The Best Mortgage Lenders in Gates, TN
Compare verified mortgage lenders serving Gates, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Gates
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in the Memphis area, serving Gates, TN. Known for competitive rates and a fully digital mortgage process, they excel in customer satisfaction with high ratings for transparency and efficiency. Their extensive loan options and personalized service make them a preferred choice for homebuyers in Shelby County and surrounding regions.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its community-focused approach and fast closing times, with a dedicated team serving the Gates, TN area. They offer a wide range of loan products and are praised for exceptional customer service and local expertise. Their commitment to simplifying the mortgage process and supporting local homebuyers has earned them numerous positive reviews and a strong regional reputation.
Loan Types:
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a consistently top-rated lender with deep roots in Tennessee, providing reliable service to Gates and the greater Memphis area. They are known for competitive rates, flexible loan options, and a customer-centric approach that includes personalized guidance from application to closing. Their long-standing presence and high review counts reflect a track record of trustworthiness and satisfaction among local homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Gates, TN
What are typical down payment requirements for homes in Gates, TN, given the local market?
In Gates and the broader Tipton County area, many homes are priced below regional averages, which can make lower down payment options more accessible. Conventional loans often require 5-10% down, while FHA loans are popular here with a minimum of 3.5% down. For the most affordable properties, some local lenders may offer special portfolio loans with flexible terms.
Are there any first-time homebuyer assistance programs specific to Gates or Tipton County?
Yes, the Tennessee Housing Development Agency (THDA) offers the Great Choice Home Loan program, which is widely used in Gates. This program provides competitive interest rates, down payment assistance, and is specifically designed for low-to-moderate income buyers in Tennessee. It's a key resource for first-time buyers in our rural community.
How do property types common in Gates, like older homes or land, affect mortgage lending?
Gates has many older homes and larger rural parcels, which can require specific loan considerations. For homes needing repairs, an FHA 203(k) renovation loan can be a good fit. For purchasing land or a home on acreage, lenders will closely scrutinate the property's value and may require a larger down payment due to its unique, non-suburban nature.
What should I know about property taxes and insurance when calculating my mortgage payment in Gates?
Tipton County property taxes are relatively low compared to urban areas in Tennessee, which helps keep monthly payments affordable. However, due to the rural setting and distance from fire hydrants, homeowners insurance premiums can be higher. It's crucial to get an accurate insurance quote early in the process to budget correctly.
Are USDA loans a viable option for mortgages in Gates, TN?
Absolutely. Given Gates' location and USDA's rural designation for most of Tipton County, many buyers here qualify for USDA Section 502 Guaranteed Loans. These offer 100% financing (no down payment), competitive rates, and are an excellent fit for primary residences in our community, making homeownership more accessible.
Why Choose a Mortgage Lender in Gates?
Local Market Knowledge
Lenders who understand Gates'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 Gates and get competitive rates on your home loan.