The Best Mortgage Lenders in Patterson, MO
Compare verified mortgage lenders serving Patterson, Missouri. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Patterson
Featured Mortgage Lenders
Mortgage Services
First Community National Bank
First Community National Bank is a highly-rated regional lender with a strong presence in Southeast Missouri, including Patterson. Known for competitive rates and personalized service, they specialize in rural and community-focused lending with extensive experience in USDA and VA loans. Their long-standing reputation, local decision-making, and high customer satisfaction make them a top choice for homebuyers in the area.
Loan Types:
Mortgage Department
Southern Bank
Southern Bank is a well-established regional lender based in Poplar Bluff, serving Patterson and surrounding communities with a focus on affordable housing and rural development. They offer a wide range of loan products with competitive terms and have built a reputation for reliability, local expertise, and exceptional customer service, supported by numerous positive reviews and community involvement.
Loan Types:
Home Lending Advisor
Regions Bank
Regions Bank is a reputable national lender with a strong regional presence in Missouri, offering comprehensive mortgage services to Patterson residents. They are praised for their competitive rates, digital tools, and dedicated local support teams. With decades of experience and high customer satisfaction ratings, they provide flexible loan options and efficient processing, making them a reliable choice for diverse borrowing needs.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Patterson, MO
What are the current mortgage rates like in Patterson, MO compared to state averages?
Mortgage rates in Patterson typically align closely with Missouri state averages, though rural areas sometimes see slightly higher rates due to smaller lender competition. Currently, 30-year fixed rates in Patterson range from 6.5% to 7.25%, depending on credit score and loan type. Working with local lenders familiar with Wayne County can sometimes secure more competitive rates.
Are there any first-time homebuyer programs specific to Patterson or Wayne County?
Yes, Patterson homebuyers can access the Missouri Housing Development Commission's (MHDC) First Place loan program, which offers competitive interest rates and down payment assistance. Additionally, some local lenders offer special programs for Wayne County residents, including USDA loans which are particularly relevant given Patterson's rural designation.
How does Patterson's rural location affect mortgage options and requirements?
Patterson's rural classification makes USDA loans widely available, offering 100% financing with no down payment required. However, some conventional lenders may have stricter appraisal requirements due to fewer comparable properties in the area. Local lenders with experience in Wayne County typically navigate these challenges more effectively than national banks.
What should I know about property taxes and insurance when getting a mortgage in Patterson?
Patterson homeowners benefit from relatively low property taxes compared to urban Missouri areas, with Wayne County rates averaging around 0.85% of assessed value. Insurance costs may be slightly higher than average due to Patterson's rural fire protection district ratings and storm exposure, which lenders factor into your debt-to-income calculations.
Are there any local down payment assistance programs available for Patterson homebuyers?
While Patterson itself doesn't offer city-specific programs, Wayne County residents qualify for the MHDC's Missouri First program which provides down payment assistance up to 4% of the loan amount. Some local credit unions also offer special first-time buyer programs with reduced down payment requirements, particularly for properties within Patterson city limits.
Why Choose a Mortgage Lender in Patterson?
Local Market Knowledge
Lenders who understand Patterson'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 Patterson and get competitive rates on your home loan.