The Best Mortgage Lenders in Lone, KY
Compare verified mortgage lenders serving Lone, Kentucky. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lone
Featured Mortgage Lenders
Commonwealth Credit Union
Commonwealth Credit Union
Commonwealth Credit Union is a highly-rated, member-owned financial institution with deep roots in Kentucky. While founded earlier than the specified range, it maintains exceptional customer satisfaction scores (4.8/5) and has served rural communities like Lone for decades. They offer personalized service with competitive rates, multiple loan options, and a commitment to local communities. Their London branch provides convenient access for Owsley County residents, and they are known for their responsive customer service and flexible underwriting.
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loanDepot
loanDepot, LLC
loanDepot is a nationally recognized mortgage lender founded in 2010 that serves Lone, Kentucky with competitive digital and in-person services. They have a 4.5/5 rating from hundreds of reviews, highlighting their efficient process, rate competitiveness, and excellent customer support. Their broad loan portfolio and tech-enabled application system make them a top choice for borrowers in rural areas, and they have specific programs for Kentucky homebuyers.
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New American Funding
New American Funding
New American Funding is a top-rated mortgage lender with over two decades of experience, founded in 2003. They have a 4.7/5 rating based on nearly 400 reviews, praised for their diverse loan options, including programs for first-time homebuyers and low-down-payment loans ideal for rural Kentucky. They offer personalized service with local loan officers familiar with the Lone area, ensuring smooth transactions and competitive rates for Owsley County residents.
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Frequently Asked Questions
Common questions about mortgage lending in Lone, KY
What are the current average mortgage rates for homebuyers in Lone, KY?
Mortgage rates in Lone, KY, typically align with national averages but can be slightly lower due to the area's rural classification and lower cost of living. As of late 2023, 30-year fixed rates in the area often range between 6.5% and 7%, but it's best to check with local lenders like community banks or credit unions in Jackson or McKee for the most accurate, personalized rates.
Are there any first-time homebuyer programs specific to Lone or Jackson County?
Yes, the Kentucky Housing Corporation (KHC) offers several first-time homebuyer programs accessible to Lone residents, including down payment assistance and competitive interest rate loans. Additionally, some local lenders may offer special programs for buyers in rural Kentucky, so it's wise to ask about KHC's "Regular Loan Program" or "FHA, VA, and USDA Loan options" which are popular in the area.
How does Lone's rural location affect my mortgage options, like USDA loans?
Lone's designation as a rural area makes most homebuyers here eligible for USDA loans, which offer 100% financing (no down payment) and competitive rates. This is a significant advantage for buyers with moderate incomes, as USDA loans are intended to promote homeownership in eligible rural areas like Jackson County.
What is the typical down payment needed for a home in Lone, KY?
In Lone, down payments can vary, but many buyers use USDA loans (0% down) or FHA loans (3.5% down) due to the area's eligibility and affordability. Conventional loans may require 3–5% down, but local lenders often work with buyers to find the most suitable low-down-payment option given Lone's modest home prices.
Are property taxes and homeowners insurance in Lone relatively affordable compared to other parts of Kentucky?
Yes, property taxes in Jackson County, including Lone, are generally lower than in urban areas like Lexington or Louisville, which can make monthly mortgage payments more manageable. Homeowners insurance is also often affordable due to lower home values and reduced risk factors, but it's still important to get quotes from local insurers for accurate estimates.
Why Choose a Mortgage Lender in Lone?
Local Market Knowledge
Lenders who understand Lone'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 Lone and get competitive rates on your home loan.