The Best Mortgage Lenders in Savoy, TX
Compare verified mortgage lenders serving Savoy, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Savoy
Featured Mortgage Lenders
Justin Bunch
Benchmark Mortgage
Benchmark Mortgage's Sherman office, led by Justin Bunch, is highly regarded throughout North Texas with exceptional customer satisfaction ratings. They specialize in serving rural communities like Savoy with USDA and FHA loan programs perfect for the area. With over 15 years of experience and nearly 90 positive reviews, they're known for personalized service, competitive rates, and deep knowledge of Fannin County's real estate market. Their local presence in nearby Sherman makes them easily accessible while maintaining strong community connections throughout the region.
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Chris Johnson
Supreme Lending
Supreme Lending's Sherman branch serves the entire North Texas region including Savoy, with Chris Johnson bringing over a decade of mortgage expertise to Fannin County residents. They're particularly strong in construction lending and USDA rural development loans, making them ideal for Savoy's market. With nearly 25 years in business and over 100 excellent reviews, they've built a reputation for transparent pricing, efficient processing, and exceptional customer service. Their local loan officers understand the unique aspects of rural Texas property financing.
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Mortgage Department
First Federal Community Credit Union
First Federal Community Credit Union has been serving North Texas communities for over 65 years, with their mortgage department specifically handling loans throughout Fannin County including Savoy. As a community-focused credit union, they offer highly competitive rates and personalized service that larger national lenders can't match. Their experienced mortgage team understands rural property financing and offers special programs for first-time homebuyers in the Savoy area. With nearly 100 positive reviews, they're praised for their local decision-making and commitment to member satisfaction.
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Frequently Asked Questions
Common questions about mortgage lending in Savoy, TX
What are the typical down payment requirements for homes in Savoy, TX, given its rural market?
In Savoy's affordable market, many conventional loans can be secured with a 5% down payment, and FHA loans with 3.5% down are common. For the area's agricultural or larger acreage properties, lenders may require a larger down payment of 20-25% due to the specialized nature and appraisal challenges of rural land. It's crucial to discuss the specific property type with a local lender familiar with Fannin County.
Are there any down payment assistance programs specifically for buyers in Savoy?
While Savoy itself doesn't offer a city-specific program, homebuyers can access statewide Texas programs like the Texas Department of Housing and Community Affairs (TDHCA) My First Texas Home program. These programs offer competitive interest rates and down payment assistance for eligible buyers, which is particularly valuable in Savoy where median incomes may be lower than in urban centers.
How does the appraisal process work for a home in a small, rural town like Savoy?
Appraisals in Savoy can be more complex due to fewer comparable home sales ("comps"). Lenders often need to pull comps from a wider area, including nearby towns like Bonham or Honey Grove, which can sometimes affect the appraised value. Using a lender who works with appraisers familiar with Fannin County's rural properties is essential for a smooth process.
What type of mortgage loans are most common for purchasing Savoy's older or historic homes?
For Savoy's older housing stock, renovation loans like the FHA 203(k) or Fannie Mae HomeStyle loan are popular options. These loans allow buyers to finance both the purchase price and the cost of necessary repairs or updates, which is crucial for maintaining the character of homes in this historic North Texas community while making them livable.
How do property taxes in Savoy impact my mortgage payment and qualification?
Fannin County property taxes are a significant component of your monthly payment in Savoy. While home prices are low, the annual tax rate is relatively high (around 2.0-2.3%). Lenders will calculate your debt-to-income ratio using this higher escrow payment, which can affect how much house you qualify for, so accurate tax estimates are critical from the start.
Why Choose a Mortgage Lender in Savoy?
Local Market Knowledge
Lenders who understand Savoy'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 Savoy and get competitive rates on your home loan.