The Best Mortgage Lenders in Great Falls, VA
Compare verified mortgage lenders serving Great Falls, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Great Falls
Featured Mortgage Lenders
Eagle Bank Mortgage
Eagle Bank
Eagle Bank has established itself as a premier regional mortgage lender serving the Greater Washington D.C. area including Great Falls. With over two decades of experience, they specialize in jumbo loans and high-value properties that are common in the affluent Great Falls market. Their local underwriting and decision-making process allows for personalized service and competitive rates. They're particularly known for their expertise in construction lending and portfolio loans for unique financial situations, making them an excellent choice for Great Falls residents with custom home needs.
Loan Types:
First Home Mortgage
First Home Mortgage Corporation
First Home Mortgage has been serving Northern Virginia for over three decades with an exceptional reputation for customer service and competitive rates. They maintain a strong physical presence in Reston with dedicated loan officers who specialize in the Great Falls luxury market. The company is consistently rated among the top mortgage lenders in the region, known for their streamlined process, local processing, and underwriting. Their expertise in jumbo loans and ability to handle complex financial situations makes them particularly well-suited for Great Falls' high-value real estate market.
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Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage's Fairfax branch has built an outstanding reputation serving the Northern Virginia market, including Great Falls. As one of the largest retail mortgage lenders in the country with strong local presence, they offer competitive rates and exceptional service. Their local loan officers have extensive experience with the unique requirements of Great Falls properties, including large lot sizes and custom homes. They're particularly praised for their communication throughout the loan process and ability to close loans quickly, which is crucial in competitive real estate markets.
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Frequently Asked Questions
Common questions about mortgage lending in Great Falls, VA
Are mortgage rates in Great Falls, VA, typically higher than the national average?
Yes, mortgage rates in Great Falls can be slightly higher than the national average due to the area's high property values and its classification as a high-cost county (Fairfax County). This often affects loan-level price adjustments. However, competitive rates are still available from local lenders familiar with the affluent Northern Virginia market.
What are the conforming loan limits for Great Falls, VA, and how do they impact my mortgage?
For 2024, the conforming loan limit for Fairfax County (which includes Great Falls) is $1,149,825 for a single-family home, significantly higher than the baseline limit. This is crucial in Great Falls, where median home prices far exceed the national average, as it allows more buyers to access conventional financing with favorable terms rather than resorting to jumbo loans.
Are there any down payment assistance programs specifically for first-time homebuyers in Great Falls?
While Great Falls itself does not offer city-specific programs, eligible first-time buyers can utilize Virginia-wide programs like the Virginia Housing Down Payment Grant (DPG) or Closing Cost Assistance (CCA) grant. It's important to note that these programs have income and purchase price limits that may be challenging to meet given Great Falls' high home values, so consulting a local mortgage advisor is key.
How does the prevalence of well and septic systems in Great Falls affect the mortgage process?
Many properties in Great Falls are not connected to public water and sewer, requiring well and septic systems. Lenders will mandate a satisfactory water quality test and a septic system inspection as a condition of the loan. Any issues must be repaired prior to closing, which can add time and potential cost to the transaction.
Why is a local lender often recommended for a mortgage in Great Falls over a large national bank?
Local lenders and mortgage brokers with expertise in Northern Virginia have established relationships with title companies and attorneys who understand the unique aspects of Great Falls transactions, such as easements, large lot surveys, and covenants. They are also more adept at navigating the high-stakes, competitive market and can often provide more personalized and faster service.
Why Choose a Mortgage Lender in Great Falls?
Local Market Knowledge
Lenders who understand Great Falls'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 Great Falls and get competitive rates on your home loan.