The Best Mortgage Lenders in Devon, PA
Compare verified mortgage lenders serving Devon, Pennsylvania. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Devon
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated mortgage lender known for its innovative online platform and competitive rates, serving Devon and the greater Philadelphia area. With over two decades of experience, they excel in customer satisfaction, offering a wide range of loan options and personalized service. Their high ratings stem from efficient processing, transparency, and a strong local presence through dedicated loan officers, making them a reliable choice for homebuyers in Chester County.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation has built a stellar reputation in the Devon area for its exceptional customer service and community involvement. With nearly three decades in business, they provide competitive rates and a variety of loan products, including specialized programs for first-time homebuyers. Their high review counts reflect consistent reliability, local expertise, and a commitment to making the mortgage process smooth and accessible for residents in southeastern Pennsylvania.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly regarded lender with a strong presence in the Devon region, praised for its fast closings and customer-centric approach. Founded in 2008, they combine technology with personal service to offer competitive rates and flexible loan options. Their dedication to local communities and high customer satisfaction ratings make them a trusted choice for mortgages in the Philadelphia metropolitan area, ensuring reliable support throughout the homebuying process.
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Frequently Asked Questions
Common questions about mortgage lending in Devon, PA
What are the typical down payment requirements for a home in Devon, PA, given the higher-than-average home prices?
In Devon's competitive market, where median home prices are well above state and national averages, a 20% down payment is common to avoid private mortgage insurance (PMI). However, many lenders offer conventional loans with down payments as low as 5-10%, and jumbo loans for high-value properties may require 10-20% down. It's crucial to get pre-approved with a local lender who understands the specific pricing tiers in Devon and Chester County.
Are there any special mortgage or assistance programs for first-time homebuyers in Devon?
While Devon itself does not have a municipal program, Pennsylvania's PHFA (Pennsylvania Housing Finance Agency) offers first-time homebuyer programs like the Keystone Government Loan and HOMEstead down payment assistance, which are accessible to eligible buyers in Devon. Additionally, some Chester County-based lenders and credit unions may offer special programs or grants; consulting with a mortgage broker familiar with the area is the best way to uncover all local options.
How do property taxes in Devon impact my mortgage qualification and monthly payment?
Devon has notably high property taxes due to the exceptional school districts (like Tredyffrin/Easttown) and municipal services. Lenders will factor this into your debt-to-income ratio, potentially reducing the loan amount you qualify for compared to a lower-tax area. Your monthly mortgage payment will include a substantial escrow portion for taxes, so it's vital to budget for this when determining your price range in Devon.
What should I know about getting a mortgage for a historic or older home in Devon?
Devon has many charming older and historic homes, which can require specialty financing considerations. An FHA 203(k) renovation loan or a conventional renovation loan may be necessary if the home needs significant updates. Appraisals for these properties can be more complex, requiring an appraiser experienced with historic homes in the Main Line area to ensure the loan process goes smoothly.
Are jumbo loans common in Devon, and how do their rates compare to conventional conforming loans?
Yes, jumbo loans are very common in Devon due to the high cost of real estate. While jumbo loan rates were historically higher, they often compete very closely with or can sometimes be lower than conforming loan rates in the current market. However, jumbo loans typically have stricter credit and reserve (post-closing savings) requirements, so working with a lender who specializes in high-balance loans in the Philadelphia/Main Line region is advantageous.
Why Choose a Mortgage Lender in Devon?
Local Market Knowledge
Lenders who understand Devon'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 Pennsylvania.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Devon and get competitive rates on your home loan.