The Best Mortgage Lenders in Callaway, VA
Compare verified mortgage lenders serving Callaway, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Callaway
Featured Mortgage Lenders
Bank of the James
Bank of the James
Bank of the James is a highly-rated community bank with over two decades of service in Virginia, known for its personalized mortgage solutions and deep community ties. They offer competitive rates, a wide range of loan products, and exceptional customer service, making them a top choice for homebuyers in Callaway and Franklin County. Their local branch in Rocky Mount ensures convenient access and tailored support throughout the mortgage process.
Loan Types:
Carter Bank & Trust
Carter Bank & Trust
Carter Bank & Trust is a reputable regional bank with a strong presence in southern Virginia, offering flexible and affordable mortgage options. They are praised for their customer-centric approach, local expertise, and commitment to community development. Serving Callaway from their Rocky Mount location, they provide reliable lending services with a focus on transparency and long-term client relationships.
Loan Types:
Movement Mortgage
Movement Mortgage
Movement Mortgage is a nationally recognized lender with a dedicated local office in Roanoke, serving the Callaway area with innovative digital tools and efficient loan processing. They are highly rated for their competitive rates, swift approvals, and outstanding customer service. Their team brings extensive experience and a personalized touch to mortgage lending, making home financing accessible and stress-free for clients in rural and urban communities alike.
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Frequently Asked Questions
Common questions about mortgage lending in Callaway, VA
What are the typical down payment requirements for homes in Callaway, VA, and are there local programs to assist?
In Callaway, typical down payments range from 3% for conventional loans to 3.5% for FHA loans. However, the Virginia Housing Development Authority (VHA) offers statewide programs like the VHDA Down Payment Assistance Grant, which can provide up to 2.5% of the purchase price for eligible first-time and repeat buyers in Franklin County, helping to cover down payment and closing costs.
How does Callaway's rural location impact mortgage options and property eligibility?
Callaway's designation as a rural area makes many properties eligible for USDA Rural Development loans, which offer 100% financing with no down payment requirement. This is a significant advantage for buyers looking at homes in the surrounding Franklin County countryside, but it's important to confirm the specific property's eligibility through the USDA's online mapping tool.
Are property taxes in Franklin County/Callaway typically escrowed into the mortgage payment?
Yes, most lenders in the Callaway area will require an escrow account for property taxes and homeowner's insurance as part of your monthly mortgage payment. Franklin County property taxes are relatively moderate, but your lender will calculate the monthly escrow portion based on the assessed value of the home and the county's tax rate to ensure the annual bill is covered.
What should I know about well and septic systems when getting a mortgage for a Callaway home?
Many homes in Callaway use private well and septic systems. Lenders will typically require a satisfactory water quality test and a septic system inspection as a condition for loan approval. These are crucial for an FHA, VA, or USDA loan, and the cost for these inspections is usually the buyer's responsibility during the due diligence period.
As a first-time homebuyer in Callaway, what local resources or counseling are available?
First-time buyers in Callaway can utilize free homebuyer education courses certified by Virginia Housing. These are often available online or through local HUD-approved counseling agencies. Completing a course is a requirement for most VHDA assistance programs and provides valuable guidance on the mortgage process, budgeting, and maintaining a home in a rural setting.
Why Choose a Mortgage Lender in Callaway?
Local Market Knowledge
Lenders who understand Callaway'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 Callaway and get competitive rates on your home loan.