The Best Mortgage Lenders in Pikeville, KY
Compare verified mortgage lenders serving Pikeville, Kentucky. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Pikeville
Featured Mortgage Lenders
Community Trust Bank
Community Trust Bank, Inc.
Community Trust Bank is a locally headquartered institution in Pikeville with over a century of trusted service, offering personalized mortgage solutions and competitive rates. Highly rated for its deep community roots, extensive loan options, and exceptional customer support, it remains a top choice for homebuyers in eastern Kentucky.
Loan Types:
Appalachian Federal Credit Union
Appalachian Federal Credit Union
Appalachian Federal Credit Union serves Pikeville and the surrounding region with a member-centric approach, providing low-rate mortgages and transparent service. As a not-for-profit, it excels in customer satisfaction, offering tailored advice and flexible terms, making it a highly recommended option for local home financing.
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First Commonwealth Bank
First Commonwealth Bank
First Commonwealth Bank has a strong regional presence with a convenient Pikeville branch, known for its reliable mortgage services and competitive rates. With a focus on personalized customer care and a wide array of loan products, it is a reputable lender trusted by many in the Appalachian area.
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Frequently Asked Questions
Common questions about mortgage lending in Pikeville, KY
What are the current average mortgage rates for homebuyers in Pikeville, KY?
Mortgage rates in Pikeville typically align with national averages but can vary based on local lender competition and property location. As of recent trends, 30-year fixed rates generally range from 6.5% to 7.5%, though Eastern Kentucky's economic factors might create slight variations. It's best to check with local lenders like Community Trust Bank or Peoples Bank & Trust for the most current Pikeville-specific rates.
Are there any special mortgage programs available for first-time homebuyers in Pikeville?
Yes, Pikeville homebuyers can access Kentucky Housing Corporation (KHC) programs offering down payment assistance and competitive interest rates. Additionally, the USDA Rural Development loan program is particularly relevant since Pike County qualifies, offering 100% financing with no down payment required for eligible borrowers in designated rural areas.
How does Pikeville's flood risk affect mortgage requirements in certain neighborhoods?
Properties in Pikeville's flood-prone areas, particularly near the Levisa Fork River, often require flood insurance as a mortgage condition. Lenders will typically order a flood certification during the loan process, and if the property is in a Special Flood Hazard Area, you'll need to purchase flood insurance through the NFIP before closing, adding to your monthly housing costs.
What unique closing costs should Pikeville homebuyers expect when getting a mortgage?
Beyond standard closing costs, Pikeville buyers should budget for Kentucky's transfer tax (typically split between buyer and seller) and specific local fees like Pike County recording fees. Title insurance rates in Eastern Kentucky might also differ slightly from other regions, so it's important to get a detailed Loan Estimate from your local lender early in the process.
How does the local Pikeville housing market impact mortgage approval and home values?
Pikeville's stable but slower-growing market means appraisals generally come in at or near contract prices, reducing financing complications. However, lenders may be more cautious with older mining-era properties that require significant repairs. The area's steady employment from Pikeville Medical Center and the university helps maintain stable home values that lenders view favorably.
Nearby Cities
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Why Choose a Mortgage Lender in Pikeville?
Local Market Knowledge
Lenders who understand Pikeville'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 Pikeville and get competitive rates on your home loan.