The Best Mortgage Lenders in Sullivan, IN
Compare verified mortgage lenders serving Sullivan, Indiana. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Sullivan
Featured Mortgage Lenders
First Financial Bank Mortgage Team
First Financial Bank
First Financial Bank stands out as Sullivan's premier local mortgage lender with deep community roots and extensive experience serving Sullivan County residents. As a locally-based financial institution with a physical branch right in downtown Sullivan, they offer personalized service and understand the unique needs of rural Indiana homebuyers. Their mortgage team provides competitive rates on all major loan types including specialized USDA rural development loans perfect for the Sullivan area. With exceptional customer satisfaction ratings and the convenience of local underwriting decisions, they consistently rank as the top choice for Sullivan residents seeking mortgages.
Loan Types:
Old National Bank Mortgage Center
Old National Bank
Old National Bank brings substantial regional banking expertise to Sullivan with multiple banking locations throughout west-central Indiana. Their mortgage specialists have extensive experience serving the Sullivan market with particular strength in first-time homebuyer programs and competitive construction lending. As one of the largest regional banks in Indiana, they offer robust digital mortgage tools combined with local loan officers who understand Sullivan's housing market. Their long-standing commitment to Indiana communities and comprehensive mortgage product portfolio makes them a top-rated choice for Sullivan homebuyers.
Loan Types:
First Federal Savings Bank Mortgage Division
First Federal Savings Bank of Vincennes
First Federal Savings Bank of Vincennes has been serving southwest Indiana communities including Sullivan for over a century, providing exceptional mortgage lending services with deep local market knowledge. Their experienced loan officers specialize in rural property financing and offer unique portfolio lending options for borrowers who may not fit conventional guidelines. With strong relationships throughout Sullivan County and a reputation for personalized service, they provide competitive rates and flexible terms. Their commitment to community banking and understanding of local property values makes them an outstanding mortgage partner for Sullivan residents.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Sullivan, IN
What are the current average mortgage rates for homebuyers in Sullivan, IN?
Mortgage rates in Sullivan typically align with national averages but can vary based on local lender competition and property type. As of recent data, conventional 30-year fixed rates in Sullivan generally range from 6.5% to 7.25%, though rates for rural properties might be slightly higher. It's best to check with local lenders like First Financial Bank or Old National Bank for the most current Sullivan-specific rates.
Are there any special mortgage programs for first-time homebuyers in Sullivan?
Yes, Sullivan homebuyers can access Indiana's Housing and Community Development Authority (IHCDA) programs, which offer down payment assistance and favorable terms for first-time buyers. Additionally, some local lenders may offer special programs for Sullivan residents, particularly for homes in designated revitalization areas. These programs can provide 3-5% down payment assistance with competitive interest rates.
How does Sullivan's rural location affect mortgage options and requirements?
Sullivan's rural character makes many properties eligible for USDA loans, which offer 100% financing with no down payment required. However, appraisals in rural Sullivan County may require specialized appraisers familiar with agricultural and rural properties, which can slightly extend closing timelines. Conventional loans may also have stricter requirements for properties with wells and septic systems common in the area.
What should I know about property taxes when getting a mortgage in Sullivan?
Sullivan County property taxes are relatively affordable compared to urban Indiana areas, typically ranging from 0.8% to 1.2% of assessed value. When calculating your mortgage payment, lenders will include these taxes in your escrow account. It's important to note that Sullivan has several tax districts with varying rates, so your exact tax burden will depend on your specific property location within the county.
Are there local mortgage considerations for buying older homes in Sullivan's historic districts?
Yes, Sullivan has several historic homes near the downtown square that may require special financing considerations. FHA 203(k) renovation loans can be particularly useful for these properties, allowing you to finance both purchase and repairs. However, lenders may require additional inspections and higher repair reserves for homes in Sullivan's older neighborhoods, where maintenance issues are more common.
Why Choose a Mortgage Lender in Sullivan?
Local Market Knowledge
Lenders who understand Sullivan'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 Indiana.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Sullivan and get competitive rates on your home loan.