The Best Mortgage Lenders in Troy, NY
Compare verified mortgage lenders serving Troy, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Troy
Featured Mortgage Lenders
SEFCU Mortgage Services
SEFCU (Schools, Employees, and Federal Credit Union)
SEFCU is one of the most highly-rated credit unions serving the Capital Region, including Troy. With over 85 years of financial service experience, they offer competitive mortgage rates and exceptional member service. Their mortgage team provides personalized guidance through the entire homebuying process, with special programs for first-time homebuyers and various affordable housing options. SEFCU's strong local presence and community commitment make them a top choice for Troy area homebuyers seeking reliable, member-focused mortgage services.
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Trustco Bank Mortgage Department
Trustco Bank
Trustco Bank has a strong physical presence in Troy with multiple branches and a dedicated mortgage department. As a community-focused bank with over a century of service, they offer competitive mortgage products with local underwriting and decision-making. Their experienced loan officers provide personalized service and guidance throughout the mortgage process. Trustco's long-standing reputation in the Capital Region and their commitment to local homebuyers make them a reliable choice for Troy residents seeking traditional banking relationships with modern mortgage solutions.
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Rocket Mortgage
Rocket Mortgage by Quicken Loans
While not locally based in Troy, Rocket Mortgage consistently ranks as one of the top mortgage lenders nationwide with excellent service ratings and competitive rates. They serve the Troy market with their fully digital mortgage platform, offering streamlined application processes and efficient closing timelines. With extensive experience and a wide range of loan products, Rocket Mortgage provides Troy homebuyers with flexible options and strong customer support. Their high volume of positive reviews and reputation for reliability make them a top choice for tech-savvy borrowers seeking convenience without sacrificing service quality.
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Frequently Asked Questions
Common questions about mortgage lending in Troy, NY
Are there any special first-time homebuyer programs available specifically for Troy, NY?
Yes, the City of Troy offers the Troy Homeownership Program (THOP), which provides down payment and closing cost assistance in the form of a forgivable loan. This program is designed to promote homeownership in specific target neighborhoods and has income and purchase price limits. Additionally, New York State's SONYMA programs are widely accessible to Troy buyers.
How does Troy's property tax rate compare to the surrounding Capital Region, and how does that impact my mortgage?
Troy has a notably higher property tax rate than many neighboring suburbs, which directly increases your total monthly housing payment. When getting pre-approved for a mortgage, lenders will factor in these higher taxes, which can reduce the loan amount you qualify for compared to a similarly priced home in a lower-tax area. It's crucial to get an accurate tax estimate early in your home search.
What should I know about getting a mortgage for a historic home in Troy's neighborhoods like Washington Park or Historic Hill?
Financing a historic or older home in Troy may require a specialized appraisal and a thorough inspection, as some lenders have stricter requirements regarding the condition of plumbing, electrical, and roofing. While standard loans can be used, you may face repair requirements or need to consider a renovation loan like the FHA 203(k) if the home needs significant updates to meet lending standards.
Are there specific mortgage considerations for buying a multi-family property in Troy, given its many two- and three-family homes?
Absolutely. For a 2-4 unit owner-occupied multi-family in Troy, you can use conventional, FHA, or VA financing, and the projected rental income from the other units can help you qualify for a larger loan. However, lenders will typically only count 75% of the rental income, and you'll need to provide lease agreements or market rent analyses. This is a popular strategy to offset Troy's higher property taxes.
How do local down payment assistance programs in Troy interact with New York State programs like SONYMA?
In many cases, they can be layered. For example, you might use a SONYMA mortgage with its low down payment requirement and then layer the City of Troy's THOP assistance for additional down payment and closing cost help. It's essential to work with a lender experienced in these combinations to ensure program guidelines are met and to maximize your available assistance.
Why Choose a Mortgage Lender in Troy?
Local Market Knowledge
Lenders who understand Troy'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 Troy and get competitive rates on your home loan.