The Best Mortgage Lenders in Danville, VA
Compare verified mortgage lenders serving Danville, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Danville
Featured Mortgage Lenders
Member One Federal Credit Union
Member One Federal Credit Union
Member One Federal Credit Union stands out as one of the highest-rated mortgage lenders serving Danville, with an exceptional 4.8 rating based on 285 reviews. As a longstanding financial institution with 85 years of service history, they have deep roots in the Virginia community. Their mortgage team specializes in all major loan types including VA loans, which is particularly valuable for the military community in the Danville area. Customers consistently praise their competitive rates, personalized service, and streamlined application process. Their local branch presence in Danville ensures face-to-face service and deep understanding of the local real estate market.
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TowneBank Mortgage
TowneBank Mortgage
TowneBank Mortgage maintains a strong physical presence in Danville with their downtown office and has earned a stellar 4.7 rating from 192 reviews. As part of the larger TowneBank network, they combine local decision-making with substantial lending resources. Their mortgage specialists are praised for their expertise in construction loans and renovation financing, which is particularly valuable in Danville's growing housing market. The company is known for its community involvement and understanding of the local economic landscape. Customers frequently highlight their responsive communication and ability to close loans efficiently.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has established itself as a top-performing mortgage lender in the Danville region with a strong 4.6 rating from 387 reviews. While headquartered in South Carolina, they maintain an active local lending team that serves the Danville market with expertise in all major loan programs. Their digital mortgage process receives consistent praise for efficiency and transparency. The company is particularly noted for their competitive conventional and FHA loan offerings, and they have special programs for first-time homebuyers that are well-suited to Danville's affordable housing market. Their local loan officers have extensive knowledge of the area's neighborhoods and property values.
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Frequently Asked Questions
Common questions about mortgage lending in Danville, VA
What first-time homebuyer programs are specifically available in Danville, VA?
Danville homebuyers have access to the Virginia Housing Down Payment Assistance Grant, which can provide up to 2.5% of the loan amount for down payment and closing costs. Additionally, the City of Danville offers its own "Welcome Home" down payment assistance program for income-eligible buyers purchasing within city limits, which can be layered with state programs for greater benefit.
How do property taxes in Danville impact my monthly mortgage payment?
Danville and Pittsylvania County have a combined property tax rate that is relatively moderate for Virginia, currently around $0.90 per $100 of assessed value. Your lender will escrow for these taxes, and it's important to note that Danville conducts property reassessments periodically, which can affect your escrow payment after purchase.
Are there special mortgage considerations for buying a historic home in Danville's Millionaires' Row or Old West End districts?
Yes, purchasing a historic home in these designated areas may require a specialized appraisal and could involve renovation loans like the FHA 203(k). Some lenders are familiar with the unique architectural features and preservation requirements in these neighborhoods, which can affect the loan process and required inspections compared to newer homes.
What is the typical down payment needed for a mortgage in Danville's current market?
While 20% down is ideal to avoid PMI, many buyers in Danville successfully utilize FHA loans with 3.5% down or conventional loans with 3% down, especially given the area's affordable home prices. Local credit unions and banks often have competitive first-time buyer programs with low down payment options tailored to the local income levels.
How does Danville's economic revitalization affect mortgage lending and property values?
The ongoing revitalization of the River District and investments like the Caesars Virginia casino project are positive factors lenders consider, potentially leading to more favorable terms for properties in these growth areas. However, appraisals can be challenging as they must find comparable sales in a transitioning market, so working with a lender experienced in Danville's specific neighborhoods is crucial.
Why Choose a Mortgage Lender in Danville?
Local Market Knowledge
Lenders who understand Danville'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 Danville and get competitive rates on your home loan.