The Best Mortgage Lenders in Troy, IL
Compare verified mortgage lenders serving Troy, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Troy
Featured Mortgage Lenders
First Community Credit Union Mortgage Team
First Community Credit Union
First Community Credit Union stands out as one of the most highly-rated mortgage lenders serving the Troy area with deep community roots and exceptional member service. As a not-for-profit financial cooperative, they offer competitive rates and personalized mortgage solutions. Their mortgage team provides comprehensive guidance through the entire home buying process, with particular expertise in first-time homebuyer programs and local market knowledge. With multiple branches throughout the Metro East area and strong digital capabilities, they combine convenience with the personal touch of a community-focused institution.
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USA Mortgage - Illinois Team
USA Mortgage
USA Mortgage has established itself as a premier mortgage lender in the St. Louis Metro East region with an outstanding reputation for customer service and competitive loan products. Their Illinois team specializes in serving clients throughout Madison County, including Troy, with extensive experience in local market conditions and property types. They excel at navigating complex loan scenarios and offer a wide range of mortgage options with streamlined processing. Their high volume of positive reviews highlights their commitment to communication, transparency, and closing loans on time.
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First Mid Mortgage Team
First Mid Bank & Trust
First Mid Bank & Trust brings generations of banking experience to the Troy mortgage market with a strong local presence and community commitment. As one of Illinois' most established financial institutions, they offer the stability of a long-standing bank with the personalized service of a local lender. Their mortgage team provides comprehensive home financing solutions with particular strength in construction lending and agricultural property financing relevant to the Troy area. With deep roots in South Central Illinois, they understand the unique aspects of the local real estate market and maintain strong relationships with area real estate professionals.
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Frequently Asked Questions
Common questions about mortgage lending in Troy, IL
What are the current average mortgage rates for homebuyers in Troy, IL?
Mortgage rates in Troy typically align with national averages but can be slightly lower due to Illinois' competitive lending market. As of late 2024, conventional 30-year fixed rates in Troy generally range from 6.5% to 7.25%, though your specific rate will depend on credit score, loan type, and down payment amount. Local lenders often offer competitive rates for Troy's stable housing market.
Are there any first-time homebuyer programs specifically available in Troy, IL?
Yes, Troy homebuyers can access the Illinois Housing Development Authority's (IHDA) programs including the 1stHomeIllinois loan with down payment assistance up to $7,500. Additionally, St. Clair County offers local assistance programs that Troy residents qualify for, providing grants and favorable terms for qualified first-time buyers purchasing within city limits.
How does Troy's property tax rate affect mortgage affordability?
Troy's property tax rates are relatively moderate compared to other Illinois communities, currently around 2.1-2.4% of assessed value. This means for a $250,000 home, you can expect annual taxes of approximately $5,250-$6,000, which lenders will factor into your debt-to-income ratio. Many Troy lenders recommend budgeting an extra $400-500 monthly in your escrow account for taxes.
What types of mortgage loans are most common for Troy's housing market?
Conventional loans are most popular in Troy's market, particularly for the city's median home prices around $250,000. FHA loans are also common for buyers with smaller down payments, while VA loans are frequently used due to Troy's proximity to Scott Air Force Base. USDA loans remain an option for eligible properties in Troy's more rural outskirts.
How long does the mortgage approval process typically take when buying a home in Troy?
The mortgage process in Troy typically takes 30-45 days from application to closing, similar to national timelines. However, working with local lenders familiar with Troy's specific requirements can streamline the process. The stable Troy market and efficient local title companies often help ensure smooth, predictable closing timelines for most conventional loans.
Why Choose a Mortgage Lender in Troy?
Local Market Knowledge
Lenders who understand Troy'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 Troy and get competitive rates on your home loan.