The Best Mortgage Lenders in Charlottesville, VA
Compare verified mortgage lenders serving Charlottesville, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Charlottesville
Featured Mortgage Lenders
UVA Community Credit Union Mortgage Team
UVA Community Credit Union
As a locally-based credit union deeply embedded in the Charlottesville community, UVA Community Credit Union consistently receives exceptional ratings for their personalized mortgage services. They offer competitive rates with special benefits for members, including first-time homebuyer programs and local market expertise. Their mortgage team provides one-on-one guidance through the entire homebuying process, with particular strength in VA loans and construction lending. The credit union's strong community presence and member-focused approach make them a top choice for Charlottesville homebuyers seeking local, trustworthy service.
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Atlantic Union Bank Mortgage Division
Atlantic Union Bank
With a strong Virginia presence and multiple Charlottesville locations, Atlantic Union Bank offers comprehensive mortgage services backed by over a century of banking experience. Their local mortgage specialists provide personalized service with deep knowledge of the Central Virginia real estate market. They excel in offering flexible loan options including specialized programs for medical professionals and university employees. The bank's commitment to local decision-making and competitive conventional loan products makes them a preferred choice for Charlottesville residents seeking established, reliable mortgage lending.
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Movement Mortgage Charlottesville Team
Movement Mortgage
Movement Mortgage has built an exceptional reputation in the Charlottesville area for their efficient processing and outstanding customer service. While nationally recognized, they maintain strong local presence with dedicated Charlottesville loan officers who understand the unique market dynamics of Central Virginia. They're particularly noted for their rapid closing times and innovative technology platform that streamlines the mortgage process. Their specialization in first-time homebuyer programs and competitive jumbo loan options, combined with consistently high customer satisfaction ratings, makes them a top contender for Charlottesville home financing.
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Frequently Asked Questions
Common questions about mortgage lending in Charlottesville, VA
Are there any special first-time homebuyer programs available specifically for Charlottesville, VA?
Yes, the Virginia Housing Development Authority (VHDA) offers several statewide programs, but local lenders in Charlottesville are particularly adept at pairing these with city-specific down payment assistance. Additionally, the City of Charlottesville itself offers the Charlottesville Affordable Homeownership Program (CAHP), which provides forgivable loans for down payment and closing cost assistance to income-eligible buyers purchasing within city limits.
How does the presence of the University of Virginia (UVA) impact the mortgage and housing market in Charlottesville?
UVA creates a consistently strong rental market and stable property values, which lenders view favorably. However, competition for homes, especially in neighborhoods like Belmont or Fry's Spring, can be fierce, often leading to bidding wars. It's crucial to get pre-approved with a strong local lender who can ensure a quick and reliable closing to make your offer more competitive against cash buyers and investors.
What are typical property taxes like in Charlottesville, and how do they affect my mortgage payment?
The City of Charlottesville has its own property tax rate, which is separate from Albemarle County. For the 2024 fiscal year, the city rate is $0.96 per $100 of assessed value. This is a critical component of your monthly escrow payment. When budgeting for your mortgage, your lender will calculate this based on the assessed value of the home you're purchasing, which can be a significant addition to your principal and interest payment.
Are there specific mortgage considerations for buying a historic home in Charlottesville neighborhoods like Starr Hill or Fifeville?
Absolutely. Purchasing a designated historic home or one in a historic district may require a specialized renovation loan (like an FHA 203(k) or Fannie Mae HomeStyle® loan) if updates are needed, as strict preservation guidelines can affect repair costs. Furthermore, lenders will often require a more thorough appraisal and may mandate certain insurance coverages, which can influence the loan terms and your overall budget.
How do mortgage rates in Charlottesville compare to state and national averages, and what local factors influence them?
Mortgage rates in Charlottesville are generally aligned with national averages, as they are set by broader financial markets. However, your final rate is personalized based on credit, loan type, and down payment. A key local factor is the high demand and competitive market, which makes having a strong financial profile and a trusted local lender—who can secure a rate lock efficiently—especially important to succeed with an offer.
Why Choose a Mortgage Lender in Charlottesville?
Local Market Knowledge
Lenders who understand Charlottesville'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 Charlottesville and get competitive rates on your home loan.