The Best Mortgage Lenders in Riverhead, NY
Compare verified mortgage lenders serving Riverhead, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Riverhead
Featured Mortgage Lenders
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a top-rated lender with a strong local presence in Long Island, including Riverhead. Known for competitive rates and exceptional customer service, they have high ratings for their efficient loan processing and personalized approach. With over two decades of experience, they offer a wide range of loan products and are praised for their reliability and community involvement in Suffolk County.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly reputable mortgage lender with a significant footprint in New York, serving Riverhead and surrounding areas. They are acclaimed for their digital-first approach, competitive rates, and swift closing times. With nearly 25 years in business, they consistently receive high marks for customer satisfaction, transparency, and a broad array of loan options tailored to local market needs.
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New American Funding
New American Funding, LLC
New American Funding is a well-established lender with a strong regional presence that includes Riverhead, NY. They are recognized for their diverse loan programs, including options for first-time homebuyers and underserved communities. With over 20 years of experience, they boast high customer ratings for their responsive service, educational resources, and commitment to helping clients navigate the mortgage process smoothly.
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Frequently Asked Questions
Common questions about mortgage lending in Riverhead, NY
Are there any special mortgage programs for first-time homebuyers in Riverhead, NY?
Yes, Riverhead homebuyers can access several programs. The New York State Homes and Community Renewal (HCR) offers the "Achieving the Dream" program, which provides down payment assistance. Additionally, Suffolk County's "Homeownership Program" offers eligible buyers in Riverhead low-interest mortgages and closing cost assistance, which is particularly helpful given the area's median home prices.
How does Riverhead's location in a FEMA flood zone affect my mortgage process?
Given that parts of Riverhead, especially near the Peconic River and coastline, are in designated flood zones, your lender will require a flood elevation certificate and mandate flood insurance as a condition of the loan. This is a non-negotiable cost that must be factored into your monthly payment and can be significant depending on the property's specific risk level.
What are typical down payment requirements for homes in Riverhead's competitive market?
While 20% down is standard to avoid private mortgage insurance (PMI), the competitive market for single-family homes in Riverhead often sees successful offers with 10-15% down. For multi-family homes, which are common in downtown areas, lenders may require a minimum of 15-20% down due to the investment property considerations.
Are there specific mortgage considerations for purchasing agricultural or land-rich properties in Riverhead?
Absolutely. Riverhead has many properties with acreage or agricultural potential. Financing these often requires a "non-warrantable" or land loan, which can have higher interest rates and larger down payment requirements (25-30%+). Standard conforming loans have limits on acreage, so working with a local lender experienced in Suffolk County land use is crucial.
How do property taxes in Riverhead impact mortgage qualification and payments?
Riverhead's property taxes are a significant factor, with rates in the Town of Riverhead and different hamlets varying. Lenders will carefully scrutinize your debt-to-income ratio including these taxes, which are often escrowed into your monthly payment. High taxes can reduce the loan amount you qualify for, so getting a precise tax estimate early in the process is essential.
Nearby Cities
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Why Choose a Mortgage Lender in Riverhead?
Local Market Knowledge
Lenders who understand Riverhead'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 Riverhead and get competitive rates on your home loan.