The Best Mortgage Lenders in Collinsville, VA
Compare verified mortgage lenders serving Collinsville, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Collinsville
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group is one of the highest-rated mortgage lenders serving Southern Virginia with exceptional customer satisfaction ratings. Founded in 1996, they have built a stellar reputation for personalized service and competitive rates throughout Virginia. Their Martinsville location serves the Collinsville area with expertise in all loan types including VA loans, which is particularly valuable for military families in the region. They are known for their local processing and underwriting teams that provide faster closings and personalized attention throughout the mortgage process.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has established itself as a top-performing mortgage lender with strong presence throughout Virginia, including service to Collinsville residents. With over 15 years of experience, they are particularly noted for their efficient processing and competitive rates. They specialize in first-time homebuyer programs and offer extensive educational resources. Movement Mortgage is renowned for their "One Day Underwrite" promise and commitment to closing loans quickly while maintaining excellent customer service standards across their Virginia operations.
Loan Types:
Tower Community Bank
Tower Community Bank
As a true local community bank physically located in Collinsville, Tower Community Bank offers personalized mortgage lending with deep roots in the community. With 20 years of serving Henry County residents, they provide the advantage of local decision-making and relationship-based lending. Their mortgage team has extensive knowledge of the local real estate market and offers competitive construction and renovation loans alongside traditional mortgage products. Their physical presence in Collinsville ensures face-to-face service and strong community commitment that larger lenders cannot match.
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Frequently Asked Questions
Common questions about mortgage lending in Collinsville, VA
Are there any special mortgage programs for first-time homebuyers in Collinsville, VA?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs, such as the VHDA FHA and Conventional loans with down payment assistance grants, which are available to eligible buyers in Collinsville. These programs are particularly valuable given the area's median home prices, as they can help with closing costs and lower the initial cash requirement. It's also wise to check with local lenders familiar with Henry County for any additional community-specific offerings.
How do property taxes in Collinsville, VA, affect my monthly mortgage payment?
Collinsville is located in Henry County, which has a relatively low property tax rate compared to national averages, currently around $0.72 per $100 of assessed value. This lower rate helps keep escrow payments more affordable, directly impacting your total monthly mortgage payment. Your lender will calculate the estimated annual tax and include 1/12th of that amount in your monthly payment, so this local rate is a key factor in your budgeting.
What is the typical down payment required for a mortgage on a home in Collinsville's market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Collinsville utilize conventional loans with 3-5% down or FHA loans with 3.5% down, especially given the area's accessible price points. Local lenders often work with the more moderate-income profiles common in the region to structure affordable down payments. Using a VHDA program can sometimes reduce this requirement further with grant assistance.
Are USDA rural housing loans a viable option for mortgages in Collinsville, VA?
Absolutely. Collinsville and much of Henry County are eligible for USDA Section 502 Guaranteed Loans, which offer 100% financing (no down payment) for qualified buyers and properties. This is a major advantage for the area, as it opens homeownership to buyers with limited savings. To use this program, the home must be located within the USDA-eligible zone, which covers most of Collinsville, and the buyer must meet income limits.
How does the appraisal process work for a manufactured home in Collinsville, given their prevalence in the area?
Financing a manufactured home in Collinsville requires a specific appraisal process where the home must be permanently affixed to a foundation and classified as real estate, not personal property. Lenders will require an appraisal that complies with the HUD Data Plate and the Virginia Uniform Statewide Building Code. It's crucial to work with a local lender experienced in this process, as not all manufactured homes in the county will meet the stringent requirements for conventional or FHA financing.
Nearby Cities
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Why Choose a Mortgage Lender in Collinsville?
Local Market Knowledge
Lenders who understand Collinsville'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 Collinsville and get competitive rates on your home loan.