The Best Mortgage Lenders in Compton, IL
Compare verified mortgage lenders serving Compton, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Compton
Featured Mortgage Lenders
Mortgage Department
Midland States Bank
Midland States Bank stands out as a top regional mortgage lender with deep roots in central Illinois, serving the Compton area through their Ottawa branch location. With over 140 years of community banking experience, they offer personalized mortgage services with local decision-making authority. Their mortgage team provides competitive rates on a wide range of loan products including government-backed FHA and VA loans that are popular with first-time homebuyers. Customers consistently praise their responsive service, transparent communication, and ability to close loans efficiently. As a community-focused institution, they understand the local real estate market dynamics and provide tailored solutions for rural and suburban properties in the Illinois Valley region.
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Mortgage Lending Team
First Federal Savings Bank of Illinois
First Federal Savings Bank of Illinois has been serving the mortgage needs of the Illinois Valley region for over a century, making them an excellent choice for Compton residents. Their experienced mortgage team specializes in helping borrowers navigate the entire home financing process with exceptional customer service. They offer particularly strong first-time homebuyer programs and competitive government-backed loan options. The bank maintains a strong community presence and is known for keeping loans local rather than selling them to distant investors. Customer reviews frequently highlight their knowledgeable staff, smooth closing processes, and willingness to work with borrowers who have unique financial situations.
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Mortgage Services
CEFCU (Citizens Equity First Credit Union)
CEFCU serves as one of Illinois' largest credit unions with extensive mortgage lending capabilities throughout the state, including comprehensive service to the Compton area. While headquartered in Peoria, their digital mortgage platform and mobile services make them highly accessible to borrowers in smaller communities. They offer competitive rates typically below traditional banks and provide exceptional member service. CEFCU's mortgage specialists are praised for their expertise in rural and small-town property financing, including USDA loans that are particularly relevant for the Compton area. Their member-owned structure means profits are returned to borrowers through better rates and lower fees, and they consistently receive high marks for customer satisfaction and loan servicing quality.
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Frequently Asked Questions
Common questions about mortgage lending in Compton, IL
What are current mortgage rates like for homebuyers in Compton, IL?
Mortgage rates in Compton typically align with national averages but can vary based on local lender competition and property specifics. As of recent trends, rates for 30-year fixed mortgages in this area range from 6.5% to 7.2%, though rural properties may see slightly higher rates. It's best to compare offers from local credit unions like First State Bank of Van Orin along with regional lenders.
Are there any first-time homebuyer programs specifically available in Compton?
Yes, Illinois offers the IHDAccess Forgivable program which provides up to $10,000 in down payment assistance that converts to a grant after 5 years of occupancy. This is particularly valuable in Compton's affordable housing market where median home prices are around $120,000. Local lenders can also guide you through the Illinois Housing Development Authority's full suite of programs.
How does Compton's rural location affect mortgage lending requirements?
Compton's rural designation means some properties may qualify for USDA loans, which offer 100% financing with no down payment required. However, lenders may require additional property inspections for older homes and septic systems common in the area. Appraisals might also take longer due to fewer comparable sales in this small community.
What special considerations should I know about when buying an older home in Compton?
Many homes in Compton were built before 1950, so lenders often require thorough foundation, electrical, and plumbing inspections beyond standard appraisals. You may need to budget for additional repair escrows or consider renovation loans like the FHA 203(k). Local lenders are familiar with these older property requirements and can guide you through the process.
Are property taxes in Compton typically included in mortgage payments?
Yes, most lenders will include Compton's relatively low property taxes (averaging about 1.8% of home value) in your monthly escrow payment. Bureau County's tax rates are generally lower than urban areas, but your lender will calculate precise amounts based on the specific property's assessed value and include them in your PITI payment estimate.
Why Choose a Mortgage Lender in Compton?
Local Market Knowledge
Lenders who understand Compton'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 Compton and get competitive rates on your home loan.