The Best Mortgage Lenders in Franklin, LA
Compare verified mortgage lenders serving Franklin, Louisiana. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Franklin
Featured Mortgage Lenders
Pelican State Credit Union
Pelican State Credit Union
As one of Louisiana's largest and most respected credit unions, Pelican State Credit Union has been serving the Franklin area and surrounding communities for decades. They consistently receive exceptional ratings for their personalized mortgage services, competitive rates, and deep community involvement. Their mortgage team provides comprehensive guidance through the entire home buying process, with special expertise in first-time homebuyer programs and government-backed loans. With multiple branches throughout the region and a strong digital banking platform, they offer both convenience and local expertise that Franklin residents trust.
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b1Bank
b1Bank
b1Bank has established itself as a premier regional mortgage lender with strong presence throughout South Louisiana, including dedicated service to the Franklin community. Known for their expertise in construction lending and commercial real estate financing, they also excel in residential mortgages with competitive rates and flexible terms. Their local loan officers have deep knowledge of the St. Mary Parish market and provide personalized service with quick decision-making. The bank's commitment to community development and local economic growth makes them a trusted partner for Franklin area homebuyers and investors.
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Guild Mortgage
Guild Mortgage Company
Guild Mortgage maintains a strong presence in Louisiana with dedicated loan officers serving the Franklin area. They are particularly renowned for their exceptional VA loan expertise and government-backed loan programs, making them an excellent choice for military families and first-time homebuyers. With consistently high customer satisfaction ratings and a wide range of mortgage products, Guild provides comprehensive solutions for diverse borrowing needs. Their local professionals understand the unique aspects of the Franklin housing market while leveraging the resources of a national lender with competitive rates and innovative loan programs.
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Frequently Asked Questions
Common questions about mortgage lending in Franklin, LA
What are current mortgage rates like in Franklin, LA compared to the national average?
Mortgage rates in Franklin typically align with national averages but can be slightly higher due to the rural nature of St. Mary Parish and smaller local lending market. As of late 2023, you might see rates 0.125%-0.25% higher than national averages for conventional loans. Working with lenders familiar with Louisiana's coastal regions can help you find competitive rates.
Are there any special mortgage programs for first-time homebuyers in Franklin?
Yes, Franklin homebuyers can access the Louisiana Mortgage Revenue Bond Program, which offers below-market interest rates and down payment assistance. Additionally, the Soft Second Program provides up to $15,000 in down payment assistance that becomes a forgivable loan after 10 years of occupancy. These programs are particularly valuable given Franklin's median home prices.
How does Franklin's flood risk affect mortgage requirements?
Given Franklin's location in a high-risk flood zone (Zone AE), most lenders will require flood insurance as a condition for your mortgage. This typically adds $500-$1,200 annually to your housing costs, depending on your property's elevation and flood risk level. Be sure to factor this into your budget when considering homes in the Franklin area.
What types of properties in Franklin might qualify for USDA rural housing loans?
Most properties in Franklin and St. Mary Parish qualify for USDA loans since it's designated as a rural area. These zero-down-payment loans are excellent for moderate-income buyers looking at single-family homes outside the immediate downtown area. The income limits for our area are quite generous, making many Franklin residents eligible.
How do property taxes in Franklin affect mortgage affordability?
Franklin benefits from relatively low property taxes compared to national averages, with St. Mary Parish rates around 0.35% of assessed value. However, Louisiana's homestead exemption can significantly reduce your tax burden on your primary residence. When calculating your mortgage payment, expect property taxes to add approximately $400-$800 annually for a typical Franklin home.
Why Choose a Mortgage Lender in Franklin?
Local Market Knowledge
Lenders who understand Franklin'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 Louisiana.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Franklin and get competitive rates on your home loan.