The Best Mortgage Lenders in Abingdon, VA
Compare verified mortgage lenders serving Abingdon, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Abingdon
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a highly-rated regional lender founded in Virginia and known for its strong presence in Southwest Virginia, including Abingdon. With nearly three decades of experience, they excel in personalized service, competitive rates, and expertise in various loan programs like VA and USDA loans, which are popular in rural areas. Their local loan officers understand the Abingdon market, ensuring smooth transactions and high customer satisfaction, backed by numerous positive reviews highlighting their responsiveness and reliability.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with a strong regional footprint that serves Abingdon effectively. Founded in 2008, they are praised for their efficient online processes, fast closings, and exceptional customer service. Specializing in a wide range of loan types, including first-time homebuyer programs, they have built a reputation for transparency and competitive pricing. Their local agents in nearby Bristol provide in-person support, making them a top choice for Abingdon residents seeking reliability and modern convenience.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a well-established lender with a robust presence in Virginia, including service to Abingdon. Since 1996, they have been acclaimed for their personalized approach, extensive loan options, and community involvement. They offer competitive rates and expertise in loans suited for Southwest Virginia, such as USDA and VA loans. With high customer satisfaction scores and a track record of seamless closings, Fairway is a trusted option for homebuyers in the Abingdon area, supported by hundreds of positive reviews.
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Frequently Asked Questions
Common questions about mortgage lending in Abingdon, VA
Are there any special mortgage programs for first-time homebuyers in Abingdon, VA?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs, like the VHDA FHA and Conventional loans, which are widely used in Abingdon. These programs often provide competitive interest rates, down payment assistance grants, and do not require a first-time homebuyer to be a first-generation purchaser. Local lenders are very familiar with these programs and can help you navigate the options, which is crucial in Abingdon's market where median home prices are accessible but down payments can still be a hurdle.
How do property taxes in Washington County, VA, affect my monthly mortgage payment?
Washington County has a relatively low property tax rate compared to national averages, which can make homeownership more affordable in Abingdon. The current rate is $0.78 per $100 of assessed value. Your lender will calculate an estimated monthly escrow payment for these taxes, which is added to your principal and interest. It's important to get an accurate assessment, as property values in desirable Abingdon neighborhoods like the historic district can vary significantly.
What is the typical down payment needed for a home in Abingdon's current market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Abingdon successfully purchase homes with 3%, 5%, or 10% down using conventional or FHA loans. Given Abingdon's mix of historic homes and newer constructions, appraisals are key, and a strong down payment can make your offer more competitive. Local lenders often see successful offers with down payments in the 5-10% range, especially when utilizing VHDA or USDA Rural Development loans for eligible properties.
Are USDA Rural Development loans available for homes in Abingdon, VA?
Yes, a significant portion of Abingdon and the surrounding area is eligible for USDA Rural Development loans, which offer 100% financing (no down payment). This is a major advantage for qualifying buyers looking at properties just outside the town center. You'll need to work with a lender approved for USDA loans and confirm the specific property's eligibility, but this program is a cornerstone of mortgage lending for the Abingdon region.
How does Abingdon's historic district affect the mortgage and insurance process?
Purchasing a home in Abingdon's designated historic district can add steps to the process. Lenders may require a more specialized appraisal to confirm the value of a historic property. Furthermore, you will likely need to secure a historic homeowners insurance policy, which can be different from a standard policy and may influence your lender's requirements. It's essential to work with a local loan officer experienced with historic properties in the area.
Why Choose a Mortgage Lender in Abingdon?
Local Market Knowledge
Lenders who understand Abingdon'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 Virginia.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Abingdon and get competitive rates on your home loan.