The Best Mortgage Lenders in Chilhowie, VA
Compare verified mortgage lenders serving Chilhowie, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Chilhowie
Featured Mortgage Lenders
Movement Mortgage
Movement Mortgage
Movement Mortgage has established itself as one of the top-rated mortgage lenders serving Southwest Virginia, including Chilhowie. With an exceptional 4.9 rating across multiple review platforms, they specialize in providing personalized mortgage solutions for rural and small-town homebuyers. Their local loan officers have deep knowledge of the Chilhowie market and offer streamlined digital processing with local expertise. Particularly strong with VA and USDA loans, which are popular in rural Virginia communities.
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First Bank and Trust Company
First Bank and Trust Company
As a established regional bank with deep roots in Southwest Virginia, First Bank and Trust Company has been serving Chilhowie residents for decades. With multiple branches throughout the region, they offer the convenience of local banking combined with competitive mortgage products. Their mortgage team provides personalized service with local underwriting decisions, making them particularly strong for first-time homebuyers and construction loans in rural areas. Their 4.7 rating reflects consistent customer satisfaction.
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Appalachian Community Federal Credit Union
Appalachian Community Federal Credit Union
Serving the entire Southwest Virginia region including Chilhowie, Appalachian Community FCU has been a trusted mortgage lender for generations. As a not-for-profit credit union, they often offer more competitive rates and lower fees than traditional banks. Their mortgage specialists have extensive experience with rural property financing and USDA loans, which are particularly relevant for Chilhowie homebuyers. With deep community connections and member-focused service, they maintain a 4.6 rating and excellent reputation for customer care.
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Frequently Asked Questions
Common questions about mortgage lending in Chilhowie, VA
What are the typical down payment requirements for mortgages in Chilhowie, VA, given its more rural setting?
While standard down payments of 3-5% are common for conventional and FHA loans, Chilhowie's rural location can be an advantage. You may qualify for a USDA Rural Development loan, which offers 100% financing with no down payment required, as the town and surrounding Smyth County are eligible. Local lenders are very familiar with this popular program for the area.
Are there any special first-time homebuyer programs or grants available specifically for Chilhowie residents?
Yes, the Virginia Housing Development Authority (VHDA) offers statewide programs that are accessible in Chilhowie, such as grants for down payment and closing cost assistance. Additionally, the "Smyth County Homeownership Program," administered through the local planning commission, has occasionally offered rehabilitation and down payment assistance grants for income-eligible buyers, so it's worth checking current availability.
How does the appraisal process work in Chilhowie, given the mix of older homes and newer construction?
Appraisals in Chilhowie require appraisers familiar with the local market dynamics, including valuing historic properties and comparing homes with larger land parcels. They must find appropriate "comps" (comparable sales), which can sometimes be a challenge in a smaller market, potentially affecting the valuation. Using a lender with strong local connections ensures they work with appraisers who understand these nuances.
What is the current trend for mortgage interest rates in the Chilhowie area compared to the national average?
Mortgage rates in Chilhowie generally align with national averages, as they are set by broader financial markets. However, your specific rate will depend heavily on your personal financial profile and the lender you choose. Local community banks and credit unions, like those in nearby Marion or Abingdon, may sometimes offer competitive rates or relationship discounts that are worth exploring.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Chilhowie?
Your mortgage payment will include an escrow for property taxes set by Smyth County and the Town of Chilhowie, which are relatively low compared to urban areas in Virginia. Homeowners insurance is also required and can be affordable, but if your property includes several acres or is in a more remote area, you may need to consider additional coverage for outbuildings or different liability limits, which your lender can help you factor in.
Why Choose a Mortgage Lender in Chilhowie?
Local Market Knowledge
Lenders who understand Chilhowie'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 Chilhowie and get competitive rates on your home loan.