The Best Mortgage Lenders in Independence, VA
Compare verified mortgage lenders serving Independence, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Independence
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a top-rated lender known for its strong presence in Virginia and exceptional customer service. Founded in 1996, they specialize in a wide range of loan products, including government-backed options like FHA and VA loans, which are popular in rural areas like Independence. With high ratings for competitive rates and a streamlined process, they have built a reputation for reliability and local expertise, serving Grayson County and surrounding regions through their nearby Galax office.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly regarded lender with a focus on community engagement and fast, efficient service. Founded in 2008, they offer a variety of loan types, including USDA loans ideal for rural areas like Independence. Their high customer satisfaction ratings stem from personalized support and competitive rates, and they actively serve Southwest Virginia through local offices, making them a trusted choice for homebuyers in the region.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a nationally recognized lender with a strong local presence in Virginia, known for its competitive rates and comprehensive loan options. Established in 1996, they excel in customer service and have numerous positive reviews for their handling of VA and USDA loans, which are beneficial in areas like Independence. Their commitment to community support and extensive experience makes them a reliable option for mortgages in Grayson County and beyond.
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Frequently Asked Questions
Common questions about mortgage lending in Independence, VA
What are typical down payment requirements for homes in Independence, VA, given the rural market?
In Independence's rural market, many lenders offer USDA loans, which require **0% down payment** for eligible buyers and properties. Conventional loans typically require 5-20% down, but local lenders familiar with Grayson County's property values can provide specific guidance. For the area's more affordable price points, even a 3-5% down payment on a conventional loan can be very attainable.
Are there any special mortgage programs for first-time homebuyers in Independence?
Yes, the **Virginia Housing** (formerly VHDA) loan programs are widely accessible in Independence. These include competitive interest rates, down payment assistance grants, and closing cost assistance for qualifying first-time buyers. Given Independence's location, you may also qualify for a USDA Rural Development loan, which is not exclusive to first-time buyers but offers excellent terms.
How does the appraisal process work for a home in a rural area like Independence?
Appraisals in rural Grayson County can be more complex due to fewer comparable sales ("comps"). Lenders will use an appraiser familiar with the area, but the process may take slightly longer. Unique properties with acreage require appraisers who can properly value the land and any outbuildings, which is a key consideration for your mortgage approval timeline.
What should I know about property taxes and insurance when calculating my mortgage payment in Independence?
Grayson County property taxes are relatively low, which helps keep overall monthly payments affordable. However, if your home is outside the town limits on well and septic, you'll need to budget for a more comprehensive homeowners insurance policy that may include coverage for water systems. Your lender will help you escrow for both these costs.
Are construction or renovation loans common for the older housing stock in Independence?
Yes, given the number of older homes and available land, products like the **FHA 203(k) renovation loan** or a conventional construction loan are popular options. These allow you to finance both purchase and repairs, which is practical for updating a historic home or building on your own land. Local lenders and contractors are experienced with these loan processes.
Nearby Cities
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Why Choose a Mortgage Lender in Independence?
Local Market Knowledge
Lenders who understand Independence'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 Independence and get competitive rates on your home loan.