The Best Mortgage Lenders in Andover, VA
Compare verified mortgage lenders serving Andover, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Andover
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a highly-rated lender with a strong presence in Southwest Virginia, including Andover. Founded in 1996, they are known for their exceptional customer service, competitive rates, and wide range of loan products. With numerous positive reviews highlighting their personalized approach and efficient processing, they have built a reputation for reliability and community involvement. Their local office in Norton ensures easy access for Andover residents.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with a strong track record in Virginia, including service to Andover. Founded in 2008, they excel in fast closings and customer satisfaction, offering a variety of loan options tailored to individual needs. Their high ratings and substantial review count reflect a commitment to transparency and support, with local loan officers dedicated to serving rural areas like Andover.
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First Community Bank
First Community Bank
First Community Bank is a trusted regional lender with deep roots in Southwest Virginia, actively serving Andover and surrounding areas. Established in 1999, they offer personalized mortgage services, competitive rates, and a focus on community banking. Their high customer ratings and years of experience demonstrate reliability, with a reputation for supportive local service and a broad range of financing options.
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Frequently Asked Questions
Common questions about mortgage lending in Andover, VA
What are the typical down payment requirements for homes in Andover, VA, given its rural market?
In Andover's rural and often more affordable market, many conventional loans can be secured with a 5% down payment. For eligible buyers, USDA loans offer a significant advantage with 0% down payment, as much of the surrounding area qualifies as USDA-eligible rural territory. Local lenders are familiar with these programs and can guide you on property eligibility.
Are there any local or state-specific first-time homebuyer programs that are particularly useful in Andover?
Yes, the Virginia Housing Down Payment Assistance Grant (DPA) is a key resource, providing eligible first-time buyers in Andover with a grant of 2-2.5% of the loan amount to help with down payment and closing costs. When combined with a Virginia Housing loan, this can make homeownership very accessible in Andover's price range. It's wise to work with a lender approved by Virginia Housing.
How do property taxes in Andover, VA, impact my monthly mortgage payment and affordability?
Wise County, where Andover is located, has relatively low property tax rates compared to urban areas in Virginia. This means your escrow payment for taxes will be a smaller portion of your total monthly mortgage payment, improving overall affordability. However, it's crucial to get an accurate estimate from the Wise County Commissioner of Revenue's office, as assessments can vary.
What should I know about getting a mortgage for land or a manufactured home in Andover?
Financing for land or manufactured homes in rural Andover requires specialized loans. For land purchase, you may need a land loan first, followed by a construction loan. For manufactured homes, you'll need a lender that offers loans for titled property (not just real estate), and FHA, VA, or USDA loans can be used if the home is permanently affixed to owned land. Local banks and credit unions often have the most experience with these scenarios.
How does the appraisal process work in Andover's unique rural market, and what challenges might arise?
Appraisals in Andover can be challenging due to the limited number of recent, comparable home sales ("comps") in a sparsely populated area. An appraiser may need to look at sales in a wider geographic radius or make adjustments for unique property features. This can sometimes affect the final valuation, so it's important to work with a lender who uses appraisers familiar with the rural Southwest Virginia market.
Nearby Cities
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Why Choose a Mortgage Lender in Andover?
Local Market Knowledge
Lenders who understand Andover'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 Andover and get competitive rates on your home loan.