The Best Mortgage Lenders in Drew, MS
Compare verified mortgage lenders serving Drew, Mississippi. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Drew
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is highly regarded for its exceptional customer service and competitive mortgage rates, with a strong presence in Mississippi. They specialize in a wide range of loan products and are known for their efficient, personalized approach, making them a top choice for homebuyers in Drew and surrounding areas. Their long-standing reputation and high customer satisfaction scores underscore their reliability.
Loan Types:
New American Funding
New American Funding
New American Funding is a top-rated lender known for its innovative technology and diverse loan options, including specialized programs for underserved communities. With a local office in Clinton, MS, they serve Drew effectively, offering competitive rates and outstanding customer support. Their high review counts and commitment to education and service make them a trusted partner for mortgages in the region.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is celebrated for its fast processing times and community-focused approach, with a strong regional presence in Mississippi. They offer a variety of loan types and are praised for their transparency and competitive rates. Serving Drew and nearby areas, their experienced team ensures a smooth mortgage experience, backed by numerous positive reviews and a dedication to customer satisfaction.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Drew, MS
What are the current average mortgage rates for homebuyers in Drew, MS?
Mortgage rates in Drew typically align with national averages but can be slightly higher due to the rural nature of the area and smaller local lender competition. As of recent data, 30-year fixed rates in the Mississippi Delta region often range from 6.5% to 7.25%, but consulting with local credit unions or regional banks can provide the most accurate, personalized rates for Drew properties.
Are there any first-time homebuyer programs specifically available in Drew?
Yes, Drew homebuyers can utilize the Mississippi Home Corporation's Mortgage Credit Certificate (MCC) program, which provides a federal tax credit based on mortgage interest paid. Additionally, the MHC's Down Payment Assistance program offers up to $6,000 for eligible first-time buyers in Drew, helping with upfront costs that can be challenging in Sunflower County's market.
How does Drew's declining population affect mortgage lending and property values?
Drew's population decline has created a buyer's market with lower home prices, but lenders may be more cautious with appraisals and loan-to-value ratios. While you can find affordable properties, ensure your down payment is substantial (15-20% ideally) to offset any appraisal concerns and secure favorable loan terms from Mississippi-based lenders familiar with local market trends.
What special considerations should I know about getting a mortgage for Drew's older housing inventory?
Many homes in Drew were built before 1980, so lenders will require thorough inspections and may mandate repairs for FHA or VA loans. Consider a renovation loan like the FHA 203(k) if purchasing an older property, as this allows you to finance both purchase and repairs—particularly useful for Drew's historic but sometimes dated housing stock.
Are USDA rural housing loans available in Drew, and what are the benefits?
Yes, Drew qualifies for USDA loans due to its rural designation, offering 100% financing with no down payment required. This is particularly advantageous given Drew's median income levels, as eligible buyers can purchase with lower monthly payments than conventional loans. Local USDA-approved lenders can help determine income eligibility and property requirements specific to Sunflower County.
Why Choose a Mortgage Lender in Drew?
Local Market Knowledge
Lenders who understand Drew'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 Drew and get competitive rates on your home loan.