The Best Mortgage Lenders in Arrington, VA
Compare verified mortgage lenders serving Arrington, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Arrington
Featured Mortgage Lenders
Virginia Credit Union Mortgage Services
Virginia Credit Union
Virginia Credit Union stands out as one of the most highly-rated mortgage lenders serving Central Virginia, including Arrington and Nelson County. With over 85 years of operation and consistently excellent customer reviews, VACU offers competitive rates and personalized service. Their strong community presence and not-for-profit structure often result in lower fees and better terms for borrowers. They specialize in first-time homebuyer programs and offer comprehensive digital mortgage applications with local underwriting support.
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Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, L.L.C.
Atlantic Bay Mortgage Group has built an exceptional reputation throughout Virginia with their Lynchburg/Forest office serving the Arrington area directly. Founded in 1996, they've earned thousands of positive reviews for their responsive service and competitive rates. Their local loan officers have deep knowledge of Nelson County's rural housing market and can navigate unique property situations common in the Arrington area. Atlantic Bay consistently ranks among the top mortgage lenders in customer satisfaction surveys and offers a wide range of loan products.
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George Mason Mortgage
George Mason Mortgage, LLC
George Mason Mortgage has been serving Virginia homeowners since 1987 and maintains a strong presence throughout Central Virginia, including Nelson County and Arrington. As a direct lender with local decision-making, they offer personalized service and competitive rates. Their long-standing relationships with real estate professionals throughout Virginia provide additional advantages for homebuyers. They specialize in both purchase and refinance transactions with particular expertise in Virginia's unique housing markets, from rural properties to suburban homes.
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Frequently Asked Questions
Common questions about mortgage lending in Arrington, VA
What are typical down payment requirements for homes in Arrington, given its rural setting and property types?
For the larger, often rural properties common in Arrington, lenders typically require a standard 20% down payment for a conventional loan, especially for homes on significant acreage. However, USDA Rural Development loans are a popular exception, offering 0% down payment options for eligible borrowers and properties within the designated rural area, which includes Arrington. FHA loans with 3.5% down are also an option for more modestly priced homes.
Are there any special mortgage considerations for buying a home with land or agricultural potential in Arrington?
Yes, purchasing a property with substantial acreage in Arrington requires careful lender selection. Many standard lenders will only finance the value of the house and a small parcel of land (e.g., 1-10 acres). For larger tracts, you may need to work with a local lender or agricultural bank familiar with Nelson County that offers "land loans" or has specific programs for rural properties, as the appraisal and underwriting process differs from a typical suburban home.
What local or state programs are available for first-time homebuyers in Arrington, VA?
First-time homebuyers in Arrington should explore the Virginia Housing Down Payment Assistance Grant (DPAG) and Closing Cost Assistance Grant (CCAG), which provide forgivable grants for eligible borrowers. Additionally, the Virginia Housing Mortgage Credit Certificate (MCC) can provide a significant annual federal tax credit. It's crucial to work with a lender approved by Virginia Housing, as these programs have specific income and sales price limits that are manageable for the Arrington market.
How do property taxes and insurance costs in Nelson County impact my mortgage affordability in Arrington?
Nelson County has a relatively low real estate tax rate compared to more urban Virginia counties, which can improve overall affordability. However, lenders will escrow for both taxes and insurance, and insurance premiums can be higher for rural properties due to factors like distance from fire hydrants and the increased risk of well or septic system issues. Your debt-to-income ratio calculation will include these escrowed amounts, so getting accurate estimates early is key.
How does the lack of high-speed internet availability in some parts of Arrington affect the mortgage process?
This can impact both the appraisal and your loan options. Appraisers may note the type of internet availability (e.g., satellite only), which could affect the property's valuation and marketability for some buyers. Furthermore, if you work remotely, some lenders may require a letter of explanation regarding your employment stability if your job depends on reliable internet. It's not a deal-breaker but is an important local consideration to discuss with your lender.
Why Choose a Mortgage Lender in Arrington?
Local Market Knowledge
Lenders who understand Arrington'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 Arrington and get competitive rates on your home loan.