The Best Mortgage Lenders in Decatur, MS
Compare verified mortgage lenders serving Decatur, Mississippi. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Decatur
Featured Mortgage Lenders
David Rushing
Peoples Bank of Decatur
As the primary local bank serving Decatur for over a century, Peoples Bank of Decatur offers deeply personalized mortgage services with strong community ties. Their experienced loan officers provide customized solutions for first-time homebuyers and existing homeowners alike, with particular expertise in rural housing loans suitable for Newton County. The bank maintains an exceptional local reputation for responsive service and competitive rates, making them the go-to choice for Decatur residents seeking face-to-face mortgage assistance.
Loan Types:
Mortgage Department
BankPlus
BankPlus serves as a strong regional mortgage provider with extensive experience throughout East Central Mississippi, including Decatur. As a community-focused financial institution with over 110 years of operation, they offer comprehensive mortgage solutions with competitive local rates. Their mortgage team provides personalized guidance through the entire home financing process, with special programs for first-time buyers and flexible construction lending options that are particularly valuable in the Decatur area's housing market.
Loan Types:
Local Branch
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation maintains a strong presence throughout Mississippi with dedicated local loan officers serving the Decatur area. As a nationally recognized mortgage lender with deep regional expertise, they offer competitive rates and exceptional customer service. Their extensive loan portfolio includes specialized programs for rural properties and government-backed loans that work well for Decatur homebuyers. The company consistently receives high marks for efficient processing and responsive communication throughout the mortgage journey.
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Frequently Asked Questions
Common questions about mortgage lending in Decatur, MS
What are the current average mortgage rates for homebuyers in Decatur, MS?
Mortgage rates in Decatur typically align with national averages but can be slightly lower due to the area's rural classification and lower cost of living. As of recent data, 30-year fixed rates in Newton County generally range from 6.5% to 7.25%, though individual rates depend on credit score, loan type, and down payment. Local lenders like Community Bank of Mississippi often offer competitive rates specifically for Decatur homebuyers.
Are there any first-time homebuyer programs specifically available in Decatur?
Yes, first-time homebuyers in Decatur can access the Mississippi Home Corporation's Mortgage Credit Certificate program, which provides a federal tax credit. Additionally, the USDA Rural Development loan program is particularly relevant for Decatur properties, offering 100% financing with no down payment requirement since Decatur qualifies as a rural area under USDA guidelines.
How does Decatur's rural location affect my mortgage options?
Decatur's rural designation opens access to USDA loans, which require no down payment and have flexible credit guidelines. However, it may limit the availability of certain conventional loan products that are more common in urban areas. Many local lenders are well-versed in rural lending programs and can guide you toward options that work best for Newton County properties.
What special considerations should I know about when getting a mortgage for older homes in Decatur's historic areas?
Many homes in Decatur's older neighborhoods may require additional inspections and potentially renovation loans. Lenders typically require thorough foundation, plumbing, and electrical inspections for older properties. If significant repairs are needed, consider an FHA 203(k) renovation loan, which allows you to finance both the purchase price and renovation costs in a single mortgage.
Are property taxes in Decatur typically included in mortgage escrow accounts?
Yes, most lenders in Decatur include Newton County property taxes in your monthly mortgage payment through an escrow account. Decatur's property tax rates are relatively low compared to national averages, currently around 0.60-0.80% of assessed value. Your lender will calculate this amount based on the specific property's assessment and include it in your monthly payment estimate.
Why Choose a Mortgage Lender in Decatur?
Local Market Knowledge
Lenders who understand Decatur'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 Mississippi.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Decatur and get competitive rates on your home loan.