The Best Mortgage Lenders in Cresco, IA
Compare verified mortgage lenders serving Cresco, Iowa. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Cresco
Featured Mortgage Lenders
Farmers State Bank Mortgage Team
Farmers State Bank
Farmers State Bank is Cresco's premier local mortgage lender with deep community roots spanning over a century. As the primary financial institution in Howard County, they offer personalized mortgage services with local underwriting and decision-making. Their experienced loan officers provide competitive rates on all major loan programs with exceptional knowledge of rural and agricultural property financing. The bank maintains an outstanding reputation for customer service and community commitment, making them the top choice for Cresco residents seeking reliable, local mortgage expertise.
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Decorah Bank & Trust Mortgage Division
Decorah Bank & Trust Company
Decorah Bank & Trust serves the entire northeast Iowa region including Cresco, bringing over 150 years of community banking expertise. They are highly rated for their competitive mortgage rates and personalized service approach. The bank specializes in rural property financing and offers unique expertise in agricultural and land loans that benefit Cresco area homeowners. Their local loan officers provide streamlined processing with decisions made locally, and they maintain strong relationships with real estate professionals throughout the region.
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U.S. Bank Cresco Mortgage Services
U.S. Bank National Association
U.S. Bank maintains a physical branch in Cresco and offers comprehensive mortgage services with the backing of a major national financial institution. They combine local presence with extensive mortgage product options and competitive national rate pricing. Their Cresco-based loan officers provide personalized service while leveraging the bank's strong capital position and diverse loan programs. U.S. Bank receives high marks for their digital mortgage experience and reliable closing timelines, making them an excellent choice for Cresco residents seeking both local service and national resources.
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Frequently Asked Questions
Common questions about mortgage lending in Cresco, IA
What are the current average mortgage rates for homebuyers in Cresco, IA?
Mortgage rates in Cresco typically align with national averages but can vary slightly based on local lenders. As of recent data, 30-year fixed rates in Howard County generally range from 6.5% to 7.25%, depending on credit score and loan type. It's best to check with local Cresco lenders like Cresco Bank & Trust or State Bank for the most current rates and any special local promotions.
Are there any first-time homebuyer programs specifically available in Cresco?
Yes, Cresco homebuyers can access Iowa Finance Authority programs like the FirstHome program, which offers competitive interest rates and down payment assistance. Additionally, some local lenders may offer special programs for Cresco residents, particularly for properties within city limits. These programs can provide significant savings for qualifying buyers in Howard County's housing market.
How does Cresco's rural location affect mortgage lending options?
Cresco's rural designation opens up USDA loan opportunities, which offer 100% financing with no down payment required for eligible properties in Howard County. Many properties in and around Cresco qualify for USDA rural housing loans, making homeownership more accessible. Local lenders are familiar with these programs and can guide buyers through the specific requirements for rural properties.
What should I know about property taxes when getting a mortgage in Cresco?
Howard County property taxes in Cresco average approximately 1.4% of assessed value, which is relatively moderate for Iowa. When calculating your mortgage payment, lenders will include these taxes in your escrow account. It's important to factor in that Cresco's tax rates may differ slightly from surrounding areas, so consult with your lender for precise tax estimates on specific properties.
Are there local down payment assistance programs for Cresco homebuyers?
Yes, through the Iowa Finance Authority, Cresco buyers may qualify for the Homes for Iowans program, which offers up to $5,000 in down payment assistance. Some local employers and community organizations in Cresco also occasionally offer housing assistance programs. Working with a mortgage lender familiar with Howard County can help you identify all available local assistance options.
Why Choose a Mortgage Lender in Cresco?
Local Market Knowledge
Lenders who understand Cresco'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 Iowa.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Cresco and get competitive rates on your home loan.