The Best Mortgage Lenders in Mattoon, IL
Compare verified mortgage lenders serving Mattoon, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Mattoon
Featured Mortgage Lenders
First Mid Bank & Trust - Mattoon
First Mid Bank & Trust
First Mid Bank & Trust is a highly-rated community bank with deep roots in Mattoon and throughout central Illinois. As a locally-headquartered financial institution, they offer personalized mortgage services with competitive rates and exceptional customer care. Their mortgage team has extensive experience with all loan types and provides streamlined processing with local decision-making. Customers consistently praise their responsive service, transparent communication, and expertise in navigating the home financing process for both first-time and experienced homebuyers in the Mattoon area.
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CrossCountry Mortgage - Illinois
CrossCountry Mortgage, LLC
CrossCountry Mortgage has established a strong presence throughout Illinois with multiple highly-rated locations serving the Mattoon area. They offer a comprehensive range of mortgage products with competitive rates and exceptional customer service. Their local loan officers have deep knowledge of the Mattoon real estate market and provide personalized guidance through the entire mortgage process. The company receives consistent praise for their efficient processing, clear communication, and ability to close loans quickly while maintaining high customer satisfaction standards.
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Fairway Independent Mortgage - Champaign
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage maintains an excellent reputation throughout central Illinois with their Champaign office actively serving Mattoon homebuyers. They consistently earn top ratings for their exceptional customer service, competitive rates, and efficient loan processing. Their experienced loan officers specialize in guiding clients through the mortgage process with clear communication and personalized attention. Customers frequently highlight their responsiveness, expertise with various loan programs, and ability to secure favorable terms. The company's strong community involvement and commitment to customer satisfaction make them a top choice for Mattoon area home financing.
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Frequently Asked Questions
Common questions about mortgage lending in Mattoon, IL
What are the current mortgage rates like in Mattoon, IL?
Mortgage rates in Mattoon typically align with national averages but can be slightly lower due to the area's lower cost of living and competitive local lending environment. As of 2024, you can expect conventional 30-year fixed rates around 6.5-7%, but working with local credit unions like First Mid Bank & Trust or Consolidated Communications FCU may offer more competitive pricing. Rates vary daily, so getting pre-approved with a local lender will give you the most accurate current rate.
Are there any first-time homebuyer programs specific to Mattoon?
Yes, the Illinois Housing Development Authority (IHDA) offers several first-time homebuyer programs available in Mattoon, including the 1stHomeILLinois program with down payment assistance. Additionally, Coles County may have local grants or programs, and some Mattoon employers like Sarah Bush Lincoln Health Center offer employer-assisted housing programs. Local lenders are well-versed in these programs and can help you determine eligibility.
How does Mattoon's affordable housing market affect mortgage lending?
Mattoon's median home price of approximately $120,000 makes qualifying for mortgages more accessible than in many Illinois markets. This affordability means lower down payment requirements and potentially easier debt-to-income ratio qualification. However, some lenders may have stricter appraisal requirements due to the mix of older housing stock and varying neighborhood values, so working with lenders familiar with local property valuations is crucial.
What special considerations should I know about getting a mortgage for older homes in Mattoon?
Many Mattoon homes were built before 1950, so lenders may require additional inspections and potentially escrow for repairs. FHA 203(k) rehabilitation loans are popular here for financing both purchase and renovation costs. Local appraisers are familiar with valuing historic properties in areas like the Downtown Historic District, but you should budget for potential higher insurance costs and maintenance requirements common with older homes.
Are USDA loans a good option for homebuyers in Mattoon?
Yes, USDA loans are excellent options since most of Mattoon and surrounding Coles County qualifies for USDA rural housing programs. These offer 100% financing with no down payment, which is particularly beneficial given Mattoon's median household income levels. Local lenders like First Neighbor Bank have extensive experience with USDA loans and can guide you through the income and property eligibility requirements specific to our area.
Why Choose a Mortgage Lender in Mattoon?
Local Market Knowledge
Lenders who understand Mattoon'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 Mattoon and get competitive rates on your home loan.