The Best Mortgage Lenders in Hayes, VA
Compare verified mortgage lenders serving Hayes, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Hayes
Featured Mortgage Lenders
Bayport Credit Union
Bayport Credit Union
Bayport Credit Union is a highly-rated local financial institution serving the Hayes area with over 65 years of community banking experience. They maintain exceptional customer satisfaction ratings with personalized mortgage services and competitive rates. As a member-owned cooperative, they focus on building long-term relationships with local homebuyers and offer comprehensive mortgage solutions with local underwriting and decision-making.
Loan Types:
Tidewater Home Funding
Tidewater Home Funding, LLC
Tidewater Home Funding is a top-rated mortgage broker serving the entire Virginia Peninsula including Hayes. With nearly perfect customer ratings and extensive experience in the local market, they specialize in finding the best loan products from multiple lenders. Their team has deep knowledge of the local real estate market and offers personalized service with quick turnaround times, making them a preferred choice for homebuyers throughout the region.
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Union Home Mortgage
Union Home Mortgage Corp.
Union Home Mortgage's Williamsburg office serves the Hayes area with exceptional mortgage services and strong local presence. As part of a national company with deep roots in Virginia, they combine local market expertise with extensive lending resources. They consistently receive high marks for customer service, communication, and competitive rates, with particular strength in VA loans important for the military community in the Hampton Roads region.
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Frequently Asked Questions
Common questions about mortgage lending in Hayes, VA
Are there any special mortgage considerations for buying a home in Hayes, VA, given its proximity to coastal areas?
Yes, due to Hayes' location in Gloucester County near the Chesapeake Bay and York River, lenders often require additional flood insurance for many properties, even if they are not in a designated high-risk FEMA zone. This can be a mandatory condition for loan approval and will increase your total monthly housing payment. It's crucial to get a flood zone determination early in the home search process.
What are the typical down payment assistance programs available for first-time homebuyers in Hayes?
First-time homebuyers in Hayes can access the Virginia Housing Down Payment Assistance (DPA) grant, which offers up to 2.5% of the loan amount. Additionally, Gloucester County may have local initiatives, and many lenders work with programs like the VHDA (Virginia Housing Development Authority) No Mortgage Insurance program, which is popular for buyers in this area seeking to minimize upfront and monthly costs.
How do property types common in Hayes, like older homes or new construction, affect mortgage lending?
Hayes features a mix of historic homes, waterfront properties, and newer subdivisions. For older homes, lenders may require more stringent inspections and could mandate repairs for loan approval. For new construction in developments like those off Guinea Road, the builder's preferred lender might offer closing cost incentives, but it's wise to compare with local independent lenders for the best overall rate and terms.
What is the current range for mortgage interest rates for buyers in Hayes, VA, and how do they compare to state averages?
Mortgage rates in Hayes typically align closely with national and Virginia state averages, as it's not a high-cost county. As of recent trends, rates for a conventional 30-year fixed loan might range from the mid-6% to low-7% APR, but this fluctuates daily. Buyers with excellent credit may qualify for rates on the lower end of the spectrum. It's best to get quotes from several local lenders or credit unions serving the Middle Peninsula.
Are there specific lenders or credit unions in the Hayes area that offer advantages for local homebuyers?
Yes, using a local lender familiar with the Gloucester County market can be beneficial. Institutions like BayPort Credit Union and Chesapeake Bank have a strong presence and understand local property valuations, which can streamline the appraisal process. They may also offer specialized portfolio loans or have more flexibility for unique properties, such as those with acreage or water access, which are common in the Hayes area.
Nearby Cities
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Why Choose a Mortgage Lender in Hayes?
Local Market Knowledge
Lenders who understand Hayes'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 Hayes and get competitive rates on your home loan.