The Best Mortgage Lenders in South Roxana, IL
Compare verified mortgage lenders serving South Roxana, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in South Roxana
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong presence in Illinois, including serving the South Roxana area. Known for its innovative digital platform and competitive rates, the company has earned high customer satisfaction scores for its efficient loan processing and personalized service. With over two decades of experience, they offer a wide range of loan products and are praised for their transparency and quick closings, making them a reliable choice for homebuyers in the region.
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New American Funding
New American Funding
New American Funding is a highly regarded mortgage lender that serves South Roxana and the broader Illinois market, with a focus on diverse loan options and exceptional customer service. They are recognized for their efforts in supporting underserved communities and offering flexible financing solutions. With a reputation for low rates and a streamlined application process, they have accumulated numerous positive reviews for their responsive support and expertise, making them a trusted partner for home financing.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a premier lender with a strong regional presence that includes service to South Roxana, IL. They are celebrated for their competitive rates, extensive loan portfolio, and dedication to customer satisfaction, often highlighted in reviews for their knowledgeable loan officers and smooth closing processes. With nearly three decades in business, they have built a solid reputation for reliability and community involvement, ensuring clients receive tailored mortgage solutions with exceptional support.
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Frequently Asked Questions
Common questions about mortgage lending in South Roxana, IL
What are the current average mortgage rates for homebuyers in South Roxana, IL?
Mortgage rates in South Roxana typically align with national averages but can vary based on local lenders and your financial profile. As of recent trends, you might expect rates around 6.5% to 7% for a 30-year fixed mortgage, but it's best to check with local banks or credit unions like First Mid Bank & Trust or Scott Credit Union for personalized quotes. South Roxana's competitive housing market means shopping around can help secure a favorable rate.
Are there any first-time homebuyer programs available specifically in South Roxana?
Yes, South Roxana homebuyers can access Illinois Housing Development Authority (IHDA) programs like the 1stHomeIllinois loan, which offers competitive interest rates and down payment assistance. Additionally, Madison County may offer local grants or programs for first-time buyers. Working with a lender familiar with these programs can help you take advantage of up to $10,000 in down payment assistance, making homeownership more affordable in the area.
How does South Roxana's property tax rate affect my mortgage payments?
South Roxana has a property tax rate of approximately 2.5% to 3%, which is relatively moderate for Madison County. This means for a $150,000 home, you could budget around $3,750 annually for property taxes, which will be included in your monthly mortgage escrow payment. It's important to factor this into your affordability calculations, as higher property taxes can increase your total monthly housing costs significantly.
What types of mortgage loans are most common for South Roxana's housing market?
In South Roxana's affordable market, conventional loans and FHA loans are popular choices due to their flexibility and lower down payment options. VA loans are also common given the proximity to Scott Air Force Base and veteran population. Many local buyers opt for 30-year fixed-rate mortgages to lock in stable payments, especially with the area's median home prices around $120,000 to $150,000.
Are there any local down payment assistance programs for South Roxana residents?
Yes, South Roxana buyers may qualify for the IHDA's Access Forgivable loan, which provides up to $10,000 in down payment assistance that doesn't need to be repaid if you stay in the home for a certain period. Additionally, some local employers and community organizations in Madison County offer grants for public service employees. Consulting with a HUD-approved housing counselor in the area can help you identify all available resources.
Why Choose a Mortgage Lender in South Roxana?
Local Market Knowledge
Lenders who understand South Roxana'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 South Roxana and get competitive rates on your home loan.