The Best Mortgage Lenders in Yonkers, NY
Compare verified mortgage lenders serving Yonkers, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Yonkers
Featured Mortgage Lenders
Michael Fiddelman
CrossCountry Mortgage, LLC
CrossCountry Mortgage's Yonkers branch, led by experienced loan officer Michael Fiddelman, stands out as one of the highest-rated mortgage lenders in Westchester County. With exceptional 4.9-star ratings across multiple review platforms, they specialize in personalized service and competitive rates for all loan types. Their local office provides in-person consultations while leveraging the resources of a national lender, offering the perfect blend of community-focused service and extensive lending capabilities. Particularly strong with first-time homebuyer programs and jumbo loans for the Westchester market.
Loan Types:
RMCU Mortgage Department
Residential Mortgage Credit Union
Residential Mortgage Credit Union has been serving the Yonkers community for over two decades with consistently excellent ratings and deep local knowledge. As a credit union, they offer highly competitive rates and lower fees than many traditional banks, with particular strength in first-time homebuyer programs and government-backed loans. Their mortgage specialists provide personalized guidance through the entire homebuying process, and members consistently praise their responsiveness and attention to detail. RMCU's strong community presence and member-focused approach make them a top choice for Yonkers homebuyers.
Loan Types:
Westchester Branch
Guaranteed Rate
Guaranteed Rate's Westchester County office, located just minutes from Yonkers in Rye Brook, serves the entire Yonkers market with exceptional digital mortgage technology and highly competitive rates. With over 20 years of experience and strong 4.7-star ratings, they combine innovative online tools with local expertise. Their digital mortgage process streamlines applications while maintaining personalized service. Particularly strong with jumbo loans for the Westchester market and offering some of the most competitive conventional rates in the region. The local team has deep knowledge of Yonkers neighborhood values and market conditions.
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Frequently Asked Questions
Common questions about mortgage lending in Yonkers, NY
Are there any special first-time homebuyer programs available specifically for Yonkers, NY?
Yes, the City of Yonkers offers the "Yonkers First-Time Homebuyer Program," which provides eligible buyers with a forgivable loan of up to $20,000 for down payment and closing cost assistance. To qualify, you must meet income limits, complete a homebuyer education course, and purchase a 1-4 family home within city limits. This is a powerful local tool to combat the high upfront costs of buying in Westchester County.
How does Yonkers' property tax rate impact my mortgage qualification and monthly payment?
Yonkers has one of the highest property tax rates in the nation, which significantly affects your debt-to-income (DTI) ratio and monthly escrow payment. Lenders will carefully factor in these taxes during pre-approval. It's crucial to get an accurate tax estimate for your target property, as taxes can add $800-$1,500 or more to your monthly payment on top of principal and interest.
What is the typical down payment requirement for a mortgage on a multi-family home in Yonkers?
For owner-occupied 2-4 family homes in Yonkers, a minimum down payment of 15% is common with conventional loans, though some lenders may require 20-25% for investment properties or based on your financial profile. Multi-family homes are prevalent in Yonkers and can be a great way to offset your mortgage with rental income, but lenders will scrutinize the potential rental income and your experience as a landlord.
Are there specific mortgage considerations for buying a condo in Yonkers versus a single-family home?
Absolutely. Condos in Yonkers, especially in newer developments downtown or near the waterfront, require lender approval of the Homeowners Association (HOA). The lender will review the HOA's finances, insurance, and owner-occupancy rates. High HOA fees or a poor financial standing can make financing difficult. Additionally, FHA and VA loans have specific condo project approval requirements that not all Yonkers buildings meet.
How do local market conditions in Yonkers affect the mortgage appraisal process?
Yonkers' diverse housing stock—from historic homes to new condos—can make appraisals challenging. Appraisers must find recent, comparable sales ("comps") in a specific neighborhood, which can be difficult in a fast-moving market. A low appraisal is a common risk, so working with a local lender and agent who understand hyper-local Yonkers neighborhoods like Getty Square, Ludlow, or Park Hill is key to a smooth transaction.
Why Choose a Mortgage Lender in Yonkers?
Local Market Knowledge
Lenders who understand Yonkers'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 Yonkers and get competitive rates on your home loan.