The Best Mortgage Lenders in Dayton, TN
Compare verified mortgage lenders serving Dayton, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Dayton
Featured Mortgage Lenders
Mortgage Investors Group
Mortgage Investors Group
Mortgage Investors Group is a highly rated local mortgage broker with over three decades of experience serving the Dayton area through their nearby Cleveland office. They are renowned for exceptional customer service, competitive rates, and a wide range of loan options. With numerous positive reviews highlighting their responsiveness and expertise, they have built a strong reputation in Southeast Tennessee for making the mortgage process smooth and transparent.
Loan Types:
Movement Mortgage
Movement Mortgage
Movement Mortgage is a nationally recognized lender with a robust local presence in Chattanooga, effectively serving Dayton residents. Founded within the specified range, they offer innovative technology and a customer-centric approach, earning high marks for their efficient processing and competitive rates. Their dedication to community involvement and personalized service makes them a top choice for homebuyers in the region.
Loan Types:
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation has built a stellar reputation over nearly three decades, with a Chattanooga branch that actively serves the Dayton area. They are praised for their competitive rates, extensive loan options, and commitment to customer satisfaction. With consistently high ratings and numerous reviews applauding their knowledgeable staff and streamlined processes, they are a trusted partner for mortgages in Tennessee.
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Frequently Asked Questions
Common questions about mortgage lending in Dayton, TN
What are the typical down payment requirements for homes in Dayton, TN, given the local market?
In Dayton's relatively affordable market, many conventional loans require a 5-10% down payment, but FHA loans with 3.5% down are very common. For the area's median home price, this translates to a manageable upfront cost. Local lenders are also familiar with USDA Rural Development loans, which offer 0% down options for eligible properties in Rhea County.
Are there any first-time homebuyer assistance programs specific to Dayton or Rhea County?
Yes, the Tennessee Housing Development Agency (THDA) offers the Great Choice Home Loan program, which is widely used in Dayton. This program provides competitive fixed-rate mortgages paired with down payment assistance grants for eligible first-time buyers. It's a popular option given the area's income levels, and local lenders can help determine your eligibility.
How does Dayton's location in a rural county affect my mortgage options?
Dayton's designation as a rural area opens up access to USDA Rural Development Guaranteed Loans, a key program for many local buyers. These loans offer 100% financing with no down payment and competitive rates, making homeownership more accessible. It's important to work with a lender experienced in USDA loans to ensure the property meets location and condition requirements.
What should I know about property taxes and insurance when calculating my mortgage payment in Dayton?
Rhea County has a relatively low property tax rate, which helps keep overall monthly payments affordable. However, due to the area's proximity to water and older housing stock, lenders may require specific flood insurance or thorough homeowners insurance policies. Your lender will help you accurately estimate these escrow costs based on the specific property.
Are mortgage rates in Dayton, TN, typically higher or lower than the national average?
Mortgage rates in Dayton generally align with national averages, as they are set by broader economic factors. However, your specific rate will depend heavily on your credit profile and loan type. Local credit unions and community banks in the Dayton area often offer competitive rates and personalized service, especially for conventional and USDA loans commonly used here.
Why Choose a Mortgage Lender in Dayton?
Local Market Knowledge
Lenders who understand Dayton'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 Tennessee.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Dayton and get competitive rates on your home loan.