The Best Mortgage Lenders in Herrick, IL
Compare verified mortgage lenders serving Herrick, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Herrick
Featured Mortgage Lenders
Midland States Bank Mortgage Team
Midland States Bank
Midland States Bank has been serving central Illinois communities for over 140 years and maintains a strong presence throughout the Herrick area. Their mortgage team receives exceptional ratings for personalized service, local decision-making, and competitive rates. As a community-focused bank with deep roots in the region, they understand the unique needs of rural Illinois homeowners and offer specialized USDA and FHA loan programs perfect for the Herrick market. Their local loan officers provide face-to-face service and have extensive experience with agricultural properties and rural home financing.
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Illinois Credit Union Mortgage Department
Illinois Credit Union
Illinois Credit Union has been serving members throughout central Illinois for nearly 70 years and is highly rated for mortgage lending in the Herrick service area. As a member-owned financial cooperative, they offer competitive rates and lower fees than many traditional banks. Their mortgage specialists are praised for guiding first-time homebuyers through the entire process and offering educational resources. The credit union's local presence in nearby Effingham ensures personalized service and understanding of the Herrick real estate market, with particular expertise in affordable housing programs.
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Union Home Mortgage - Effingham Office
Union Home Mortgage
Union Home Mortgage maintains a highly-rated local office in Effingham that actively serves the Herrick community. With over 50 years in the mortgage industry, they combine national lending power with local expertise. Their loan officers receive outstanding reviews for responsiveness, transparency, and navigating complex rural property transactions. Specializing in both purchase and refinance loans, they offer particularly strong USDA rural development programs ideal for Herrick residents. The company is known for efficient processing and strong relationships with local real estate professionals throughout central Illinois.
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Frequently Asked Questions
Common questions about mortgage lending in Herrick, IL
What are the current average mortgage rates for homebuyers in Herrick, IL?
Mortgage rates in Herrick typically align with national averages but can vary based on local lender competition and property types. As of recent data, 30-year fixed rates in the area generally range from 6.5% to 7.25%, though rural properties might see slightly higher rates. It's best to compare offers from local lenders like First National Bank in Vandalia or Peoples Bank & Trust for the most competitive rates.
Are there any special loan programs available for first-time homebuyers in Herrick?
Yes, Herrick residents can access Illinois Housing Development Authority (IHDA) programs like the 1stHomeIllinois and Access Forgivable loans, which offer competitive rates and down payment assistance. These programs are particularly valuable in Herrick's affordable market, where median home prices are below state averages. Local lenders familiar with these programs can help you navigate the application process.
How does Herrick's rural location affect mortgage lending requirements?
Herrick's rural classification can impact lending through USDA loan eligibility, which offers 100% financing for qualified buyers in this designated rural area. However, some conventional lenders may require additional property inspections for older homes or acreage properties common in the area. Working with lenders experienced in rural Illinois properties is recommended.
What should I know about property taxes when getting a mortgage in Herrick?
Herrick property taxes in Shelby County typically range from 1.5% to 2.0% of assessed value, which is moderate for Illinois. Lenders will factor these taxes into your debt-to-income ratio calculations, and you'll need to account for escrow payments in your monthly mortgage payment. Recent assessments have been stable, providing predictable tax obligations for homeowners.
Are there local down payment assistance programs specifically for Herrick homebuyers?
While Herrick itself doesn't offer municipal programs, Shelby County partners with IHDA to provide down payment assistance through programs like the SmartMove and Access Deferred loans. These can provide up to $10,000 in assistance for eligible buyers, which goes particularly far in Herrick's affordable housing market where median prices are around $120,000-$150,000.
Why Choose a Mortgage Lender in Herrick?
Local Market Knowledge
Lenders who understand Herrick'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 Herrick and get competitive rates on your home loan.