The Best Mortgage Lenders in Waverly, NY
Compare verified mortgage lenders serving Waverly, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Waverly
Featured Mortgage Lenders
Tompkins Community Bank Mortgage Department
Tompkins Community Bank
Tompkins Community Bank has been serving the Southern Tier region for nearly 200 years and maintains a strong presence throughout the Waverly area. Their mortgage team receives exceptional ratings for personalized service, local decision-making, and competitive rates. As a community-focused institution, they understand the specific needs of homebuyers in the Waverly market and offer a comprehensive range of loan products with the advantage of local underwriting and processing.
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Chemung Canal Trust Company Mortgage Division
Chemung Canal Trust Company
With deep roots in the Southern Tier since 1833, Chemung Canal Trust Company is one of the most established and trusted mortgage lenders serving Waverly. They consistently earn high marks for their knowledgeable loan officers, streamlined application process, and commitment to community banking. The institution specializes in helping buyers throughout the region with competitive conventional and government-backed loan options, plus valuable first-time homebuyer programs.
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Visions Federal Credit Union Mortgage Services
Visions Federal Credit Union
Visions Federal Credit Union serves members throughout the Southern Tier and has a strong mortgage lending presence in the Waverly area. They receive excellent reviews for their competitive rates, low fees, and member-focused approach. Their mortgage team specializes in helping buyers navigate the entire homebuying process with educational resources and personalized guidance. As a credit union, they often offer more favorable terms and lower closing costs than traditional banks.
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Frequently Asked Questions
Common questions about mortgage lending in Waverly, NY
Are there any special first-time homebuyer programs available specifically for Waverly, NY?
Yes, the New York State Homes and Community Renewal (HCR) offers the "First Home Club" program, which provides matching grants for down payments and closing costs. This program is available to eligible buyers in Waverly and across Tioga County. Local credit unions, like Visions Federal Credit Union, also often have first-time buyer programs with competitive rates and low down payment options tailored to the area.
How do property taxes in Waverly, NY, impact my mortgage payments and affordability?
Tioga County and the Village of Waverly have property tax rates that are generally moderate compared to other parts of New York State. However, taxes are a significant component of your monthly escrow payment. It's crucial to get a precise tax estimate for any property, as rates can vary, and factor this into your overall budget, as it directly affects your debt-to-income ratio and loan approval amount.
What type of mortgage is most common for buying a home in Waverly's market?
Given Waverly's relatively affordable home prices compared to national averages, conventional fixed-rate mortgages (30-year or 15-year) are very popular. For buyers with moderate incomes or less-than-perfect credit, FHA loans are also a common choice, as they allow for lower down payments (as low as 3.5%) and are well-suited for many of the older, character homes found in the village.
Does Waverly, NY, qualify for any USDA rural development home loans?
Yes, Waverly and much of Tioga County are eligible for USDA Rural Development loans, which offer 100% financing (no down payment). This can be a major advantage for eligible buyers, as it makes homeownership more accessible. A local mortgage lender familiar with the area can confirm the specific property eligibility, as certain census tracts may qualify.
How does the appraisal process work for a home in Waverly, given its mix of historic and newer properties?
Appraisals in Waverly require an appraiser with strong local knowledge. They must find appropriate comparable sales ("comps") from within the village or immediate surrounding areas, which can be challenging for unique historic homes. An accurate appraisal is critical, as the local market values can differ significantly from broader county or national trends, impacting your loan-to-value ratio and final loan approval.
Why Choose a Mortgage Lender in Waverly?
Local Market Knowledge
Lenders who understand Waverly'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 Waverly and get competitive rates on your home loan.