The Best Mortgage Lenders in Buncombe, IL
Compare verified mortgage lenders serving Buncombe, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Buncombe
Featured Mortgage Lenders
Scott Credit Union
Scott Credit Union
Scott Credit Union is a highly-rated regional financial institution serving multiple Illinois counties including Pike County where Buncombe is located. With over 80 years of operation, they have established a strong reputation for competitive mortgage rates and exceptional member service. They offer a comprehensive range of loan products specifically tailored to meet the needs of rural and small community borrowers. Their mortgage team provides personalized guidance through the entire home buying process, with particular expertise in USDA rural development loans that are highly relevant for Buncombe area homebuyers.
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First Bankers Trust
First Bankers Trust Company, N.A.
First Bankers Trust has been serving West Central Illinois communities for nearly a century, with strong presence in the region that includes Buncombe. They specialize in agricultural and rural residential lending, making them particularly well-suited for the Buncombe market. Their mortgage department offers competitive rates and local underwriting decisions, which streamlines the approval process. With deep roots in the community and extensive experience with rural property financing, they provide knowledgeable guidance on USDA loans and other programs beneficial to buyers in smaller Illinois communities.
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Hickory Point Bank
Hickory Point Bank & Trust
Hickory Point Bank is a community-focused institution that serves multiple counties across Central Illinois, including areas near Buncombe. They have built a strong reputation for personalized mortgage services and competitive loan products. Their experienced loan officers specialize in rural property financing and understand the unique aspects of buying homes in smaller communities like Buncombe. They offer local decision-making and maintain long-term relationships with borrowers, providing ongoing support throughout the life of the loan. Their expertise in USDA and FHA programs makes them an excellent choice for first-time homebuyers in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Buncombe, IL
What are the current average mortgage rates for homebuyers in Buncombe, IL?
Mortgage rates in Buncombe typically align with national averages, but local lenders may offer competitive rates due to the rural market. As of 2024, 30-year fixed rates in the area generally range from 6.5% to 7.2%, though this varies by lender and borrower qualifications. It's advisable to compare offers from both local community banks and regional lenders serving Southern Illinois.
Are there any first-time homebuyer programs specifically available in Buncombe, IL?
Yes, first-time homebuyers in Buncombe can access the Illinois Housing Development Authority's (IHDA) programs, which offer competitive interest rates and down payment assistance. Additionally, some local lenders may offer special programs for rural homebuyers through USDA loans, which are particularly relevant given Buncombe's location. These programs can help with lower down payments and closing cost assistance.
How does Buncombe's rural location affect mortgage lending options?
Buncombe's rural classification makes USDA loans widely available, offering 100% financing with no down payment required for eligible borrowers. This is particularly advantageous for low-to-moderate income buyers purchasing in designated rural areas. Local lenders are often well-versed in these USDA guidelines and can help navigate the specific property eligibility requirements for the area.
What special considerations should I know about property taxes when getting a mortgage in Buncombe?
Property taxes in Buncombe County are relatively moderate compared to urban Illinois areas, typically ranging from 0.8% to 1.2% of assessed value. When calculating your mortgage payment, lenders will escrow for these taxes, and it's important to verify the exact tax rate for the specific property. Some agricultural properties may qualify for lower tax assessments if they meet certain use requirements.
Are there any local down payment assistance programs available for Buncombe homebuyers?
While Buncombe itself doesn't offer city-specific programs, homebuyers can access county-wide assistance through the IHDA's Welcome Home Illinois program, which provides up to $10,000 in down payment assistance. Some local credit unions in the region also offer special first-time buyer programs with reduced down payment requirements. These programs are particularly valuable given the area's moderate income levels.
Why Choose a Mortgage Lender in Buncombe?
Local Market Knowledge
Lenders who understand Buncombe'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 Illinois.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Buncombe and get competitive rates on your home loan.