The Best Mortgage Lenders in Selma, AL
Compare verified mortgage lenders serving Selma, Alabama. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Selma
Featured Mortgage Lenders
Riverview Mortgage
Riverview Mortgage
Riverview Mortgage is a highly-rated local mortgage broker based directly in Selma, known for exceptional personalized service and deep community roots. With nearly 15 years of experience, they specialize in helping first-time homebuyers and veterans navigate the mortgage process with competitive rates and flexible loan options. Their outstanding 4.9-star rating reflects consistent customer satisfaction and their reputation for making the mortgage process smooth and understandable for Selma residents.
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First US Bank Mortgage Division
First US Bank
First US Bank has been a trusted financial institution in Selma for decades, with their mortgage division operating for over 20 years. They offer comprehensive mortgage services with the advantage of local decision-making and personalized attention. Their 4.7-star rating reflects strong customer satisfaction, particularly for their construction loans and VA loan expertise. As a community bank, they understand the local Selma market and provide competitive rates with the reliability of an established local institution.
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Bryant Bank Mortgage
Bryant Bank
Bryant Bank has built an exceptional reputation across Alabama, with their Selma branch providing top-tier mortgage services to the local community. With an impressive 4.8-star rating and nearly two decades of experience, they're known for their responsive service and competitive mortgage products. Their mortgage team specializes in both purchase and refinance loans, with particular expertise in FHA and conventional lending. Customers consistently praise their efficient processing and the personal attention they provide throughout the home financing journey.
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Frequently Asked Questions
Common questions about mortgage lending in Selma, AL
What are the current average mortgage rates for homebuyers in Selma, AL?
Mortgage rates in Selma typically align with national averages but can vary based on local lender competition and property location. Currently, 30-year fixed rates in the Selma area range from 6.5% to 7.2%, with local credit unions often offering competitive rates. It's advisable to compare offers from multiple Selma-based lenders as rates can differ by 0.25% or more between institutions.
Are there any first-time homebuyer programs specifically available in Selma?
Yes, Selma homebuyers can access Alabama's Step Up program, which offers competitive interest rates and down payment assistance. Additionally, the USDA Rural Development loan program is particularly relevant for Selma, as much of Dallas County qualifies for these zero-down-payment loans. Local housing counselors at organizations like Selma Area Community Development Corporation can provide guidance on these programs.
How does Selma's historic district status affect mortgage lending requirements?
Properties in Selma's Historic District may require additional inspections and potentially higher insurance costs, which lenders factor into loan approval. Some lenders might require specialized appraisers familiar with historic property valuation. However, purchasing in designated historic districts can sometimes qualify for preservation tax incentives that improve long-term affordability.
What special considerations should I know about flood insurance requirements for Selma properties?
Given Selma's location along the Alabama River, many properties require flood insurance, which lenders will mandate for mortgages in designated flood zones. Even properties outside high-risk zones may need coverage due to Selma's flood history. Always verify flood zone status through FEMA maps and factor annual flood insurance costs ($500-$2,000+) into your housing budget.
Are there local down payment assistance programs for Selma homebuyers?
The Alabama Housing Finance Authority offers down payment assistance statewide, and Selma residents may qualify for additional local programs through community development organizations. Some Selma employers, including healthcare and education institutions, offer employer-assisted housing programs. Local lenders can also connect buyers with neighborhood-specific grants that help with down payments and closing costs.
Why Choose a Mortgage Lender in Selma?
Local Market Knowledge
Lenders who understand Selma'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 Alabama.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Selma and get competitive rates on your home loan.