The Best Mortgage Lenders in Virginia, MN
Compare verified mortgage lenders serving Virginia, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Virginia
Featured Mortgage Lenders
North Star Credit Union Mortgage Department
North Star Credit Union
North Star Credit Union stands as the premier local mortgage lender in Virginia, MN, with deep roots in the Iron Range community since 1938. As a member-owned financial institution, they offer personalized mortgage solutions with competitive rates and exceptional customer service. Their mortgage specialists provide comprehensive guidance through the entire home financing process, from pre-approval to closing. With strong local decision-making and understanding of the unique Iron Range housing market, they consistently receive high marks for their responsive service, transparent communication, and community commitment. They excel at helping first-time homebuyers navigate the mortgage process while offering specialized programs for veterans and rural home purchases.
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Bremer Bank Mortgage Team
Bremer Bank
Bremer Bank has been a trusted mortgage lender in Virginia and throughout the Iron Range for decades, offering comprehensive home financing solutions with local expertise. As a regional bank with deep Minnesota roots, they combine the stability of an established financial institution with personalized, local service. Their mortgage team excels at providing competitive rates and flexible terms, with particular strength in construction loans and rural property financing relevant to the Northeast Minnesota market. Customers consistently praise their knowledgeable loan officers, efficient processing, and commitment to finding the right mortgage solution for each borrower's unique situation. Their long-standing presence in Virginia ensures they understand local property values and market conditions.
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Alerus Mortgage
Alerus Financial
Alerus Mortgage brings century-plus experience to the Virginia, MN market with a strong regional presence across Northern Minnesota and the Midwest. While headquartered in North Dakota, they maintain a significant operational presence in Virginia and understand the specific needs of Iron Range homebuyers. They are particularly recognized for their expertise in construction lending and jumbo loans, serving both primary residences and vacation properties common in the region. Their digital mortgage platform complements personalized service from local loan officers, providing a streamlined experience without sacrificing individual attention. Customers frequently highlight their competitive rates, transparent fee structure, and the ability to handle complex financing scenarios with professionalism and efficiency.
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Frequently Asked Questions
Common questions about mortgage lending in Virginia, MN
What are the current mortgage rates like in Virginia, MN compared to the rest of Minnesota?
Mortgage rates in Virginia, MN are generally competitive with statewide averages, but can be slightly influenced by local market factors. As of late 2023, rates in the Iron Range area typically range from 6.5% to 7.5% for 30-year fixed mortgages. It's advisable to check with local credit unions like Members Cooperative Credit Union or Range-based lenders for the most current rates specific to Virginia.
Are there any special mortgage programs for first-time homebuyers in Virginia, MN?
Yes, Virginia homebuyers can access the Minnesota Housing Finance Agency's programs, including the Start Up program with down payment assistance. Additionally, the Iron Range Resources & Rehabilitation Board offers rehabilitation loan programs that can be combined with mortgages for homes needing repairs. Local lenders are well-versed in these regional opportunities.
How does Virginia's older housing stock affect mortgage lending requirements?
Virginia's many historic and older homes (often built pre-1950) may require additional inspections and appraisals. Lenders typically require thorough home inspections and may mandate repairs for safety issues before loan approval. Some older properties might need FHA 203(k) rehabilitation loans if significant updates are needed.
What unique closing costs should I expect when getting a mortgage in Virginia, MN?
Beyond standard closing costs, Virginia homebuyers should budget for local transfer taxes and specific St. Louis County recording fees. Well and septic inspections are common additional costs given Virginia's rural character, typically ranging from $400-$800. Title insurance rates follow Minnesota state standards but can vary by property value.
How does Virginia's seasonal economy affect mortgage qualification for mine workers?
Lenders familiar with Virginia's mining industry understand the cyclical nature of mining income and often use 2-year income averaging for qualification. Union mine workers should provide recent pay stubs and union contracts showing guaranteed hours. Self-employed contractors serving the mining industry may need additional documentation to verify stable income.
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 Minnesota.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Virginia and get competitive rates on your home loan.