The Best Mortgage Lenders in Decatur, IA
Compare verified mortgage lenders serving Decatur, Iowa. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Decatur
Featured Mortgage Lenders
Jason D. Smith
First State Bank
First State Bank is a highly-rated community bank with deep roots in southern Iowa, serving Decatur County residents for over 120 years. They offer personalized mortgage services with local decision-making, competitive rates, and exceptional customer service. Their mortgage team, led by experienced loan officers, specializes in helping rural and small-town homeowners with various loan programs including USDA loans perfect for Decatur County's rural character. The bank maintains a 4.8-star rating across multiple review platforms with customers praising their responsive service and local expertise.
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Mortgage Department
Greater Iowa Credit Union
Greater Iowa Credit Union serves members across southern Iowa including Decatur County, offering competitive mortgage rates and personalized service. With over 85 years of financial experience, they provide a full range of mortgage products with particular strength in first-time homebuyer programs and USDA rural development loans. Their mortgage team receives consistent praise for walking members through the entire process and offering competitive rates that often beat larger banks. The credit union's community-focused approach and member-owned structure make them a top choice for Decatur area homebuyers.
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Ryan DePhillips
Iowa State Bank
Iowa State Bank has been serving southern Iowa communities for over 120 years, with strong presence in Decatur County and surrounding areas. They offer comprehensive mortgage services with expertise in rural property financing, construction loans, and agricultural property lending. Their experienced loan officers provide local underwriting and decision-making, ensuring quick turnaround times and personalized service. Customers consistently rate them highly for their knowledge of rural property values and ability to navigate unique property situations common in Decatur County. The bank's long-standing community commitment and competitive loan programs make them an excellent choice for area residents.
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Frequently Asked Questions
Common questions about mortgage lending in Decatur, IA
What are the current mortgage rates like for homebuyers in Decatur, IA?
Mortgage rates in Decatur typically align with national averages but can be influenced by local lender competition. Currently, rates for 30-year fixed mortgages in the area range from the mid-6% to low-7% range, though this varies by lender, credit score, and loan type. It's advisable to compare offers from both local community banks and regional lenders serving southern Iowa.
Are there any first-time homebuyer programs specifically available in Decatur?
Yes, first-time homebuyers in Decatur 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 Decatur County residents. These programs are particularly valuable given Decatur's affordable housing market compared to larger Iowa cities.
How does Decatur's rural location affect mortgage lending options?
Decatur's rural designation opens access to USDA loans, which offer 100% financing with no down payment requirement - a significant advantage for eligible buyers. However, some national lenders may have limited presence in the area, making local community banks and credit unions particularly important resources. These local institutions often have better understanding of Decatur County property values.
What should I know about property taxes when getting a mortgage in Decatur?
Decatur County has relatively moderate property tax rates compared to urban areas in Iowa, currently around 1.3-1.5% of assessed value. Your mortgage lender will factor these taxes into your monthly escrow payments. It's important to note that property assessments in this rural area may vary, so reviewing recent comparable sales is advisable.
Are there special considerations for purchasing agricultural or larger properties in Decatur?
Yes, purchasing properties with acreage or agricultural potential in Decatur County often requires different lending approaches. Many standard mortgages have restrictions on property size and usage, so you may need agricultural-specific loans or portfolio loans from local banks familiar with rural properties. These lenders better understand the unique valuation factors for Decatur's mixed-use and agricultural parcels.
Why Choose a Mortgage Lender in Decatur?
Local Market Knowledge
Lenders who understand Decatur'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 Decatur and get competitive rates on your home loan.