The Best Mortgage Lenders in Xenia, IL
Compare verified mortgage lenders serving Xenia, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Xenia
Featured Mortgage Lenders
First Option Mortgage
First Option Mortgage LLC
First Option Mortgage is a highly-rated regional mortgage lender serving Southern Illinois communities including Xenia. With over two decades of experience, they've built an exceptional reputation for personalized service and competitive rates. They specialize in rural and small-town mortgages, including USDA loans which are particularly relevant for Xenia area residents. Their local loan officers have deep knowledge of the regional market and provide hands-on guidance throughout the entire mortgage process.
Loan Types:
Midland States Bank
Midland States Bank
Midland States Bank is a well-established regional bank with strong presence throughout Southern Illinois, including service to Xenia residents. They offer comprehensive mortgage services with the advantage of local decision-making and personalized customer service. As a community-focused institution, they understand the unique needs of rural Illinois homeowners and offer competitive rates with various loan programs. Their mortgage team includes experienced local professionals who provide in-person service and guidance.
Loan Types:
Scott Credit Union
Scott Credit Union
Scott Credit Union serves multiple Southern Illinois counties and has established itself as a top mortgage lender for the region, including Xenia area residents. They consistently receive high marks for customer satisfaction and offer competitive rates typically better than large national banks. Their mortgage specialists provide personalized service and educational resources for first-time homebuyers. As a credit union, they operate with a member-focused approach, often resulting in lower fees and more flexible underwriting for qualified borrowers in rural communities.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Xenia, IL
What are the current average mortgage rates for homebuyers in Xenia, IL?
Mortgage rates in Xenia typically align with national averages but can vary based on local lender competition and property types. Currently, 30-year fixed rates in the area 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 of Clay County and regional institutions serving Wayne County.
Are there any special mortgage programs for first-time homebuyers in Xenia?
Yes, Xenia homebuyers can access the Illinois Housing Development Authority's (IHDA) programs including the 1stHomeIL program with competitive interest rates and down payment assistance. Additionally, some local lenders offer portfolio loans specifically for rural properties common in the Xenia area. These programs are particularly valuable given Xenia's affordable housing market with median home prices around $120,000.
How does Xenia's rural location affect the mortgage approval process?
Xenia'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 farmhouses or rural homes. Appraisals might take longer due to fewer comparable sales in the immediate area.
What unique closing costs should I expect when buying a home in Xenia?
Beyond standard closing costs, Xenia homebuyers should budget for rural-specific expenses like well and septic inspections (typically $400-$600), which are often required by lenders. You may also encounter slightly higher title insurance costs due to the smaller local market. Some local lenders offer closing cost assistance programs specifically for Wayne County residents.
Are there local property tax considerations that affect mortgage lending in Xenia?
Yes, Wayne County property taxes are relatively low compared to urban Illinois areas, typically ranging from 1.0% to 1.5% of assessed value. Lenders will factor these taxes into your debt-to-income ratio calculations. The stable tax environment in Xenia makes housing more affordable long-term, which can work to your advantage during mortgage qualification.
Why Choose a Mortgage Lender in Xenia?
Local Market Knowledge
Lenders who understand Xenia'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 Xenia and get competitive rates on your home loan.