The Best Mortgage Lenders in Floris, IA
Compare verified mortgage lenders serving Floris, Iowa. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Floris
Featured Mortgage Lenders
Farmers State Bank
Farmers State Bank
Farmers State Bank has been serving Southeast Iowa communities for over a century, making them one of the most established and trusted local lenders in the Floris area. As a community bank with deep roots in Davis County, they offer personalized service and local decision-making that national lenders can't match. Their mortgage specialists have extensive experience with rural and agricultural properties common in the Floris region, and they offer competitive rates with flexible terms. The bank maintains an excellent reputation for customer service and community involvement, with many customers praising their responsive communication and smooth loan processes.
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Greater Iowa Credit Union
Greater Iowa Credit Union
Greater Iowa Credit Union serves members across multiple counties in Southern Iowa, including the Floris area, and has built an outstanding reputation for mortgage lending. As a not-for-profit financial cooperative, they typically offer more competitive rates and lower fees than traditional banks. Their mortgage team provides comprehensive guidance through the entire home buying process, with particular expertise in first-time homebuyer programs and government-backed loans. Members consistently praise their educational approach, transparent pricing, and commitment to finding the right mortgage solution for each borrower's unique situation.
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Iowa Mortgage Professionals
Iowa Mortgage Professionals, LLC
Iowa Mortgage Professionals is a highly-rated mortgage brokerage serving clients throughout Iowa, including the Floris area. Their team of experienced loan officers works with multiple lenders to find the best rates and terms for each client's specific needs. They specialize in navigating complex financing situations and have particular expertise with rural properties and agricultural lending common in Southeast Iowa. Customers consistently praise their exceptional communication, thorough explanations, and ability to close loans quickly and efficiently. Their local market knowledge and extensive lender relationships make them a top choice for competitive mortgage solutions.
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Frequently Asked Questions
Common questions about mortgage lending in Floris, IA
What are the current average mortgage rates for homebuyers in Floris, Iowa?
Mortgage rates in Floris typically align with national averages, but local lenders may offer competitive rates due to the rural nature of Davis County. As of 2024, 30-year fixed rates in Floris generally range from 6.5% to 7.25%, though rates can vary based on credit score, loan type, and down payment amount. It's best to compare offers from local credit unions and regional banks serving southeast Iowa.
Are there any first-time homebuyer programs specifically available in Floris?
Yes, Floris homebuyers can access Iowa Finance Authority programs like the FirstHome Program, which offers competitive interest rates and down payment assistance. Additionally, the nearby Davis County might have local housing initiatives, and USDA loans are particularly relevant given Floris's rural designation, offering 100% financing options for eligible buyers in this area.
How does Floris's rural location affect mortgage lending options?
Floris's rural designation makes USDA loans widely available, which require no down payment for qualified buyers. This can be particularly advantageous given the town's modest home prices. Local lenders are also more familiar with agricultural property considerations and may offer more flexible underwriting for properties with acreage or outbuildings common in the area.
What unique closing costs should I expect when buying a home in Floris?
Beyond standard closing costs, Floris homebuyers should budget for well and septic inspections, which are common given the rural infrastructure. Title insurance rates in Davis County are regulated by Iowa, providing cost consistency, and you may encounter slightly higher survey costs due to larger property lots typical in this rural community.
How do property values in Floris impact mortgage qualification and down payment requirements?
With Floris's median home prices significantly below national averages ($150,000-$250,000 range), buyers often need smaller down payments and can qualify with lower incomes. However, lenders may require additional documentation for unique rural properties, and appraisals might take longer due to fewer comparable sales in this small community.
Why Choose a Mortgage Lender in Floris?
Local Market Knowledge
Lenders who understand Floris'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 Floris and get competitive rates on your home loan.