The Best Mortgage Lenders in Troy, IN
Compare verified mortgage lenders serving Troy, Indiana. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Troy
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender known for its exceptional customer service, competitive rates, and extensive loan options. With over 28 years of experience, they have a strong local presence in southern Indiana, including Troy, and are praised for their efficient processing, personalized guidance, and high customer satisfaction scores. Their team of local experts ensures a smooth mortgage experience for homebuyers and refinancers alike.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its fast closings, competitive rates, and community-focused approach. Founded in 2008, they have built a reputation for transparency and excellent customer service in the Evansville area and serve Troy, IN. Their loan officers provide personalized support, and they offer a wide range of mortgage products, making them a reliable choice for first-time homebuyers and investors.
Loan Types:
New American Funding
New American Funding, LLC
New American Funding is a nationally recognized lender with a strong regional presence in Indiana, offering competitive rates and a diverse portfolio of loan options. Founded in 2003, they are known for their innovative technology, dedicated local support, and commitment to minority and first-time homebuyer programs. Their team serves Troy and surrounding areas with a focus on customer satisfaction and timely closings.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Troy, IN
What are the current average mortgage rates for homebuyers in Troy, IN?
Mortgage rates in Troy, IN typically align with national averages but can be slightly lower due to the area's rural classification and lower cost of living. As of recent data, 30-year fixed rates in Gibson County generally range from 6.5% to 7.25%, though this varies by lender, credit score, and loan type. It's best to compare rates from local lenders like Old National Bank or regional credit unions for the most competitive Troy-specific offers.
Are there any first-time homebuyer programs specifically available in Troy, IN?
Yes, Troy homebuyers can access the Indiana Housing and Community Development Authority's (IHCDA) programs, including the Next Home program which offers down payment assistance and competitive interest rates. Additionally, Gibson County may have local grants or affordable housing initiatives for first-time buyers. These programs are particularly valuable in Troy where median home prices remain below state averages.
How does Troy's proximity to Evansville affect mortgage lending and property values?
Troy's location just north of Evansville provides a "commuter town" advantage that can positively impact property values and mortgage considerations. Lenders may view Troy properties favorably due to the stable employment base in the Evansville metro area, while homebuyers get more house for their money compared to Evansville proper. This dynamic makes Troy an attractive option for those seeking rural living with urban accessibility.
What special considerations should I know about when getting a mortgage for a rural property in Troy?
For truly rural properties in Troy's surrounding areas, you may need a USDA Rural Development loan, which offers 100% financing for eligible properties and borrowers. Properties with well water and septic systems require additional inspections that lenders will mandate. Also, flood insurance may be necessary for properties near the Wabash River or other water bodies in the Troy area.
Are property taxes in Troy, IN typically included in mortgage escrow accounts?
Yes, most Troy mortgage lenders include Gibson County property taxes in escrow accounts, with current rates approximately 0.85% to 1.1% of assessed value. Troy's property taxes are generally lower than many Indiana communities, which helps keep overall mortgage payments affordable. Your lender will calculate these payments based on the specific property's assessed value and current tax rates.
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 Indiana.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Troy and get competitive rates on your home loan.