The Best Mortgage Lenders in Rye, NY
Compare verified mortgage lenders serving Rye, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Rye
Featured Mortgage Lenders
Michael D'Agostino
CrossCountry Mortgage, LLC - Rye
CrossCountry Mortgage's Rye branch is exceptionally well-rated for its personalized service and expertise in Westchester County's competitive real estate market. Michael D'Agostino and his team specialize in jumbo loans and luxury properties common in Rye, offering competitive rates and streamlined processing. Their local presence and deep understanding of Rye's specific market dynamics make them a top choice for homebuyers in this affluent community.
Loan Types:
Hudson Valley Credit Union
Hudson Valley Credit Union
As one of the largest credit unions in the Hudson Valley region, HVCU has served Westchester County communities including Rye for decades. They offer highly competitive mortgage rates to members, exceptional customer service, and deep community involvement. Their local underwriting and personalized approach to mortgage lending, combined with their not-for-profit structure, make them a preferred choice for Rye residents seeking value and reliability.
Loan Types:
Guaranteed Rate
Guaranteed Rate - White Plains
Guaranteed Rate's White Plains office serves the Rye community with exceptional digital mortgage technology combined with local expertise. They're renowned for their competitive jumbo loan rates and efficient online application process. With numerous industry awards and high customer satisfaction ratings, they provide Rye homebuyers with a seamless mortgage experience backed by strong local market knowledge and national lending power.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Rye, NY
What are the typical down payment requirements for a home in Rye, NY, given its high property values?
Due to Rye's premium real estate market, with median home prices well above the national average, a 20% down payment is often standard to avoid private mortgage insurance (PMI). However, for jumbo loans (exceeding $1,149,825 in Westchester County for 2024), lenders may require 20-30% down. It's crucial to have substantial reserves and a strong financial profile to qualify.
Are there any local or county-specific first-time homebuyer programs available in Rye?
While Rye itself doesn't have a city-specific program, homebuyers can access the **Westchester County Homeownership Program**. This program offers down payment assistance in the form of a forgivable loan for eligible first-time buyers purchasing within the county, including Rye. Income and purchase price limits apply, which are adjusted annually.
How do property taxes in Rye impact my mortgage qualification and monthly payment?
Rye has notably high property taxes, which are a significant component of your monthly escrow payment. Lenders will carefully scrutinize your debt-to-income ratio (DTI), and these taxes can reduce the loan amount you qualify for. It's essential to budget for an effective tax rate of approximately 1.7-2.0% of the home's assessed value when calculating your total monthly housing cost.
What should I know about getting a mortgage for a historic home in Rye?
Financing a historic home, common in Rye's established neighborhoods, often requires a specialized appraisal and may involve stricter inspection requirements from the lender. You should confirm the property's eligibility for standard loans; some may require a renovation loan if updates are needed. Working with a lender experienced in Westchester's historic properties is highly recommended.
Is it common to use jumbo loans in Rye, and how do their rates compare to conventional conforming loans?
Yes, jumbo loans are extremely common in Rye due to home prices routinely exceeding the conforming loan limit. While jumbo loan rates were historically higher, they are currently very competitive and can sometimes be lower than conforming rates for well-qualified borrowers with excellent credit, low debt, and substantial assets. Shopping lenders with strong jumbo programs is key.
Why Choose a Mortgage Lender in Rye?
Local Market Knowledge
Lenders who understand Rye'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 Rye and get competitive rates on your home loan.