Top 5 FHA Lenders in New York 2019

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Home Buyers looking for the best lenders in New York have a lot of shopping around to do. New York is home to almost 19.85 million people, and with today’s mortgage rates as low as they are, the housing market is ready for serious home buyers. Home values have increased roughly 4.4 percent between December of 2017 through 2018 and are forecasted to rise another 3.3% through 2019.

The upward trend of rising home values makes it the prime time for home buyers on the market for a mortgage loan to do everything they can to keep their housing costs as low as possible. Getting a great mortgage would probably be the best place to start. And, since FHA loans offer low interest rates, down payments as little as 3.5%, and an ultra-low 580 credit score requirement, they’re often some of the most desirable loans for home buyers like you.

In this article, we’ll review the best FHA approved lenders in New York and how they can help you on your quest to home ownership.

2019 New York FHA Lender Best Picks

  1. Best for First Time Home Buyers: Loan Depot

  2. Best Online Experience: Guaranteed Rate

  3. Best Local Lender: Ditech Home Loans

  4. Best Face-to-Face Experience: J P Morgan Chase Bank

  5. Best Overall Performance: Quicken Loans

#1 New York FHA Lender: Quicken Loans

Finding a mortgage online may have seemed sketchy at best a decade ago, but the amazing team over at Quicken loans has truly set the standard for the online mortgage experience. Quicken Loans (and it’s online division Rocket Mortgage) have made FHA financing as simple and straightforward as possible.

The online FHA loan process is highly geared towards a streamlined user experience. Progress on the status of an FHA loan application can be easily tracked online, and preapproval for an FHA loan can be completed in a matter of minutes.

The service even keeps applicants posted with any documentation they may have forgotten or still need to provide. The real icing on the cake comes from the support staff that can be reached by phone or through the website that is standing by to offer their advisory services and answer any questions a potential borrower may have.

#2 New York FHA Lender: J P Morgan Chase Bank

Chase Bank is a big name both in and out of the home finance industry. In New York, Chase is highly commended by previous clients as being an incredible mortgage lender, who gets the job done as advertised.

Finding a nationally acclaimed bank on a top 5 list shouldn't come as that much of a surprise, but when it comes to mortgage, often times the larger institutions are less willing to go above and beyond for home buyers. Luckily, Chase is the exception.

Chase has countless years of experience with and an impressive volume of FHA mortgages under its belt. Home buyers can expect personalized service and readily available advisers while working with the financial giant.

#3 New York FHA Lender: Guaranteed Rate

A Kingpin of the online mortgage trend that plays a large role in FHA financing is Guaranteed Rate. Their participation in the digital mortgage wave leaves many other platforms lacking by comparison.

Guaranteed Rate is also extremely experienced with the origination of FHA loans. FHA financing through one of the best digital mortgage platforms available makes them serious competition to other FHA lenders, and highly favored among repeat and first time home buyers. FHA products are one of highest selling loans through guaranteed rate.

The online platform makes securely uploading the important financial documentation requested for a loan approval fast and easy. Borrowers can even check their credit scores through the service, rather than go elsewhere. Guaranteed Rate is one of the rare few digital mortgage platforms where a mortgage loan can be closed without ever needing to speak with someone unless requested by the home buyer.

#4 New York FHA Lender: Loan Depot

As large as Loan Depot has become since it’s inception, there is no surprise that it would make a list such as this one. Truly a powerhouse when it comes to home finance, Loan Depot is no stranger to FHA mortgages and the borrowers who need them.

The loan officers under the employ at Loan Depot are highly knowledgeable and well-trained individuals. Their expertise is shown clearly in the speed and ease of the mortgage transactions they take part in, And their uncompromised goal of providing down to the decimal quotes that hold true through closing, leaving the borrower with no surprises.

Customer service is a big deal for the loan depot team, and they typically do not disappoint. Past clients have been stunned by the lower than expected rates and fees, combined with speedy closings.

#5 New York FHA Lender: Ditech Home Loans

The mortgage process was never designed to be simple or easy, but that still doesn't stop the team at Ditech from making it feel that way. Ditech has been in the mortgage business for quite some time now, and they are experts at FHA financing.

Still, it wasn’t until recent revamps to the company that Ditech truly blossomed into the powerhouse that it is now, truly deserving of a place in the top 5 best FHA lenders. Ditech loan officers work hard at bridging the gap between mortgage professionals and home buyers, creating a dialogue about every step in the mortgage transaction as it transpires.

Home Buyers can be confident in the prowess of Ditech loan officers, who consistently find the lowest possible rates and fees for their clients. They are even among the top lenders when it comes to an easy closing, with minimal stress.

Shop Around Before You Get a New York FHA Loan

Our picks for the best FHA lenders in New York may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. As a home buyer, regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal home loan that comes with the terms and affordability that best suits any particular financial situation.

While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best FHA lender in your area, don't hesitate to contact a home.loans mortgage expert!