The Best Mortgage Lenders in Troy, TN
Compare verified mortgage lenders serving Troy, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Troy
Featured Mortgage Lenders
Mortgage Department
FirstBank
FirstBank stands as one of West Tennessee's most established and highly-rated mortgage lenders with deep roots in the region. While based in Union City just minutes from Troy, they have served the Obion County area for over a century. Their mortgage team receives exceptional reviews for personalized service, competitive rates, and deep knowledge of rural housing programs including USDA loans that benefit Troy homebuyers. As a community-focused institution with multiple local branches, they offer the advantage of local decision-making combined with comprehensive mortgage products.
Loan Types:
Mortgage Lending Division
Reelfoot Bank
Reelfoot Bank has been a cornerstone of Northwest Tennessee's banking community for over a century, maintaining strong presence in Obion County including Troy. Their mortgage division earns consistent praise for competitive rates, transparent processes, and exceptional customer service. Specializing in rural and small-town mortgage lending, they excel with USDA rural development loans and FHA programs that benefit first-time homebuyers in the Troy area. Their local underwriting and decision-making process allows for faster closings and personalized attention throughout the loan process.
Loan Types:
Mortgage Services
Leaders Credit Union
Leaders Credit Union serves multiple counties across West Tennessee including Obion County where Troy is located. While headquartered in Jackson, they have strong regional presence and specifically serve the Troy community with competitive mortgage products. They receive outstanding reviews for their first-time homebuyer programs, educational resources, and member-focused approach. As a credit union, they typically offer lower fees and competitive interest rates while providing personalized guidance through the entire mortgage process. Their expertise with VA and USDA loans makes them particularly valuable for military families and rural homebuyers in the Troy area.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Troy, TN
What are the current average mortgage rates for homebuyers in Troy, TN, and how do they compare to state averages?
Mortgage rates in Troy typically align closely with Tennessee state averages, which are often slightly below national rates due to the state's lower cost of living. As of recent trends, buyers in Troy can expect competitive conventional loan rates. It's advisable to check with local lenders like First Citizens National Bank or Regions Bank in Troy for the most accurate, personalized quotes, as they understand the local market dynamics.
Are there any down payment assistance programs specifically available for first-time homebuyers in Troy, TN?
Yes, Troy homebuyers can access the statewide Great Choice Home Loan program, which offers down payment assistance, often in the form of a second mortgage forgivable over time. Additionally, the Tennessee Housing Development Agency (THDA) provides programs like the Great Choice Plus, which are widely utilized by lenders in Obion County. Consulting with a local mortgage officer is key to determining your eligibility for these programs.
How does the appraisal process in Troy account for the mix of rural properties and in-town homes?
Appraisals in Troy require appraisers familiar with the local market, which includes both modest in-town homes and larger rural properties with acreage. They will use comparable sales ("comps") primarily from within Troy and surrounding Obion County communities like Union City. For rural properties, adjustments are made for land value, well/septic systems, and distance to municipal services, which can significantly impact the final valuation.
What unique closing costs or fees should I anticipate when getting a mortgage for a home in Troy, TN?
Beyond standard fees, Troy homebuyers should budget for Obion County-specific costs, including property transfer taxes and recording fees set by the county clerk. If purchasing a home outside the city limits, you may encounter costs for title insurance that accounts for agricultural or rural land use history. A local title company will provide a detailed estimate, often with lower overall fees compared to major metropolitan areas in Tennessee.
For a manufactured home on owned land in the Troy area, what are my mortgage options?
Financing a manufactured home in Troy is possible through FHA, VA, or USDA Rural Development loans, provided the home meets certain age, foundation, and HUD code requirements. The USDA RD loan is a particularly attractive option for eligible borrowers in the rural parts of Obion County, offering competitive rates and low down payments. It's essential to work with a lender experienced in this specific loan type for manufactured homes.
Why Choose a Mortgage Lender in Troy?
Local Market Knowledge
Lenders who understand Troy'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 Troy and get competitive rates on your home loan.