The Best Mortgage Lenders in Miles, TX
Compare verified mortgage lenders serving Miles, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Miles
Featured Mortgage Lenders
Abilene Teachers Federal Credit Union Mortgage Department
Abilene Teachers Federal Credit Union
Abilene Teachers FCU is one of the most highly-rated mortgage lenders in West Texas, serving Miles and the surrounding region with exceptional customer satisfaction. As a credit union, they offer competitive rates and personalized service with deep roots in the community. Their mortgage team has extensive experience helping rural homeowners and first-time buyers navigate the lending process with competitive conventional, FHA, and VA loan options. Members consistently praise their responsive service and local decision-making capabilities.
Loan Types:
First Financial Bank Mortgage Division
First Financial Bank
First Financial Bank has been serving West Texas communities for over 130 years, with a strong mortgage lending presence throughout the region including Miles. Their local mortgage experts provide personalized service with the stability of a well-established regional bank. They offer a comprehensive range of mortgage products with competitive rates and are particularly known for their construction lending expertise, which is valuable in rural areas like Miles. Customers appreciate their local underwriting and quick turnaround times.
Loan Types:
Guild Mortgage Company - Abilene Branch
Guild Mortgage Company
Guild Mortgage's Abilene branch serves the Miles area with nationally-recognized mortgage expertise and local personalized service. As a dedicated mortgage lender (not a full-service bank), they specialize exclusively in home loans and offer innovative programs for rural homebuyers. Their loan officers have extensive experience with USDA loans, which are particularly relevant for the Miles area. Guild is known for their efficient processing and strong customer service, with many customers noting their ability to handle complex rural property transactions effectively.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Miles, TX
What are typical down payment requirements for homes in Miles, TX, given the local market?
In Miles and the surrounding Concho Valley, many conventional loans require a 5-10% down payment, but local lenders are familiar with USDA Rural Development loans, which offer 0% down for eligible properties in this qualifying rural area. FHA loans with 3.5% down are also common, especially for first-time buyers looking at more affordable homes in the city.
Are there any local or state programs to help with down payment or closing costs for Miles homebuyers?
Yes, Texas offers the Texas Department of Housing and Community Affairs (TDHCA) My First Texas Home program, which provides down payment assistance and competitive mortgage rates for qualifying first-time buyers in Miles. Additionally, the Concho Valley Council of Governments may have localized grants or programs for income-eligible residents in Runnels County.
How does the appraisal process work in Miles, given the mix of older homes and rural properties?
Appraisals in Miles require appraisers familiar with rural Texas markets, as they must accurately value older homes, land with well and septic systems, and compare sales in a low-volume market. It's crucial to work with a local lender who uses appraisers from the San Angelo or Abilene areas who understand the specific valuation factors for Runnels County properties.
What should I know about property taxes and insurance when calculating my mortgage payment in Miles?
Runnels County property taxes are a significant component of your monthly payment, typically ranging from 1.8% to 2.2% of the home's appraised value. Furthermore, due to the rural location and potential for severe weather, lenders will require comprehensive homeowners insurance, and you may need separate wind/hail or flood insurance depending on the specific property.
Are jumbo loans common in the Miles, TX, housing market?
Jumbo loans are very uncommon in Miles, as the conforming loan limits set by the FHFA are more than sufficient to cover nearly all home purchases in the area. The median home price in Miles is well below the standard conforming limit, so most buyers will utilize conventional, FHA, VA, or USDA loan products.
Why Choose a Mortgage Lender in Miles?
Local Market Knowledge
Lenders who understand Miles'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 Miles and get competitive rates on your home loan.