The Best Mortgage Lenders in Washington, MO
Compare verified mortgage lenders serving Washington, Missouri. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Washington
Featured Mortgage Lenders
First State Community Bank Mortgage Team
First State Community Bank
First State Community Bank stands as Washington's premier local mortgage lender with deep roots in the community. As a Missouri-based institution with multiple branches throughout Franklin County, they offer personalized service and competitive rates tailored to local market conditions. Their mortgage team specializes in first-time homebuyer programs and has extensive experience with rural development loans, making them ideal for Washington's mix of suburban and rural properties. Customers consistently praise their responsive communication, local underwriting decisions, and seamless closing process.
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USA Mortgage - Washington Office
USA Mortgage
USA Mortgage maintains a strong physical presence in Washington with one of their dedicated branch offices. This St. Louis-based mortgage company has earned exceptional ratings for their comprehensive loan programs and expert guidance throughout the homebuying process. Their Washington team specializes in navigating complex financing scenarios and offers competitive rates with various down payment assistance programs. With hundreds of positive reviews highlighting their educational approach and stress-free closings, they've built a reputation as one of Missouri's most trusted mortgage lenders.
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Paramount Bank Mortgage Division
Paramount Bank
Paramount Bank operates a full-service branch in Washington with an experienced mortgage team serving the entire Franklin County area. As a community-focused bank headquartered in St. Louis, they combine local decision-making with comprehensive lending resources. Their mortgage specialists excel at construction and renovation loans, particularly valuable in Washington's growing residential market. Customers consistently report smooth processes, competitive rates, and personalized attention from application through closing, making them a top choice for both purchase and refinance transactions in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Washington, MO
Are there any first-time homebuyer programs specifically for residents of Washington, MO?
Yes, the Missouri Housing Development Commission (MHDC) offers the First Place Loan Program, which provides competitive interest rates and down payment assistance to eligible first-time buyers in Washington. Additionally, local lenders often have knowledge of city-specific or Franklin County initiatives that can pair with these state programs to make homeownership more accessible.
How do property taxes in Washington, MO, affect my mortgage payment and qualification?
Franklin County property taxes are a key component of your monthly escrow payment. Washington's current combined tax rate (city, county, school district) is approximately $9.50 per $100 of assessed value, which is a moderate rate for the region. Lenders will factor this into your debt-to-income ratio, so it's important to get an accurate estimate when determining your budget.
What is the typical down payment needed for a home in Washington's current market?
While 20% down is ideal to avoid mortgage insurance, many buyers in Washington utilize conventional loans with 3-5% down or FHA loans with 3.5% down. Given the relatively affordable median home price compared to larger metros, saving for a down payment on a starter home here is often more achievable, but you should consult with a local lender for the best program for your situation.
Does Washington, MO, have any special loan considerations for homes in its historic downtown district?
Yes, purchasing a home in the Washington Historic District may involve specific appraisal requirements and potentially higher renovation costs. Lenders familiar with the area can guide you on loan products like a FHA 203(k) renovation loan, which can be crucial for updating these charming but older properties while keeping them historically compliant.
How competitive is the mortgage lending environment in Washington, and are local credit unions a good option?
Washington has a competitive mix of local community banks, regional lenders, and credit unions like Vantage Credit Union, which often offer personalized service and may have special programs for local residents. Rates can be very competitive, so it's wise to get quotes from both local institutions and larger lenders to find the best overall terms for your mortgage.
Why Choose a Mortgage Lender in Washington?
Local Market Knowledge
Lenders who understand Washington'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 Washington and get competitive rates on your home loan.