The Best Mortgage Lenders in Ellston, IA
Compare verified mortgage lenders serving Ellston, Iowa. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ellston
Featured Mortgage Lenders
Scott Wendl
Farmers Trust & Savings Bank
Farmers Trust & Savings Bank is a highly-rated community bank serving Ringgold County and surrounding areas including Ellston. With over 100 years in business, they offer personalized mortgage services with local decision-making and deep understanding of rural Iowa property financing. Their mortgage team, led by experienced lenders like Scott Wendl, specializes in agricultural and rural property loans, including USDA loans which are particularly relevant for Ellston area residents. The bank maintains exceptional customer satisfaction ratings for their attentive service and competitive local rates.
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Mortgage Department
Greater Iowa Credit Union
Greater Iowa Credit Union serves members across southern Iowa, including Ellston residents, with highly competitive mortgage rates and exceptional member service. As a not-for-profit financial cooperative, they offer lower fees and more personalized service than many larger institutions. Their mortgage team has extensive experience with rural Iowa properties and offers specialized programs for first-time homebuyers and agricultural property financing. With strong digital capabilities and local service representation, they provide convenient mortgage solutions for Ellston area borrowers.
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Ryan Decker
Iowa State Bank
Iowa State Bank is a well-established community bank serving southern Iowa communities including Ellston with comprehensive mortgage services. They have particular expertise in rural property financing and agricultural land loans, making them an excellent choice for Ellston area residents. Their local loan officers provide personalized service with quick decision-making and flexible underwriting. The bank consistently receives high marks for customer service, competitive rates, and their ability to handle complex rural property transactions that are common in the Ellston area.
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Frequently Asked Questions
Common questions about mortgage lending in Ellston, IA
What are the current average mortgage rates for homebuyers in Ellston, Iowa?
Mortgage rates in Ellston typically align with national averages but can be slightly lower due to Iowa's stable housing market. As of recent data, 30-year fixed rates generally range from 6.5% to 7%, though local lenders like First State Bank of Ellston may offer competitive rates. It's best to compare offers from both local and national lenders to secure the best rate for your situation.
Are there any first-time homebuyer programs specifically available in Ellston?
Yes, Ellston residents can access Iowa Finance Authority programs like the FirstHome program, which offers competitive interest rates and down payment assistance. Additionally, local lenders may have special programs for first-time buyers in Ringgold County. These programs can provide significant savings through lower interest rates and help with closing costs.
How does Ellston's rural location affect mortgage lending and property requirements?
Ellston's rural setting means some properties may require USDA loans, which offer 100% financing for eligible buyers in designated rural areas. Properties with wells and septic systems may require additional inspections that can affect loan approval. Local lenders are familiar with these rural property considerations and can guide you through the specific requirements.
What are the typical down payment requirements for homes in Ellston's market?
Down payments in Ellston typically range from 3-5% for conventional loans, though USDA loans require no down payment for qualified buyers. Given Ellston's affordable housing market with median home prices around $120,000, down payment amounts are generally manageable. Local lenders can help you explore down payment assistance programs if needed.
How long does the mortgage approval process typically take with Ellston-area lenders?
The mortgage process with local Ellston lenders usually takes 30-45 days, which can be faster than larger institutions due to personalized service and local market knowledge. Working with lenders familiar with Ringgold County's property records and appraisal processes can streamline approval. During peak homebuying seasons, it's wise to start the process early to ensure timely closing.
Nearby Cities
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Why Choose a Mortgage Lender in Ellston?
Local Market Knowledge
Lenders who understand Ellston'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 Ellston and get competitive rates on your home loan.