The Best Mortgage Lenders in Versailles, IN
Compare verified mortgage lenders serving Versailles, Indiana. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Versailles
Featured Mortgage Lenders
Michael R. Johnson
MainSource Bank (now part of First Financial Bank)
MainSource Bank, now operating as First Financial Bank after their 2018 merger, has been a trusted community banking institution serving Versailles and surrounding Ripley County areas for decades. They maintain a strong local presence with their Batesville branch just 15 minutes from Versailles, offering personalized mortgage services with local decision-making. Their mortgage team, including experienced loan officers like Michael Johnson, specializes in helping rural and small-town clients navigate home financing with competitive rates and flexible terms. They are particularly strong with USDA rural development loans which are ideal for Versailles area properties, and their community-focused approach ensures personalized service throughout the mortgage process.
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Chris A. Meyer
Fifth Third Bank
Fifth Third Bank maintains a strong regional presence throughout southeastern Indiana with their Columbus branch serving Versailles residents approximately 30 minutes away. As a established national bank with deep roots in the Midwest, they offer comprehensive mortgage solutions with competitive rates and a wide range of loan products. Their mortgage specialists are experienced in serving both urban and rural Indiana communities, providing digital mortgage tools alongside personalized service. Fifth Third is particularly noted for their construction-to-permanent loan programs which are valuable in growing areas like Versailles, and they offer special mortgage programs for healthcare professionals, educators, and first responders serving the community.
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Mortgage Department
Centra Credit Union
Centra Credit Union has been serving southeastern Indiana communities for over 80 years and is highly regarded for their member-focused mortgage services. While based in Columbus, they actively serve Versailles and Ripley County residents with competitive rates typically below traditional banks. Their mortgage team specializes in first-time homebuyer programs and offers exceptional guidance through the entire home financing process. Centra is particularly strong with VA loans and offers special benefits for military families, along with flexible credit requirements that can benefit Versailles area borrowers. Their not-for-profit structure allows them to offer lower closing costs and more personalized service than many larger institutions, making them a top choice for local home financing.
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Frequently Asked Questions
Common questions about mortgage lending in Versailles, IN
What are the current mortgage rates like in Versailles, IN, and how do they compare to state averages?
Mortgage rates in Versailles typically align closely with Indiana state averages, though local lenders may offer competitive rates slightly below state averages to attract rural homebuyers. As of 2024, Versailles borrowers generally see conventional 30-year fixed rates between 6.5-7%, but working with local credit unions like Versailles Savings & Loan can sometimes secure better terms due to their community-focused lending practices.
Are there any special mortgage programs for first-time homebuyers in Versailles?
Yes, Versailles homebuyers can access the Indiana Housing and Community Development Authority's (IHCDA) programs, including the Next Home and My Home initiatives, which offer down payment assistance and below-market interest rates. Additionally, Ripley County residents may qualify for local programs through community banks that offer closing cost assistance specifically for Versailles properties.
How does Versailles' rural location affect mortgage lending requirements?
Versailles' rural designation can work to borrowers' advantage through USDA Rural Development loans, which offer 100% financing with no down payment required for eligible properties in Ripley County. However, appraisals in Versailles may require specialized rural property appraisers, which can slightly extend closing timelines compared to urban areas.
What unique closing costs should I expect when buying a home in Versailles?
Versailles homebuyers should budget for typical Indiana closing costs plus some rural-specific expenses, including well and septic inspections (typically $400-600), which are mandatory for most properties outside town limits. Title insurance and transfer taxes in Ripley County generally run 1-1.5% of the home's purchase price, similar to statewide averages.
How do property values in Versailles impact mortgage options and down payment requirements?
With Versailles' median home price around $180,000-$220,000, many buyers find conventional loans with 3-5% down payments accessible. The stable but modest appreciation in Versailles' housing market means lenders typically require solid credit scores (640+) but may offer more flexible debt-to-income ratios than in higher-cost Indiana markets.
Why Choose a Mortgage Lender in Versailles?
Local Market Knowledge
Lenders who understand Versailles'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 Versailles and get competitive rates on your home loan.