The Best Mortgage Lenders in Parshall, ND
Compare verified mortgage lenders serving Parshall, North Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Parshall
Featured Mortgage Lenders
Gate City Bank Mortgage Team
Gate City Bank
As North Dakota's largest locally-owned bank, Gate City Bank has served rural communities across the state for a century. They maintain a strong presence in central and western North Dakota with multiple branches in Minot, just 75 miles from Parshall. Known for exceptional customer service and deep community involvement, they specialize in rural and agricultural lending with competitive rates. Their mortgage team has extensive experience with USDA loans that are particularly beneficial for Parshall area homebuyers, and they offer personalized service with local decision-making.
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First International Bank & Trust Mortgage Division
First International Bank & Trust
With deep roots in North Dakota communities, First International Bank & Trust has been serving rural homeowners for over eight decades. Their Minot location provides convenient access for Parshall residents, and they have extensive experience with rural property financing. The bank is particularly noted for their construction lending expertise and flexible underwriting for rural properties. They maintain strong relationships with local real estate professionals and offer competitive rates with personalized service tailored to individual financial situations.
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Guild Mortgage - Chamberlain Office
Guild Mortgage Company
Guild Mortgage is a nationally recognized lender with strong expertise in rural and small community lending throughout the Upper Midwest. While based in Chamberlain, South Dakota, they actively serve homeowners across North Dakota, including the Parshall area. They are particularly strong in government-backed loans including USDA rural development loans, which are ideal for Parshall homebuyers. Their local loan officers understand the unique aspects of rural property financing and offer competitive rates with streamlined digital processing combined with personalized service.
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Frequently Asked Questions
Common questions about mortgage lending in Parshall, ND
Are there any special mortgage programs for first-time homebuyers in Parshall, ND?
Yes, the North Dakota Housing Finance Agency (NDHFA) offers several programs, like the FirstHome and HomeAccess loans, which provide competitive interest rates and down payment assistance. These programs are particularly valuable in Parshall, where median home prices are often below state averages, making homeownership more accessible with lower upfront costs.
How do property values and appraisals work in Parshall's unique rural market?
Appraisals in Parshall can be challenging due to the limited number of comparable home sales in the immediate area. Lenders often need to use "comps" from a wider geographic radius, including nearby towns like Stanley or New Town. Working with a local lender familiar with Mountrail County's specific market trends is crucial to ensure a smooth and accurate appraisal process.
What is the typical down payment required for a mortgage on a home in Parshall?
While conventional loans often require 5-20% down, many buyers in Parshall utilize USDA Rural Development loans, which offer 0% down payment options for eligible properties and borrowers within the designated rural area. FHA loans with 3.5% down are also common, especially for first-time buyers looking at Parshall's more affordable housing stock.
Are there specific mortgage considerations for buying land or a home on acreage near Parshall?
Absolutely. Purchasing property with significant acreage or agricultural potential requires a specialized agricultural or rural land loan, not a standard residential mortgage. Lenders will scrutinize the land's use, value, and income potential more closely. For a standard home on a few acres, a USDA loan is often the best fit, but for larger parcels, you'll need a lender experienced in rural North Dakota land transactions.
How does the local economy, tied to agriculture and energy, impact mortgage lending in Parshall?
Lenders in Mountrail County pay close attention to a borrower's employment stability, especially for those in the cyclical oil and gas or agricultural sectors. You may need to provide a longer history of stable income or have stronger reserves. However, strong local bank relationships mean lenders understand these industries and can often work with borrowers who have non-traditional income patterns common in the area.
Why Choose a Mortgage Lender in Parshall?
Local Market Knowledge
Lenders who understand Parshall'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 North Dakota.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Parshall and get competitive rates on your home loan.