Home financing in Franklin County.

Home financing means borrowing money to buy, build, or improve a home — and agreeing to pay it back over time, usually with interest. The most common form is a mortgage: a loan secured by the home itself. If you stop making payments, the lender has the legal right to take the property through a process called foreclosure.

Mortgages come in several shapes. A conventional loan is not backed by the government and typically requires a stronger credit profile. FHA loans are insured by the Federal Housing Administration and allow lower down payments and more flexible credit requirements. USDA loans support buyers in rural and semi-rural areas — and much of Franklin County qualifies.

VA loans are available to veterans and active military.

Each type has its own rules about down payment, credit score, and debt-to-income ratio.

Beyond purchase loans, home financing also includes refinancing (replacing an existing loan with a new one, often for a better rate), home equity loans, and home improvement financing. This guide focuses primarily on purchase financing, since that is where most first-time buyers in Franklin County start.

Franklin County sits in the North Country region of New York, bordering Canada and the Adirondack Park. Its economy is anchored by healthcare (the Adirondack Health system), agriculture, timber, tourism, and public sector employment including correctional facilities. Many residents work seasonal or self-employed jobs — logging, farming, construction trades, guiding, and short-term rental management.

If you are a solo contractor or seasonal worker, lenders will want to see stable income averaged over two years. This is standard across the industry, not a penalty — it simply means your tax returns matter a lot. Keep them filed and accurate.

If you do not have a Social Security Number, you may still qualify for a mortgage using an Individual Taxpayer Identification Number (ITIN). ITIN mortgages are real and available through specific lenders (listed in Section 4). You will generally need a larger down payment — often 10–20% — and two years of tax returns filed with the ITIN.

Franklin County's median home prices are well below the New York State average, which works in buyers' favor.

Many properties in Malone, Saranac Lake, Tupper Lake, and smaller hamlets fall within loan limits for FHA and USDA programs.

The county's rural character means USDA Rural Development financing is broadly available — a significant advantage that buyers sometimes overlook.

Credit score minimums vary: FHA typically requires 580+ for a 3.5% down payment, conventional loans often require 620+, and ITIN lenders may set their own minimums. If your score is below these thresholds, a local CDFI or credit union may still work with you.

Gathering your paperwork before you apply will save you significant time and stress. Here is what most lenders will ask for:

**Proof of identity:** Government-issued photo ID. If you are using an ITIN, bring your ITIN letter from the IRS along with a passport or consular ID.

**Proof of income:**

- W-2 employees: Last two years of W-2s and recent pay stubs (30 days).

- Self-employed / solo contractors: Last two years of federal tax returns (all pages, all schedules), a current profit-and-loss statement, and business bank statements.

- Seasonal workers: Two years of returns showing the seasonal income pattern.

**Bank and asset statements:** Two to three months of statements for every account you plan to use for your down payment or closing costs.

**Credit history:** Lenders pull this themselves, but it helps to know your score beforehand. You can get a free report at AnnualCreditReport.com.

**Property information:** Once you have a purchase agreement, you will need that contract. The lender will order an appraisal independently.

**Additional items sometimes requested:**

- Proof of any gift funds (a signed letter from the donor).

- Explanation letters for any gaps in employment or large deposits in your bank account.

- Landlord contact information if you currently rent.

Organize these in a folder — physical or digital — before your first meeting. Coming prepared signals to a lender that you are serious and makes the process faster.