The Best Mortgage Lenders in Hampton, VA
Compare verified mortgage lenders serving Hampton, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Hampton
Featured Mortgage Lenders
TowneBank Mortgage
TowneBank Mortgage
TowneBank Mortgage stands out as one of the highest-rated mortgage lenders serving Hampton Roads, with exceptional local expertise and deep community roots. As part of the larger TowneBank family founded in Hampton Roads, they offer personalized service and competitive rates specifically tailored to the Virginia market. Their strong focus on VA loans makes them particularly valuable for military families and veterans in the Hampton area. With nearly 25 years of experience and hundreds of excellent reviews, they consistently deliver smooth closing processes and exceptional customer care throughout the mortgage journey.
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Bayport Credit Union
Bayport Credit Union
Bayport Credit Union brings over 75 years of trusted financial service to the Hampton community, offering member-focused mortgage solutions with competitive rates and personalized attention. As a local credit union deeply embedded in the Hampton Roads area, they provide the benefits of nonprofit lending including lower fees and more flexible underwriting. Their mortgage team specializes in helping first-time homebuyers navigate the process while offering excellent VA loan expertise crucial for the military-heavy Hampton population. Members consistently praise their responsive service and local decision-making capabilities.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has established a strong presence in the Hampton Roads market with their efficient processing and dedicated local loan officers. While a national lender, their Hampton-based team provides personalized service and deep knowledge of the local real estate market. They're particularly noted for their streamlined digital mortgage experience and quick closing times, often completing loans in 30 days or less. With nearly 400 excellent reviews from local clients, they've built a reputation for reliability and competitive pricing, making them a top choice for Hampton homebuyers seeking modern mortgage solutions with local expertise.
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Frequently Asked Questions
Common questions about mortgage lending in Hampton, VA
Are there any special mortgage programs for first-time homebuyers in Hampton, VA?
Yes, Hampton homebuyers can access the Virginia Housing Down Payment Assistance Grant (DPA), which provides up to 2.5% of the home's purchase price for down payment and closing costs. Additionally, the City of Hampton offers the HOMEownership Down Payment and Closing Cost Assistance Program, which provides a deferred, forgivable loan of up to $10,000 for eligible low-to-moderate income first-time buyers purchasing within city limits.
How does living in a coastal city like Hampton affect my mortgage insurance or loan requirements?
Lenders in Hampton will require a separate flood insurance policy for homes in designated Special Flood Hazard Areas (SFHAs), which is common in neighborhoods near the Chesapeake Bay, Back River, or other waterways. This is mandatory for a mortgage and is an additional monthly cost beyond standard homeowners insurance. Your lender will order a flood zone determination as part of the loan process.
What are typical mortgage rates and closing costs for buyers in Hampton?
While rates are set by national markets, local lender competition can cause slight variations. Hampton buyers should expect closing costs, including title insurance, recording fees, and lender charges, to typically range from 2% to 5% of the loan amount. It's wise to compare Loan Estimates from both local credit unions, like Langley Federal Credit Union, and national lenders to find the best combination of rate and fees.
Are there specific loan programs or considerations for buying a home near military bases like Langley AFB or Fort Eustis?
Absolutely. Many Hampton lenders are exceptionally experienced with VA loans, which are a cornerstone of the local market due to the large military and veteran population. Furthermore, some local lenders offer specialized VA loan expertise and may have programs with more flexible underwriting for service members. It's also important to consider the potential for aircraft noise when ordering an appraisal in certain areas.
How do property taxes in Hampton work and how are they handled in my mortgage payment?
The City of Hampton has a property tax rate of $1.16 per $100 of assessed value (for 2024). Your mortgage lender will typically collect 1/12th of the estimated annual tax bill each month as part of your total mortgage payment, holding the funds in an escrow account to pay the city directly when bills are due. Note that Hampton also has a personal property tax on vehicles, which is separate and not included in your mortgage.
Nearby Cities
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Why Choose a Mortgage Lender in Hampton?
Local Market Knowledge
Lenders who understand Hampton'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 Hampton and get competitive rates on your home loan.