The Best Mortgage Lenders in Lilly, PA
Compare verified mortgage lenders serving Lilly, Pennsylvania. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lilly
Featured Mortgage Lenders
AmeriServ Financial
AmeriServ Financial Bank
AmeriServ Financial is a highly-regarded regional bank with deep roots in Cambria County and surrounding areas, making them an excellent choice for Lilly residents. With over 50 years of community banking experience, they offer personalized mortgage services with local decision-making. Their mortgage specialists provide competitive rates on all major loan types and are known for their exceptional customer service and community involvement throughout central Pennsylvania.
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First Commonwealth Federal Credit Union
First Commonwealth Federal Credit Union
First Commonwealth FCU has been serving the financial needs of Cambria County residents for over eight decades, making them a trusted mortgage lender for Lilly homebuyers. As a member-owned credit union, they offer competitive rates and personalized service with a focus on building long-term relationships. Their mortgage team provides comprehensive guidance through the entire home buying process and offers special programs for first-time homebuyers.
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GMS Funding Group
GMS Funding Group, LLC
GMS Funding Group is a highly-rated mortgage broker serving central Pennsylvania, including Lilly and Cambria County. With nearly two decades of experience, they excel at finding the best mortgage solutions for their clients by working with multiple lenders. Their team is praised for their responsiveness, expertise with various loan programs, and ability to handle complex financing situations while providing competitive rates and exceptional customer service.
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Frequently Asked Questions
Common questions about mortgage lending in Lilly, PA
Are there any special first-time homebuyer programs available specifically for residents of Lilly, PA?
Yes, Lilly homebuyers can access Pennsylvania's statewide PHFA (Pennsylvania Housing Finance Agency) programs, which offer down payment and closing cost assistance, as well as competitive fixed-rate mortgages. Additionally, some local lenders in Cambria County may offer special incentives or grants for first-time buyers purchasing within Lilly's borough limits, so it's important to ask lenders about community-specific offerings.
How does the property tax structure in Lilly, PA, affect my monthly mortgage payment?
Cambria County, where Lilly is located, has a property tax rate that is generally considered moderate for Pennsylvania. Your lender will calculate an escrow payment for taxes as part of your monthly mortgage payment. It's crucial to get an accurate tax assessment for the specific property, as rates can vary slightly between municipalities, and this will directly impact your total monthly housing cost.
What are typical mortgage rates and lender options for a homebuyer in a smaller town like Lilly?
While national rates set the baseline, local lenders in the Johnstown/Altoona region serving Lilly often provide competitive rates. You'll find options from local credit unions, community banks, and some national lenders. Rates for a conventional 30-year fixed mortgage in Lilly typically align with the national average, but your personal credit score and down payment will be the primary factors in determining your specific rate.
Does buying a home in Lilly's more rural setting present any unique appraisal or inspection challenges for mortgage approval?
Potentially, yes. Appraisals in smaller, established towns like Lilly can sometimes be challenging if there are few recent comparable sales ("comps") of similar homes nearby. Lenders may require appraisers to look at sales in a wider geographic area. A thorough home inspection is also critical, as older housing stock is common, and lenders want to ensure the property meets minimum property standards.
Are there specific loan programs or considerations for purchasing a multi-unit property (like a duplex) in Lilly?
Yes, you can use an FHA, VA (if eligible), or conventional loan to purchase a 2-4 unit property in Lilly, which can be a great way to generate rental income. Lenders will typically require a larger down payment (e.g., 15-25% for conventional loans) and will consider the potential rental income from the other units when qualifying you, which can help you afford the mortgage.
Why Choose a Mortgage Lender in Lilly?
Local Market Knowledge
Lenders who understand Lilly'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 Lilly and get competitive rates on your home loan.