The Best Mortgage Lenders in Freeman, VA
Compare verified mortgage lenders serving Freeman, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Freeman
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a highly-rated regional lender with a strong reputation for exceptional customer service and competitive rates. Founded in 1996, they have extensive experience serving Virginia communities, including rural areas like Freeman. They are known for their personalized approach, wide range of loan options, and high customer satisfaction scores, making them a top choice for homebuyers in the region.
Loan Types:
First Heritage Mortgage
First Heritage Mortgage, LLC
First Heritage Mortgage has built a solid reputation over 24 years as a reliable and customer-focused lender in Virginia. They offer a comprehensive suite of mortgage products and are praised for their knowledgeable loan officers and efficient processing. Serving Freeman and surrounding areas, they consistently receive high marks for transparency, competitive pricing, and dedication to helping clients achieve homeownership.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with a strong presence in Virginia, known for its rapid loan processing and high customer satisfaction. Founded in 2008, they combine technology with personal service to offer competitive rates and a smooth mortgage experience. They actively serve Freeman and similar communities, with numerous positive reviews highlighting their responsiveness and expertise in various loan types.
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Frequently Asked Questions
Common questions about mortgage lending in Freeman, VA
Are there any special mortgage programs for first-time homebuyers in Freeman, VA?
Yes, first-time homebuyers in Freeman can utilize the Virginia Housing Development Authority (VHDA) programs, which are available statewide. These include competitive interest rates, down payment assistance grants like the VHDA Down Payment Assistance Grant (DPAG), and closing cost assistance. Given Freeman's rural setting, buyers should also inquire about USDA Rural Development loans, which offer 100% financing with no down payment for eligible properties and borrowers.
How do property taxes in Brunswick County affect my monthly mortgage payment in Freeman?
Brunswick County, where Freeman is located, has a relatively low property tax rate compared to more urban areas of Virginia. The current rate is $0.72 per $100 of assessed value. Your lender will calculate an escrow payment for taxes as part of your monthly mortgage payment, which helps avoid large annual bills. It's wise to confirm the exact assessed value of your prospective home, as this directly impacts your payment.
What is the typical down payment needed for a home in Freeman's market?
While 20% down is standard to avoid private mortgage insurance (PMI), many buyers in Freeman's affordable market use lower-down-payment options. FHA loans require as little as 3.5% down, and VA loans (for eligible veterans/military) or USDA loans (for qualified rural properties) can offer 0% down. With median home prices in the area being moderate, even a 5-10% down payment can be a manageable goal for many local buyers.
Are there specific lenders familiar with the unique aspects of buying land or a manufactured home in Freeman?
Yes, given the rural nature of the Freeman area, it's crucial to work with a local or regional lender experienced with rural property types. Financing for land, land-home packages, and manufactured homes (especially those titled as real estate) requires specialized knowledge. Local credit unions and community banks in Southside Virginia often have the most expertise with these transactions and the specific appraisal challenges they can present.
How do I account for potential well and septic system costs when getting a mortgage for a Freeman home?
Many homes in Freeman are not on public water and sewer, so lenders will typically require a satisfactory well water test and septic system inspection as a condition of the loan. You should budget for these inspections ($500-$1,000) during the due diligence period. If repairs are needed, you may need to negotiate with the seller or use an FHA 203(k) renovation loan to finance the necessary fixes, as conventional loans often won't fund properties with failed systems.
Why Choose a Mortgage Lender in Freeman?
Local Market Knowledge
Lenders who understand Freeman'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 Freeman and get competitive rates on your home loan.