Which Bank Should I Choose?

When people are looking for a new home in Sparta, I will eventually ask them about their financing plan.  If they do not have one, they usually want some advice on where to go.  Regardless of how much you have to pay down ($0-$thousands), I will most likely send you to one of these places: First National Bank of Sparta, Citizens Bank of Sparta, or Seagrave Mortgage in Cookeville.

First National Bank of Sparta offers FHA loans, Rural Development loans, conventional loans, and construction loans.  Their closing costs have been great in the past.  They are easy to work with and are eager to help.

Citizens Bank of Sparta is a local bank. They offer Fannie Mae and Freddie Mac loans, conventional loans, construction loans, and in-house loans.  If you are having trouble getting a loan elsewhere and have money to put down on the loan, Citizens can often help you out. David Miller is your go-to lender here. He is a local and this is a local bank.

Seagrave Mortgage offers most any loan and delivers excellent service.  Patty Seagrave, the loan officer, will get the job done professionally and as promptly as possible.  If you are having difficulty getting a loan and have no money to put down toward your loan, or just a small amount, she can often get it done when no one else can. She will work hard to make your loan work.

The next option is a great one if you find yourself in a situation where you have good credit (620 or better), have at least 2 years work history (schooling usually counts), but need some financial assistance.  If you qualify, you can get a subsidized USDA Rural Development loan, which is at the most competitive interest rates.  The only negative is qualifying for this loan is a lengthy process.  It could take 2-6 weeks to get qualified.  The good thing is once you are qualified – you’re in.  Rarely do these loans fall through after you have been approved and you should get the best deal available if you qualify.  The first step is to turn in an initial application.  Download USDA Pre-Qualification and More Info Here.   A representative from USDA will contact you and you will receive a massive amount of paperwork to complete.  Be diligent and complete it and get it turned in.  If you aren’t sure how to fill out some parts, turn it in “as is” and they will contact you.  This is a great loan and may be worth waiting for.

The good news is all New Homes In Sparta qualify for any loans.  Even though we have experienced good results with the above named lending institutions, we are eager to work with any bank or mortgage company you choose.  Keep in mind that lending policies and terms are constantly changing at any financial institution.  We try to stay abreast of all the changes going on but encourage any updates from you to help us in this process.  A job well done in financing leads to a pleasant process toward owning a New Home In Sparta.  We look forward to serving you!