The Best Mortgage Lenders in Somers, NY
Compare verified mortgage lenders serving Somers, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Somers
Featured Mortgage Lenders
Michael D'Avanzo
CrossCountry Mortgage
CrossCountry Mortgage's Mohegan Lake branch, led by Senior Loan Officer Michael D'Avanzo, serves the Somers area with exceptional customer satisfaction ratings. With over 15 years of experience and hundreds of closed loans in Westchester County, this locally-operated branch provides personalized service with the backing of a national lender. They specialize in competitive jumbo loans particularly relevant to the Somers market and offer streamlined digital mortgage processes while maintaining strong local relationships.
Loan Types:
Westchester Branch
Wells Fargo Home Mortgage
Wells Fargo's White Plains branch has been serving the Somers and greater Westchester County area for decades with one of the strongest local presences among national lenders. Their experienced mortgage consultants understand the unique Somers real estate market and offer particularly competitive jumbo loan products suitable for the area's higher-priced homes. With extensive branch network and robust online tools, they provide both convenience and local expertise.
Loan Types:
Capital Region Team
Homestead Funding Corp
Homestead Funding Corporation has built an outstanding reputation throughout New York State, including dedicated service to Somers homeowners. As a mortgage banker and broker with direct lending capabilities, they offer competitive rates and exceptional personalized service. Their team includes specialists familiar with the Westchester County market who provide comprehensive guidance through the entire mortgage process, from pre-approval to closing, with particular expertise in jumbo and conventional loans suited to the Somers area.
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Frequently Asked Questions
Common questions about mortgage lending in Somers, NY
Are there any first-time homebuyer programs specifically for purchasing a home in Somers, NY?
While Somers itself does not offer a municipal program, New York State provides several key programs accessible to Somers buyers. The SONYMA (State of New York Mortgage Agency) offers low-interest rate mortgages with down payment assistance, and the "Achieving the Dream" program is particularly beneficial for first-time buyers in Westchester County. It's also wise to check with local credit unions and lenders who may have special products for the area.
How do Somers property taxes impact my mortgage qualification and monthly payment?
Somers, located in Westchester County, has notably high property taxes, which are a critical factor in your mortgage calculation. Lenders will include your estimated annual tax bill in your debt-to-income ratio (DTI), potentially lowering the loan amount you qualify for. Your monthly mortgage payment (PITI) will be significantly influenced by the tax portion, so budgeting for this is essential when looking at homes in Somers.
What is the typical down payment needed for a conventional loan on a Somers home given the higher home prices?
For conventional loans in Somers's competitive market, a 20% down payment is standard to avoid private mortgage insurance (PMI) and strengthen your offer. However, many lenders offer conventional loans with down payments as low as 5-10%, though this will include PMI. Given the median home price, saving for a larger down payment is a common local challenge, making down payment assistance programs especially valuable here.
Does Somers have any unique zoning or property characteristics that affect mortgage lending?
Yes, many homes in Somers are on larger, rural or semi-rural lots, and some may have features like septic systems and wells instead of public utilities. Lenders will require specific inspections for these systems, and properties deemed too rural or with substandard systems may not qualify for certain loan types. It's crucial to work with a lender familiar with Westchester's mix of suburban and rural properties.
How competitive is the mortgage rate environment for buyers in Somers compared to the national average?
Mortgage rates in Somers are generally aligned with national averages, but your final rate is highly personalized. In a competitive market like Somers, having a strong financial profile (excellent credit, low DTI, substantial down payment) is key to securing the best possible rate. Additionally, shopping around with both national banks and local Westchester County lenders can yield better terms and more personalized service for your purchase.
Why Choose a Mortgage Lender in Somers?
Local Market Knowledge
Lenders who understand Somers'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 Somers and get competitive rates on your home loan.