The Best Mortgage Lenders in Floyd, VA
Compare verified mortgage lenders serving Floyd, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Floyd
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a highly-rated lender with over 25 years of experience, known for exceptional customer service and competitive rates. They offer a wide range of loan products and have a strong regional presence in Virginia, including serving Floyd through their Roanoke branch. Their reputation for personalized service and efficiency in processing makes them a top choice for homebuyers in rural areas.
Loan Types:
Caliber Home Loans
Caliber Home Loans
Caliber Home Loans is a reputable national lender with a solid track record in Virginia, offering flexible financing options and efficient loan processing. They serve the Floyd area through their Roanoke office and are praised for their customer support and ability to handle diverse mortgage needs, including those in more rural locations.
Loan Types:
New American Funding
New American Funding
New American Funding is a top-rated mortgage lender with a strong nationwide presence, known for excellent
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Floyd, VA
What are the unique challenges of getting a mortgage for a rural property in Floyd, VA?
Financing rural properties in Floyd often involves well and septic system requirements, which lenders will require specific inspections for. Additionally, if the property is on a large acreage lot (over 10 acres), some conventional loan programs may have restrictions, and you might need to work with a lender experienced in rural or agricultural lending. Appraisals can also be more complex due to fewer comparable sales in the area.
Are there any special first-time homebuyer programs available specifically for Floyd County residents?
Yes, the Virginia Housing Development Authority (VHDA) offers statewide programs like the VHDA FHA and Conventional loans with down payment assistance, which are accessible to Floyd buyers. Additionally, it's worth checking with local credit unions, like Member One Federal Credit Union, which may offer special first-time buyer products or grants tailored to the region, sometimes with more flexible criteria for rural incomes.
How do property types common in Floyd, like log homes or older farmhouses, affect mortgage approval?
Non-standard construction types, such as log homes or historic farmhouses, can require a specialized appraisal and a lender familiar with these property types. Some government-backed loans (like FHA) may have stricter requirements regarding the condition and insulation of older homes. It's crucial to work with a local lender who understands the local housing stock to navigate any potential hurdles.
What is the typical down payment needed for a home in Floyd's market, and are there low-down-payment options?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Floyd utilize loans with 3-5% down, such as conventional 97 loans or FHA loans (3.5% down). Given the relatively lower median home price in Floyd County compared to urban Virginia, saving for a down payment can be more achievable, and VHDA assistance can further reduce the upfront cash needed.
How does the lack of major banking chains in Floyd impact the mortgage process, and what are the best local lending options?
While you can use national lenders, local lenders like banks and credit unions (e.g., Skyline National Bank, Blue Ridge Bank) often have deeper knowledge of the area's property values and can provide more personalized service. They may also be more flexible in underwriting for unique rural properties. Using a local lender can streamline the appraisal and closing process, as they work regularly with local attorneys and title companies.
Why Choose a Mortgage Lender in Floyd?
Local Market Knowledge
Lenders who understand Floyd'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 Floyd and get competitive rates on your home loan.