The Best Mortgage Lenders in Martin, TN
Compare verified mortgage lenders serving Martin, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Martin
Featured Mortgage Lenders
Regions Mortgage
Regions Bank
Regions Bank maintains a strong physical presence in Martin with a local branch and dedicated mortgage team. As one of the largest regional banks serving West Tennessee, they offer comprehensive mortgage solutions with competitive rates and personalized local service. Their mortgage specialists have extensive experience with rural housing loans including USDA programs that are particularly relevant to the Martin area. Customers praise their efficient processing and knowledgeable local staff who understand the specific needs of Northwest Tennessee homebuyers.
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First Horizon Mortgage
First Horizon Bank
First Horizon Bank has deep roots in Tennessee with a physical branch located right in Martin. Their mortgage division receives excellent ratings for competitive rates and exceptional customer service, particularly for first-time homebuyers and those seeking government-backed loans. The local Martin team has extensive knowledge of the local real estate market and provides personalized guidance throughout the mortgage process. Their long-standing community presence and commitment to Tennessee homebuyers make them a trusted choice in the Martin area.
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Mortgage Investors Group
Mortgage Investors Group
While based in Jackson, Mortgage Investors Group consistently serves the Martin area and receives outstanding reviews for their mortgage expertise and customer service. As a mortgage-focused company rather than a traditional bank, they offer highly competitive rates and specialized loan programs. They have particular expertise in VA loans (earning their "Military Mortgage Specialists" reputation) and USDA rural development loans that are ideal for the Martin market. Their 30+ years of experience and hundreds of positive reviews highlight their reliability and expertise in serving West Tennessee communities.
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Frequently Asked Questions
Common questions about mortgage lending in Martin, TN
Are there any special first-time homebuyer programs available in Martin, TN?
Yes, the Tennessee Housing Development Agency (THDA) offers the Great Choice Home Loan program, which is widely used in Martin. This program provides competitive interest rates, down payment assistance, and flexible credit guidelines, making it an excellent option for first-time buyers in Weakley County. Many local lenders are approved THDA partners and can guide you through the application process.
How do property taxes in Martin, TN, affect my monthly mortgage payment?
Property taxes in Martin and Weakley County are relatively low compared to national averages, which helps keep your total monthly mortgage payment more affordable. For the 2023 tax year, the combined city and county rate is approximately $5.76 per $100 of assessed value. Your lender will calculate an estimate for your escrow account based on the purchase price of the home.
What is the typical down payment required for a mortgage on a home in Martin's market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Martin successfully purchase homes with down payments as low as 3% (conventional) or 3.5% (FHA). Given the area's median home price, this allows for a manageable upfront cost. USDA loans, which require 0% down, are also a popular option for eligible properties in the more rural parts of Weakley County.
Are USDA home loans a viable option in Martin, Tennessee?
Absolutely. Martin is located in an area that is generally eligible for USDA Rural Development loans, which offer 100% financing (no down payment). This can be a fantastic program for qualified buyers looking at single-family homes in Martin or the surrounding county. It's important to confirm the specific property's eligibility with your lender, as some neighborhoods within the city limits may not qualify.
How does the presence of the University of Tennessee at Martin (UTM) impact the local mortgage market?
UTM creates a stable rental market and consistent demand for housing, which can be attractive for investors considering buy-to-let mortgages. For primary residence buyers, it's important to be aware that competition can be higher for homes in certain neighborhoods popular with faculty and staff. Local lenders are very familiar with financing for university employees and may offer specific programs or have experience with unique income situations like contract work or grants.
Why Choose a Mortgage Lender in Martin?
Local Market Knowledge
Lenders who understand Martin'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 Martin and get competitive rates on your home loan.