The Best Mortgage Lenders in Leroy, TX
Compare verified mortgage lenders serving Leroy, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Leroy
Featured Mortgage Lenders
John Smith
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender known for its exceptional customer service and competitive rates, serving the Leroy area through its Waco branch. With over 28 years in business, they specialize in a wide range of loan products and have built a strong reputation for reliability and local expertise. Their high review count and 4.8 rating reflect consistent customer satisfaction, making them a preferred choice for homebuyers in rural Texas communities.
Loan Types:
Sarah Johnson
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its efficient processing and personalized service, with a strong presence in Central Texas including Leroy. Founded in 2008, they offer a variety of loan options and are praised for their competitive rates and community involvement. Their 4.7 rating and hundreds of reviews highlight their commitment to customer satisfaction and reliability in the mortgage industry.
Loan Types:
Michael Davis
New American Funding
New American Funding provides comprehensive mortgage solutions with a focus on underserved areas like Leroy, offering competitive rates and flexible terms. With over 21 years of experience, they have a track record of high customer satisfaction and support for diverse loan needs. Their 4.6 rating and substantial review base demonstrate their effectiveness and trustworthiness in the Texas market.
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Frequently Asked Questions
Common questions about mortgage lending in Leroy, TX
Are there any special loan programs for first-time homebuyers in Leroy, TX?
While Leroy itself does not offer a city-specific program, Texas-wide initiatives like the Texas Department of Housing and Community Affairs (TDHCA) My First Texas Home program are widely accessible. This program provides competitive interest rates, down payment assistance, and mortgage credit certificates for eligible buyers in Leroy, which can be a significant help given the area's rural character and income levels.
How does Leroy's rural location affect the mortgage process, like appraisals?
Due to Leroy's rural setting in McLennan County, appraisals can be more complex and sometimes take longer. Appraisers must often compare properties over a wider geographic area due to fewer recent sales of similar homes. It's crucial to work with a lender experienced in rural properties who understands how to properly value land and unique property features common in the area.
What are typical down payment requirements for homes in Leroy, TX?
While conventional loans often require 5-20% down, many buyers in Leroy utilize USDA Rural Development loans, which require **0% down payment** for eligible properties and borrowers. This is a key advantage, as much of Leroy qualifies for this USDA program, making homeownership more accessible despite potentially moderate local incomes.
Are property taxes in Leroy, TX a significant factor in mortgage affordability?
Yes, McLennan County property taxes are a major consideration. While Leroy doesn't have its own city tax, the county and school district taxes combine for an effective rate typically between 2.0% and 2.3% of the home's appraised value. Lenders will calculate this into your debt-to-income ratio, so it's important to budget for this ongoing cost, not just the mortgage principal and interest.
What type of mortgage lenders are most accessible for Leroy residents?
While major national banks operate in nearby Waco, many Leroy residents find better service and local market knowledge through community banks, local credit unions, and mortgage brokers based in McLennan County. These local professionals are often more familiar with the nuances of the area's properties and can efficiently navigate programs like USDA loans that are highly relevant here.
Why Choose a Mortgage Lender in Leroy?
Local Market Knowledge
Lenders who understand Leroy'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 Texas.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Leroy and get competitive rates on your home loan.