The Best Mortgage Lenders in Virginia, IL
Compare verified mortgage lenders serving Virginia, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Virginia
Featured Mortgage Lenders
Kevin Periman
First Trust Mortgage
First Trust Mortgage is one of Central Illinois' most highly-rated mortgage lenders with over two decades of serving the Virginia, IL area. They maintain exceptional 4.9-star ratings across multiple review platforms with particular praise for their personalized service and competitive rates. As a local mortgage broker with deep roots in the region, they specialize in helping rural and small-town homebuyers navigate the mortgage process with expertise in USDA and VA loans that are particularly relevant to the Virginia area.
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Mike Lonergan
INB Mortgage
INB Mortgage, part of INB Bank, has been serving Central Illinois communities including Virginia for over 20 years with consistently high customer satisfaction ratings. Their local underwriting and decision-making process allows for faster closings and personalized service that national lenders can't match. They're particularly noted for their construction lending expertise and competitive conventional loan rates, with many customers praising their responsiveness and attention to detail throughout the mortgage process.
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John Schirding
Town and Country Bank Mortgage Division
Town and Country Bank has built a strong reputation throughout Central Illinois with their mortgage division earning consistent 4.7-star ratings for their service to communities like Virginia. They combine local decision-making with comprehensive loan options and are particularly respected for their first-time homebuyer programs and rural lending expertise. Customers frequently mention their straightforward communication and ability to close loans efficiently while providing competitive rates that stand up well against larger national lenders.
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Frequently Asked Questions
Common questions about mortgage lending in Virginia, IL
What are the current average mortgage rates for homebuyers in Virginia, IL?
Mortgage rates in Virginia, IL, typically align with national averages but can be influenced by local lender competition and property types common in the area, such as older homes or rural properties. As of recent trends, 30-year fixed rates often range from the mid-6% to low-7% range, but it's best to check with local lenders like First National Bank in Virginia or regional credit unions for the most accurate, personalized rates.
Are there any first-time homebuyer programs specifically available for Virginia, IL residents?
Yes, Virginia homebuyers may qualify for the Illinois Housing Development Authority's (IHDA) programs, such as the 1stHomeIllinois loan, which offers competitive interest rates and down payment assistance. Additionally, local programs through Cass County or community banks might provide grants or low-interest loans tailored to first-time buyers in this area, helping make homeownership more accessible.
How does Virginia's rural location affect the mortgage process and property appraisal?
Virginia's rural setting can mean fewer comparable home sales (comps) for appraisals, which might lead to more conservative property valuations and potential challenges in securing financing. Lenders may require additional documentation or use appraisers familiar with rural Central Illinois properties to ensure accurate assessments, so it's wise to work with a local mortgage broker experienced in this market.
What types of properties are common in Virginia, IL, and how do they impact mortgage options?
Virginia features many older, single-family homes and some agricultural or larger-lot properties, which can influence loan choices. For example, FHA or VA loans are popular for older homes that may need repairs, while USDA loans might be an option for eligible rural properties. It's important to discuss property specifics with your lender to determine the best financing route.
Are there any local down payment assistance programs for homebuyers in Virginia, IL?
While Virginia itself may not have city-specific programs, homebuyers can access down payment assistance through state-level initiatives like IHDA's Access Forgivable or Access Deferred programs, which offer up to $10,000 in assistance. Local lenders may also have partnerships or special offers, so it's beneficial to inquire with Virginia-based financial institutions about any additional support available.
Nearby Cities
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Why Choose a Mortgage Lender in Virginia?
Local Market Knowledge
Lenders who understand Virginia'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 Illinois.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Virginia and get competitive rates on your home loan.