The Best Mortgage Lenders in Damascus, VA
Compare verified mortgage lenders serving Damascus, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Damascus
Featured Mortgage Lenders
Mountain Empire Mortgage
Mountain Empire Mortgage Corporation
Mountain Empire Mortgage is a highly-rated regional lender that specifically serves Southwest Virginia communities including Damascus. With over two decades of experience, they specialize in rural and mountain property financing, offering personalized service and deep knowledge of local real estate markets. Their excellent customer ratings reflect their commitment to guiding borrowers through the entire mortgage process with competitive rates and flexible loan options tailored to the region's unique needs.
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Bank of Tennessee
Bank of Tennessee
As a established regional bank serving the Tri-Cities area that includes Damascus, Bank of Tennessee offers comprehensive mortgage services with the advantage of local decision-making and personalized attention. Their mortgage team has extensive experience with properties in the mountainous regions of Southwest Virginia and Northeast Tennessee. Customers consistently praise their responsive service, competitive rates, and smooth closing process, making them a top choice for Damascus area homebuyers.
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PrimeLending
PrimeLending, A PlainsCapital Company
PrimeLending maintains a strong local presence in the Bristol area with loan officers who specifically serve the Damascus, Virginia market. As a national lender with deep local roots, they offer the best of both worlds: extensive loan product options and competitive rates combined with personalized, local service. Their high customer satisfaction ratings stem from their efficient processing, clear communication throughout the loan process, and expertise in rural and mountain property financing relevant to the Damascus area.
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Frequently Asked Questions
Common questions about mortgage lending in Damascus, VA
What are typical down payment requirements for homes in Damascus, VA, given its rural market?
While standard loans often require 3-5% down, many homes in Damascus and surrounding Washington County are eligible for USDA Rural Development loans, which offer 0% down payment options. This is a significant advantage for buyers in this area, as a large portion of the region qualifies for this program due to its rural designation, making homeownership more accessible.
Are there any local or state programs for first-time homebuyers in Damascus?
Yes, Virginia Housing offers several statewide programs accessible to Damascus buyers, including down payment assistance grants and favorable loan rates for first-time buyers. Additionally, the Town of Damascus may occasionally partner with regional housing initiatives, so it's wise to check with a local lender familiar with Southwest Virginia's specific offerings, such as the "SWVA Homeownership Program."
How does the seasonal tourism from the Virginia Creeper Trail affect mortgage lending and appraisals?
Lenders and appraisers may consider income from short-term rentals (like Airbnb) for properties near the trail, but this requires a two-year history of rental income documentation. For primary residences, appraisals typically focus on standard comparables, but a home's proximity and access to the trail can be a positive marketability factor that supports value in this unique local market.
What should I know about property types and loan eligibility in Damascus?
Damascus has a mix of single-family homes, older historic properties, and land parcels. For older homes, FHA 203(k) renovation loans can be useful for updates. If you're considering a property with acreage, conventional and USDA loans have different guidelines on allowable acreage before it's considered a "farm," so working with a lender experienced in rural properties is crucial.
Are mortgage rates in Damascus different from the national average?
Mortgage rates are primarily set by national markets, so Damascus rates align with national averages. However, your final rate depends on your credit profile and loan choice. Utilizing a Virginia Housing loan or a USDA loan, which are popular here, may offer competitive rates or reduced mortgage insurance compared to some standard national products.
Nearby Cities
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Why Choose a Mortgage Lender in Damascus?
Local Market Knowledge
Lenders who understand Damascus'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 Damascus and get competitive rates on your home loan.