The Best Mortgage Lenders in Benton, MO
Compare verified mortgage lenders serving Benton, Missouri. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Benton
Featured Mortgage Lenders
Alliance Mortgage Company
Alliance Mortgage Company
Alliance Mortgage Company is a highly-rated regional mortgage lender serving Southeast Missouri, including Benton. With over two decades of experience, they have built an exceptional reputation for personalized service and competitive rates. They specialize in all major loan types including government-backed FHA and VA loans, which are popular in the region. Their team of local loan officers understands the unique needs of Missouri homebuyers and offers streamlined digital processing alongside traditional personal service.
Loan Types:
Bank of Advance
Bank of Advance
As a community bank with deep roots in Southeast Missouri, Bank of Advance has been serving the Benton area for over a century. They offer competitive mortgage rates and personalized service through their local branches. Their mortgage specialists provide comprehensive guidance through the entire home buying process, with special expertise in rural and agricultural properties common in the region. The bank's long-standing presence and commitment to local communities make them a trusted choice for mortgage lending.
Loan Types:
Southern Bank
Southern Bank
Southern Bank is a well-established regional financial institution with strong presence throughout Missouri, including dedicated service to the Benton area. They offer a complete range of mortgage products with the convenience of local decision-making and personalized service. Their mortgage team has extensive experience with rural housing loans and first-time homebuyer programs. Southern Bank combines the stability of a 135-year-old institution with modern digital mortgage tools, providing both traditional banking values and contemporary convenience.
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Frequently Asked Questions
Common questions about mortgage lending in Benton, MO
What are the current average mortgage rates for homebuyers in Benton, MO?
Mortgage rates in Benton 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 Scott County generally range from 6.5% to 7.25%, though this varies by lender and borrower qualifications. Local credit unions like Alliance Bank often offer competitive rates that are worth comparing with national lenders.
Are there any first-time homebuyer programs specifically available in Benton?
Yes, Benton homebuyers can access Missouri's First Place Home Loan Program, which offers competitive interest rates and down payment assistance. Additionally, the Missouri Housing Development Commission (MHDC) provides mortgage tax credits and down payment assistance that apply to Benton properties. Local lenders familiar with these programs can help you determine eligibility based on income limits and property location requirements.
How does Benton's rural location affect mortgage lending options?
Benton's rural designation makes buyers eligible for USDA Rural Development loans, which offer 100% financing with no down payment required. This is particularly advantageous given Benton's location in Scott County, which qualifies for USDA programs. These loans often have more flexible credit requirements than conventional loans, making homeownership accessible to moderate-income buyers in the area.
What unique closing costs should I expect when buying a home in Benton?
Benton homebuyers should budget for standard Missouri closing costs plus local considerations like title insurance specific to Scott County and potential rural property inspections. Unlike urban areas, you might encounter additional costs for well and septic inspections, which are common in Benton's more rural properties. Local transfer taxes in Benton are generally lower than in larger Missouri cities, typically ranging from $0.50 to $1.00 per $500 of sale price.
How do property values in Benton affect loan-to-value ratios and PMI requirements?
Benton's relatively affordable housing market means buyers often achieve lower loan-to-value ratios, potentially avoiding private mortgage insurance (PMI) with smaller down payments. With median home prices around $150,000-$200,000, a 10% down payment often puts borrowers below the 80% LTV threshold that triggers PMI. However, appraisals in rural Benton sometimes require specialized appraisers familiar with comparable properties in Scott County.
Why Choose a Mortgage Lender in Benton?
Local Market Knowledge
Lenders who understand Benton'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 Missouri.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Benton and get competitive rates on your home loan.