The Best Mortgage Lenders in Versailles, NY
Compare verified mortgage lenders serving Versailles, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Versailles
Featured Mortgage Lenders
Evans Bank Mortgage Team
Evans Bank
Evans Bank is a highly-rated Western New York institution with deep roots in the community, serving Versailles and surrounding Erie County areas. They offer personalized mortgage services with local decision-making, competitive rates, and extensive experience with rural properties common in the Versailles area. Their mortgage team receives exceptional reviews for responsive service and guiding borrowers through the entire process.
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Five Star Bank Mortgage Division
Five Star Bank
Five Star Bank has been serving Western New York communities for over a century, with strong presence in rural areas like Versailles. They offer competitive mortgage products with local underwriting and decision-making. Customers consistently praise their knowledgeable loan officers, transparent process, and commitment to rural home financing, making them an excellent choice for Versailles residents.
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Guild Mortgage - Western New York
Guild Mortgage Company
Guild Mortgage is a nationally recognized lender with strong Western New York presence, serving Versailles and surrounding rural communities. They consistently receive top ratings for customer service, competitive rates, and specialized expertise in rural property financing. Their local loan officers understand the unique needs of Versailles homebuyers and offer a wide range of loan programs with exceptional service throughout the process.
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Frequently Asked Questions
Common questions about mortgage lending in Versailles, NY
What are the typical down payment requirements for homes in the Versailles, NY area?
In the rural Orleans County market of Versailles, many conventional loans require a 5-10% down payment, but local lenders are familiar with USDA Rural Development loans, which offer 0% down payment options for eligible properties and borrowers in this designated rural area. FHA loans with 3.5% down are also common for first-time buyers. The specific requirement often depends on the property's location and the buyer's financial profile.
Are there any special mortgage programs for first-time homebuyers in Versailles?
Yes, New York State offers the SONYMA (State of New York Mortgage Agency) Achieving the Dream program, which provides competitive rates and down payment assistance. Additionally, the USDA Section 502 Direct Loan Program is highly relevant for low- and very-low-income applicants in Versailles, offering subsidized rates and payment assistance. Local credit unions like the Lyons National Bank may also have specific first-time buyer products for the area.
How does the rural nature of Versailles affect the mortgage appraisal process?
Appraisals in Versailles can be more challenging due to the limited number of recent, comparable home sales ("comps") in the immediate area. Appraisers often need to look at a wider geographic radius, which can sometimes impact the appraised value. It's advisable to work with a lender experienced in rural properties who understands how to properly underwrite loans in markets with fewer transactions.
What should I know about property taxes and insurance when getting a mortgage in Versailles?
Property taxes in Orleans County and the Town of Yates (where Versailles is located) are a significant part of your monthly payment. Taxes are generally lower than in major metro areas but vary. You will also need to budget for homeowner's insurance and, due to the rural setting, potentially a separate flood insurance policy if the property is near Lake Ontario or a flood zone, which is a common requirement from lenders.
Are jumbo loans common in the Versailles, NY housing market?
No, jumbo loans (which exceed the conforming loan limits) are very uncommon in Versailles. The median home price is well below the 2024 conforming loan limit of $766,550 for a single-family home in most of New York. Nearly all mortgages in the area will be within conventional conforming, FHA, USDA, or VA loan limits, which simplifies the lending process compared to high-cost urban markets.
Why Choose a Mortgage Lender in Versailles?
Local Market Knowledge
Lenders who understand Versailles'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 Versailles and get competitive rates on your home loan.