The Best Mortgage Lenders in Myra, KY
Compare verified mortgage lenders serving Myra, Kentucky. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Myra
Featured Mortgage Lenders
Community Trust Bank Mortgage Team
Community Trust Bank
Community Trust Bank is one of Eastern Kentucky's most established and highly-rated mortgage lenders with deep roots in the region. They maintain an exceptional 4.8-star rating across multiple review platforms with particular strength in personalized service for rural and small-town homebuyers. Their mortgage team has extensive experience with USDA loans, which are particularly relevant for Myra residents given the rural nature of the area. With multiple branches throughout Eastern Kentucky and dedicated local loan officers who understand the specific needs of the region, they offer competitive rates and a streamlined application process.
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Appalachian Federal Credit Union Mortgage Department
Appalachian Federal Credit Union
Appalachian Federal Credit Union serves Pike County and surrounding areas including Myra, offering highly competitive mortgage rates to members. They maintain a 4.7-star rating with exceptional customer service feedback, particularly for their first-time homebuyer programs and personalized guidance throughout the mortgage process. As a credit union, they operate as a not-for-profit institution, allowing them to offer lower fees and more favorable terms than many traditional banks. Their local loan officers have extensive knowledge of the Eastern Kentucky housing market and provide thorough support from application to closing.
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Guild Mortgage - Pikeville Branch
Guild Mortgage Company
Guild Mortgage's Pikeville branch serves Myra and surrounding communities with a strong reputation for expertise in government-backed loans and first-time homebuyer programs. With a 4.6-star rating, they're particularly noted for their educational approach to mortgage lending and exceptional communication throughout the process. As a national lender with deep local presence, they offer the resources of a large company combined with personalized service from loan officers who live and work in Eastern Kentucky. Their specialized knowledge of USDA rural development loans makes them an excellent choice for Myra residents seeking financing in rural areas.
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Frequently Asked Questions
Common questions about mortgage lending in Myra, KY
What are the current average mortgage rates for homebuyers in Myra, KY?
Mortgage rates in Myra typically align with national averages but can vary based on local lender competition and property location. Currently, 30-year fixed rates in the area range from 6.5% to 7.2%, though rural properties may see slightly higher rates. It's best to compare offers from local banks like Community Trust Bank and regional credit unions for the most competitive terms.
Are there any first-time homebuyer programs specifically available in Myra?
Yes, Myra residents can access Kentucky Housing Corporation (KHC) programs offering down payment assistance and competitive interest rates. The "Hometown Heroes" program provides special benefits for educators, healthcare workers, and first responders in rural areas like Myra. Additionally, some local lenders offer closing cost assistance for buyers purchasing within Boyd County.
How does Myra's rural location affect the mortgage approval process?
Myra's rural classification can impact appraisals due to fewer comparable properties, potentially requiring appraisers from larger nearby cities like Ashland. USDA loans are particularly advantageous here since most of Myra qualifies for USDA rural development programs offering 100% financing. Lenders may also require additional documentation for properties with well and septic systems.
What types of properties in Myra typically qualify for USDA loans?
Most single-family homes and some manufactured homes on permanent foundations in Myra qualify for USDA loans, given the area's rural designation. Properties must meet USDA safety standards and be located within eligible zones - nearly all of Myra qualifies. These loans are ideal for moderate-income buyers seeking no down payment options in this rural community.
How do property taxes in Boyd County affect mortgage payments in Myra?
Boyd County's property tax rate of approximately 0.85% is relatively low compared to national averages, which helps keep overall mortgage payments affordable. For a $150,000 home in Myra, annual taxes would be around $1,275, adding roughly $106 to monthly mortgage payments. These taxes are typically escrowed as part of your monthly payment for convenience.
Why Choose a Mortgage Lender in Myra?
Local Market Knowledge
Lenders who understand Myra'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 Myra and get competitive rates on your home loan.