes, and it's crucial to account for potential annual increases, as town and school district budgets can impact your monthly payment significantly.
Are jumbo loans common in Putnam Valley, and what are the requirements?
Yes, jumbo loans are frequently used in Putnam Valley due to home values often exceeding the conforming loan limits for the New York metro area (which includes Putnam County). Requirements are stricter, typically requiring excellent credit (often 700+), a larger down payment (usually 10-20%), and more substantial cash reserves—sometimes 6-12 months of payments—compared to conventional loans.
Nearby Cities
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Why Choose a Mortgage Lender in Putnam Valley?
Local Market Knowledge
Lenders who understand Putnam Valley'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 Putnam Valley and get competitive rates on your home loan.