The Best Mortgage Lenders in Atlantic, VA
Compare verified mortgage lenders serving Atlantic, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Atlantic
Featured Mortgage Lenders
Chartway Credit Union Mortgage Department
Chartway Credit Union
Chartway Credit Union is one of Virginia's most established and highly-rated financial institutions with a strong presence throughout coastal Virginia. While headquartered in Virginia Beach, they serve members across the entire state including rural areas like Atlantic. They receive exceptional ratings for personalized service, competitive rates, and their expertise with various loan programs including VA loans important for military families and USDA loans relevant for rural properties. Their long history and community-focused approach make them a trusted choice for Eastern Shore residents.
Loan Types:
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group has built an outstanding reputation as one of the top mortgage lenders in the Hampton Roads region, serving clients throughout Virginia's Eastern Shore including Atlantic. Founded locally, they've grown to become a nationally recognized lender while maintaining their community roots. They excel in customer satisfaction with numerous industry awards and thousands of positive reviews highlighting their responsive service, competitive rates, and expertise with coastal and rural property financing. Their specialized knowledge of the Eastern Shore market makes them particularly valuable for Atlantic area homebuyers.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has established itself as a leading national lender with strong Virginia presence and excellent service ratings. While headquartered in North Carolina, they have multiple Virginia offices and extensive experience serving rural communities across the state. They're particularly noted for their efficient processing, competitive rates, and commitment to community development. Their expertise with USDA rural development loans and VA loans makes them well-suited for Atlantic area borrowers. The company receives consistently high marks for communication throughout the loan process and their ability to handle unique property situations common in rural Eastern Shore locations.
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Frequently Asked Questions
Common questions about mortgage lending in Atlantic, VA
What are the typical down payment requirements for a home in Atlantic, VA, given its rural coastal market?
In Atlantic's more affordable market compared to urban Virginia, many conventional loans are available with down payments as low as 3-5%. For the area's waterfront or higher-value properties, lenders may require 10-20% down. Local lenders are also well-versed in USDA Rural Development loans, which offer 0% down payment options for eligible borrowers in this designated rural area.
Are there specific mortgage programs or grants for first-time homebuyers in Northampton County that I should know about?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs, like the VHDA FHA and Conventional loans with down payment assistance grants, which are accessible to buyers in Atlantic. Additionally, the Accomack-Northampton Planning District Commission may have information on local initiatives aimed at promoting homeownership in Virginia's Eastern Shore communities.
How does Atlantic's location in a coastal flood zone affect the mortgage process?
Lenders will require flood insurance as a mandatory condition for your loan if the property is in a FEMA-designated Special Flood Hazard Area (SFHA), which is common here. This insurance cost must be factored into your monthly payment and debt-to-income ratio. An elevation certificate may also be needed to determine accurate premium rates.
What is the current market for mortgage rates in Atlantic, VA, and are they different from state averages?
Mortgage rates in Atlantic generally align with national and state averages, but your specific rate can be influenced by local lender competition and property type. Given the rural setting, working with a local credit union or community bank familiar with the Eastern Shore can sometimes provide competitive terms, especially for unique properties like older homes or land.
Are there any special considerations for getting a mortgage on a vacation or second home in Atlantic?
Yes, financing a second home or investment property in this popular coastal area typically requires a higher down payment (often 10-20% minimum) and a slightly higher interest rate than a primary residence loan. Lenders will also scrutinize rental income potential if you plan to use it as an investment, which can be a factor given Atlantic's seasonal tourism.
Nearby Cities
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Why Choose a Mortgage Lender in Atlantic?
Local Market Knowledge
Lenders who understand Atlantic'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 Atlantic and get competitive rates on your home loan.