The Best Mortgage Lenders in Franktown, VA
Compare verified mortgage lenders serving Franktown, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Franktown
Featured Mortgage Lenders
TowneBank Mortgage
TowneBank
TowneBank Mortgage is a top-rated regional lender with a strong presence on Virginia's Eastern Shore, serving Franktown and surrounding areas. Known for exceptional customer service and competitive rates, they offer a wide range of loan products with personalized guidance. Their long-standing community involvement and high customer satisfaction scores make them a trusted choice for home financing in the region.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly-rated national lender with a significant footprint in Virginia, offering efficient online and in-person services for Franktown residents. They are praised for their quick loan processing, transparent communication, and competitive rates. With numerous positive reviews highlighting their reliability and expertise, they are a popular choice for various mortgage needs.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a reputable national mortgage lender with a strong presence in Virginia, known for its user-friendly digital platform and competitive loan options. They serve Franktown with a focus on low rates and streamlined applications, backed by high customer satisfaction ratings. Their extensive experience and commitment to innovation make them a reliable option for homebuyers in the area.
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Frequently Asked Questions
Common questions about mortgage lending in Franktown, VA
What are the typical down payment requirements for homes in Franktown, VA, given its rural setting?
While standard loans often require 3-5% down, many homes in rural Franklin County, including Franktown, may qualify for USDA loans, which offer 0% down payment options. This is a significant advantage due to the area's USDA-eligible designation. It's essential to have a lender verify the specific property's eligibility, as not all parcels may qualify.
Are there any special mortgage programs for first-time homebuyers in Franktown?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs, like the FHA Plus and Conventional Plus loans, which are accessible to Franktown buyers. These can provide down payment assistance and competitive rates. Working with a VHDA-approved lender is crucial to navigate grants or second mortgages that can help with closing costs.
How does the appraisal process work for a rural property in Franktown, and what unique challenges might arise?
Appraising rural properties in Franktown can be more complex due to larger lots, unique land features, and fewer comparable sales ("comps"). Lenders often require appraisers with specific rural experience. Challenges may include verifying well and septic systems, which must meet health department standards, as these affect the property's value and loan approval.
What should I know about property taxes and insurance when getting a mortgage in Franktown?
Franklin County property taxes are relatively low compared to urban Virginia, which can improve affordability. However, lenders will require escrow for both taxes and homeowners insurance. For many rural properties, you may also need separate flood insurance if near a creek or river, and potentially a higher premium for wildfire coverage due to wooded lots.
How do mortgage rates in Franktown, VA, compare to nearby cities like Roanoke or Rocky Mount?
Mortgage rates are primarily set by national markets and your personal credit, not your specific town. However, Franktown borrowers might encounter slightly different lender fees or fewer local bank options, potentially requiring comparison with regional lenders. Your choice between a local community bank, a credit union, or a national online lender can impact the final closing costs offered.
Nearby Cities
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Why Choose a Mortgage Lender in Franktown?
Local Market Knowledge
Lenders who understand Franktown'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 Franktown and get competitive rates on your home loan.