The Best Mortgage Lenders in Elliston, VA
Compare verified mortgage lenders serving Elliston, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Elliston
Featured Mortgage Lenders
Movement Mortgage
Movement Mortgage
Movement Mortgage is a top-rated lender with a strong local presence in the Roanoke Valley, serving Elliston and surrounding areas. Known for its exceptional customer service and competitive rates, the company has built a reputation for streamlining the mortgage process with dedicated local loan officers. Their expertise in various loan types, including VA and USDA loans, makes them a preferred choice for homebuyers in rural and suburban Virginia. With high ratings on platforms like Zillow and Google, they consistently receive praise for their responsiveness and community involvement.
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Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group is a highly respected regional lender with deep roots in Virginia, including service to Elliston. They offer a personalized approach to mortgage lending, with loan officers who understand the local market dynamics. Their strong ratings and extensive review history highlight reliability and customer satisfaction, particularly for first-time homebuyers and those seeking refinance options. Founded in 1996, they combine decades of experience with modern technology to provide efficient and transparent loan processes, earning them a loyal client base in Southwest Virginia.
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New American Funding
New American Funding
New American Funding is a nationally recognized mortgage lender with a strong commitment to serving Virginia communities, including Elliston. They are praised for their diverse loan products and efforts to support affordable housing, with a focus on minority and underserved borrowers. Their high customer ratings reflect a dedication to competitive rates and exceptional service, backed by local loan officers who provide tailored solutions. Founded in 2003, they have grown into a trusted name with a robust online platform and in-person support, ensuring accessibility for clients in rural and urban areas alike.
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Frequently Asked Questions
Common questions about mortgage lending in Elliston, VA
What are the typical mortgage rates available in Elliston, VA, and how do they compare to state averages?
Mortgage rates in Elliston are generally aligned with national and state averages, but local credit unions like Freedom First or Member One may offer competitive rates, sometimes slightly below larger banks. It's important to shop locally, as rates can vary based on the lender's familiarity with the rural Roanoke Valley market. As of recent trends, rates in Virginia often run very close to the national average.
Are there any special mortgage or down payment assistance programs for first-time homebuyers in Elliston?
Yes, Elliston homebuyers can access statewide Virginia programs like the Virginia Housing Down Payment Assistance Grant (DPAG) and Closing Cost Assistance Grant (CCAG). These are particularly valuable in Elliston's market, where median home prices are more accessible than in larger cities, allowing grants to cover a significant portion of upfront costs. Working with a lender approved by Virginia Housing is essential to utilize these programs.
How does Elliston's rural location and proximity to Roanoke affect the mortgage appraisal process?
Appraisals in Elliston can be more complex due to its rural setting, as appraisers must find comparable sales ("comps") from similar properties in the surrounding Montgomery County or Roanoke County areas. This process might take slightly longer than in a dense urban market. Unique property features, like larger lots or agricultural potential, must be properly valued, which requires an appraiser experienced with rural Virginia properties.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Elliston?
Your monthly payment will include escrow for Montgomery County property taxes, which are currently at a rate of $0.89 per $100 of assessed value. Homeowners insurance in Elliston may have considerations for older housing stock or properties with wells/septic systems, potentially affecting premiums. It's wise to get insurance quotes early in the homebuying process to accurately estimate your total monthly payment.
Are USDA Rural Development loans a common and viable option for mortgages in Elliston, VA?
Absolutely. Given Elliston's designation as a rural area, many properties qualify for USDA loans, which offer 100% financing with no down payment. This is a highly popular and practical option for eligible buyers, making homeownership more accessible. You should verify the specific property's eligibility through the USDA website and work with a lender experienced in processing these loans in Western Virginia.
Nearby Cities
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Why Choose a Mortgage Lender in Elliston?
Local Market Knowledge
Lenders who understand Elliston'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 Elliston and get competitive rates on your home loan.