The Best Mortgage Lenders in Florence, KY
Compare verified mortgage lenders serving Florence, Kentucky. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Florence
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated mortgage lender with a strong presence in the Cincinnati metropolitan area, serving Florence, KY. Known for its competitive rates and innovative digital mortgage platform, the company has earned high customer satisfaction scores for its efficient processing and personalized service. With over two decades of experience, they offer a wide range of loan products and have consistently high ratings for transparency and reliability in the Northern Kentucky region.
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New American Funding
New American Funding
New American Funding is a highly regarded mortgage lender that actively serves the Florence, KY area with a focus on diverse loan programs and exceptional customer service. Founded in 2003, the company has built a reputation for its community involvement and efforts to increase homeownership through flexible financing options. They are praised for their responsive support, competitive rates, and ability to handle various loan types, making them a trusted choice for homebuyers in the region.
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Veterans United Home Loans
Veterans United Home Loans
Veterans United Home Loans is a premier mortgage lender specializing in VA loans and serving the Florence, KY area with outstanding customer satisfaction. With over two decades of experience, they are renowned for their expertise in military and veteran financing, offering tailored advice and seamless loan processes. Their high ratings stem from a commitment to education, support, and competitive rates, making them a top choice for veterans and active-duty personnel in Northern Kentucky.
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Frequently Asked Questions
Common questions about mortgage lending in Florence, KY
What are the current average mortgage rates for homebuyers in Florence, KY?
Mortgage rates in Florence typically align with national averages but can be influenced by local economic factors. As of late 2023, 30-year fixed rates in the Florence area generally range from 6.5% to 7.5%, though rates vary by lender, loan type, and borrower qualifications. It's advisable to compare rates from multiple local lenders since even small differences can significantly impact your monthly payment in Florence's competitive market.
Are there any first-time homebuyer programs specifically available in Florence, KY?
Yes, Florence homebuyers can access Kentucky Housing Corporation (KHC) programs offering down payment assistance, competitive interest rates, and closing cost help. The KHC's "Regular Loan Program" provides 30-year fixed-rate mortgages with down payment assistance up to 4% of the loan amount. Additionally, some local lenders offer special first-time buyer programs tailored to Florence's market conditions.
How does Florence's proximity to Cincinnati affect mortgage lending and housing costs?
Florence's location in the Cincinnati metropolitan area creates higher demand and slightly elevated property values compared to more rural parts of Kentucky. This proximity to major employment centers means lenders often view Florence properties as lower risk, potentially resulting in more favorable loan terms. However, you'll find housing costs are generally 10-15% lower than across the river in Cincinnati proper, making Florence an attractive option for commuters.
What special considerations should I know about property taxes and insurance when getting a mortgage in Florence?
Florence homeowners pay Boone County property taxes, which currently average around 0.95% of assessed value. Your mortgage lender will require escrow accounts for both property taxes and homeowners insurance, with typical annual insurance costs ranging from $800-$1,200 depending on home value and coverage. It's important to budget for these additional costs beyond your principal and interest payments.
Are there any local down payment assistance programs available specifically for Florence homebuyers?
Beyond state programs, some Florence-based employers like Amazon, DHL, and St. Elizabeth Healthcare offer employer-assisted housing programs. The City of Florence occasionally partners with local nonprofits to provide down payment assistance, particularly for essential workers and moderate-income buyers. Check with local lenders about the "Welcome Home Grant" and other regional programs that can provide 3-5% down payment assistance for qualified Florence homebuyers.
Nearby Cities
Explore mortgage lenders in cities near Florence, KY
Why Choose a Mortgage Lender in Florence?
Local Market Knowledge
Lenders who understand Florence'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 Kentucky.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Florence and get competitive rates on your home loan.