The Best Mortgage Lenders in Troy, WV
Compare verified mortgage lenders serving Troy, West Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Troy
Featured Mortgage Lenders
Rocket Mortgage
Rocket Mortgage by Quicken Loans
Rocket Mortgage is a top-rated national lender renowned for its seamless online application process, competitive rates, and exceptional customer service. It serves Troy, WV, and all 50 states, with high satisfaction ratings for speed and transparency in mortgage processing. Despite being founded earlier than the ideal range, its consistent 4.8+ ratings and extensive review base make it a premier choice for borrowers in the area.
Loan Types:
New American Funding
New American Funding
New American Funding is highly regarded for its diverse loan programs, including options for first-time homebuyers and underserved communities, with a strong focus on customer care. It operates nationwide and serves Troy, WV, boasting competitive rates and a reputation for reliability and community involvement, supported by hundreds of positive reviews.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is celebrated for its fast loan closings, often in as little as 30 days, and its commitment to philanthropic efforts. It serves Troy, WV, and surrounding areas with a wide array of mortgage products, earning high marks for responsive service and customer satisfaction, making it a trusted regional and national lender.
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Frequently Asked Questions
Common questions about mortgage lending in Troy, WV
What are the typical down payment requirements for homes in Troy, WV, given the local market?
In Troy's affordable market, many conventional loans can be secured with a 5% down payment, and FHA loans with just 3.5% down are very common. For the area's median home price, this translates to a much lower upfront cash requirement compared to national averages. Local lenders are also familiar with USDA Rural Development loans, which offer 0% down options for eligible properties in and around Troy.
Are there any special mortgage programs for first-time homebuyers in West Virginia that I can use in Troy?
Yes, the West Virginia Housing Development Fund (WVHDF) offers several programs, including down payment and closing cost assistance, specifically for first-time homebuyers in Troy. These programs often feature below-market interest rates and can be combined with FHA, VA, or USDA loans. It's essential to work with a lender approved by the WVHDF to access these benefits.
How does Troy's rural location impact the mortgage process and property appraisal?
Troy's rural setting means appraisals can be more complex due to fewer comparable home sales ("comps"), which may slightly extend the loan timeline. Lenders familiar with Ritchie County are crucial, as they understand how to properly value properties with well water, septic systems, and larger land parcels. Using a local lender ensures they work with appraisers experienced in the area.
What type of property insurance considerations are unique to mortgages in Troy, WV?
Due to Troy's proximity to the North Fork Hughes River and its rural landscape, lenders may require specific flood insurance if the property is in a designated zone, which can affect your monthly payment. Additionally, you may want to consider coverage for detached structures like barns or workshops, which are common in the area. A local insurance agent can provide accurate quotes that satisfy lender requirements.
Are there any local or state property tax programs that affect my mortgage payment in Troy?
Yes, West Virginia offers a Homestead Exemption for homeowners over 65 or permanently disabled, which can significantly reduce the taxable value of your primary residence in Troy. This lower tax liability directly reduces your monthly escrow payment within your mortgage. It's important to apply for this exemption through the Ritchie County Assessor's office after purchasing your home.
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 West Virginia.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Troy and get competitive rates on your home loan.