The Best Mortgage Lenders in Ivor, VA
Compare verified mortgage lenders serving Ivor, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ivor
Featured Mortgage Lenders
TowneBank
TowneBank
TowneBank is a highly-rated regional bank with deep roots in the Hampton Roads area, including Ivor, Virginia. Known for its personalized mortgage services and competitive rates, TowneBank has built a strong reputation over 26 years for exceptional customer service, local community involvement, and reliability. They offer a wide range of loan options and are praised for their straightforward processes and supportive lending teams.
Loan Types:
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group is a top-rated mortgage lender serving Ivor and the broader Virginia region, with a 29-year track record of excellence. They are renowned for their competitive rates, efficient loan processing, and high customer satisfaction. Specializing in various loan types, including first-time homebuyer programs, Atlantic Bay receives consistent praise for their knowledgeable staff and responsive service.
Loan Types:
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a nationally recognized lender with a strong local presence in Virginia, including service to Ivor. With 29 years of experience, they are celebrated for their quick closings, personalized approach, and comprehensive mortgage solutions. Fairway consistently earns high marks for customer service, competitive pricing, and a wide array of loan products, making them a trusted choice for homebuyers in the area.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Ivor, VA
What are the typical down payment requirements for homes in Ivor, VA, given its rural setting?
For most conventional loans in Ivor, a 20% down payment is standard to avoid private mortgage insurance (PMI). However, due to the area's rural designation, many properties may qualify for USDA loans, which offer 100% financing with no down payment required. FHA loans with 3.5% down are also a common option for buyers in Southampton County.
Are there any local or state-specific first-time homebuyer programs that can help with purchasing a home in Ivor?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs highly relevant to Ivor buyers, including down payment assistance grants and favorable loan terms. Specifically, the VHDA's FHA and Conventional loans with down payment assistance can be paired with their Mortgage Credit Certificate (MCC), which provides a federal tax credit to reduce your annual tax liability.
How does Ivor's location in a federally designated rural area affect my mortgage options?
Ivor's rural classification is a significant advantage for eligible buyers. It opens access to USDA Section 502 Guaranteed Loans, which are a top choice as they require no down payment and often feature competitive, below-market interest rates. To qualify, your household income must not exceed the USDA limits for Southampton County, and the home must be your primary residence.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Ivor?
Southampton County, which includes Ivor, has a relatively low property tax rate compared to urban areas in Virginia, currently around $0.72 per $100 of assessed value. For insurance, it's wise to factor in flood insurance, as parts of the county are in flood zones; your lender will require a flood determination. Homeowners insurance costs are typically moderate due to the low population density.
Are jumbo loans common in Ivor, VA, and what are the local conforming loan limits?
Jumbo loans are very uncommon in Ivor due to its affordable housing market where most home prices fall well below the county's conforming loan limit. For 2024, the standard conforming loan limit for a single-family home in Southampton County is $766,550, which is sufficient for nearly all properties in the area, allowing access to the best conventional loan rates.
Why Choose a Mortgage Lender in Ivor?
Local Market Knowledge
Lenders who understand Ivor'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 Ivor and get competitive rates on your home loan.