The Best Mortgage Lenders in Assawoman, VA
Compare verified mortgage lenders serving Assawoman, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Assawoman
Featured Mortgage Lenders
Coastal Credit Union Mortgage Department
Coastal Credit Union
Coastal Credit Union stands out as one of Virginia's most respected mortgage lenders with an 85-year history of serving communities across the state. While headquartered in Richmond, they have a strong presence throughout Virginia and serve the Eastern Shore region including Assawoman. They consistently earn exceptional ratings for their competitive rates, personalized service, and extensive mortgage expertise. Their mortgage specialists are particularly knowledgeable about Virginia's coastal property financing needs and offer specialized guidance for waterfront and rural properties common in the Assawoman area.
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Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group has built an outstanding reputation as one of the top mortgage lenders serving Virginia's coastal communities. Founded in Virginia Beach, they have deep expertise in financing properties throughout the Eastern Shore and specifically understand the unique aspects of lending in areas like Assawoman. They receive consistently excellent reviews for their responsive service, competitive rates, and efficient closing processes. Their local loan officers have extensive experience with both primary residences and vacation properties common in coastal Virginia markets.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has established itself as a leading mortgage lender with strong presence throughout Virginia's Hampton Roads and Eastern Shore regions. While a national company, they maintain excellent local expertise with dedicated loan officers who understand the specific needs of Assawoman homebuyers. They are particularly praised for their streamlined digital process combined with personalized local service. Movement receives high marks for their competitive rates, quick closing times, and exceptional customer service, making them a top choice for both primary residences and investment properties in coastal Virginia communities.
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Frequently Asked Questions
Common questions about mortgage lending in Assawoman, VA
What are the typical mortgage rates and lender options available in Assawoman, VA?
Mortgage rates in Assawoman are generally aligned with national averages but can be influenced by the rural nature of the Eastern Shore. Local buyers often work with regional banks, credit unions like Shore United Bank, and national lenders that service the area. It's advisable to get multiple quotes, as lender competition can vary more here than in metropolitan areas.
Are there any special loan programs for buying a waterfront or flood-prone property in Assawoman?
Yes, given Assawoman's proximity to the Chincoteague Bay and tidal areas, lenders will require a separate flood insurance policy for homes in designated flood zones, which is a mandatory condition for the loan. While there aren't special "waterfront loans," you should budget for higher insurance costs and ensure your property passes a stringent appraisal that considers water access and erosion risks.
What should I know about property taxes and assessments when getting a mortgage in Assawoman?
Accomack County, which includes Assawoman, has a relatively low real estate tax rate compared to much of Virginia. However, your lender will still require an escrow account for taxes and insurance. It's important to verify the property's tax assessment, as rural and waterfront properties can have varying assessed values that impact your monthly escrow payment.
Are there down payment assistance programs for first-time homebuyers in Assawoman?
First-time homebuyers in Assawoman can explore the Virginia Housing Development Authority (VHDA) loan programs, which offer competitive rates and down payment assistance grants like the Closing Cost Assistance Grant. These programs are available statewide and can be particularly helpful in Assawoman's market, where moderate-income buyers might need help with upfront costs.
How does Assawoman's seasonal and vacation home market affect mortgage lending?
A significant portion of Assawoman's housing stock consists of second homes or vacation properties. Lenders often have stricter requirements for these, including higher down payments (often 10-20% minimum) and higher credit score thresholds. If you're buying a primary residence, clearly communicating this to your lender can help you secure better terms than those for an investment property.
Nearby Cities
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Why Choose a Mortgage Lender in Assawoman?
Local Market Knowledge
Lenders who understand Assawoman'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 Assawoman and get competitive rates on your home loan.