The Best Mortgage Lenders in Lebanon, VA
Compare verified mortgage lenders serving Lebanon, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lebanon
Featured Mortgage Lenders
Mountain Empire Financial Services
Mountain Empire Federal Credit Union
Mountain Empire Federal Credit Union is a highly-rated local financial institution serving Southwest Virginia, including Lebanon, with over 65 years of community banking experience. They offer personalized mortgage services with competitive rates and have built a strong reputation for exceptional member service. As a credit union, they prioritize member needs over profits, providing comprehensive mortgage solutions with local underwriting and decision-making. Their mortgage specialists have extensive experience with rural housing programs and first-time homebuyer assistance programs specific to Virginia.
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Bank of Tennessee Mortgage Team
Bank of Tennessee
Bank of Tennessee serves the Tri-Cities region including Lebanon, Virginia, with a strong reputation for mortgage lending excellence. With nearly 50 years in banking, they offer local underwriting and decision-making while providing competitive rates and personalized service. Their mortgage team has extensive experience with cross-border lending between Tennessee and Virginia, understanding the unique aspects of both states' real estate markets. Customers consistently praise their responsive communication and smooth closing processes.
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Movement Mortgage Lebanon
Movement Mortgage
Movement Mortgage maintains a physical office in Lebanon and has become one of the area's most active mortgage lenders. They specialize in fast closings and streamlined digital processes while maintaining local, in-person service. Their strong community involvement and extensive experience with rural Virginia housing markets make them a top choice for Lebanon residents. Movement offers competitive rates and has built a reputation for exceptional customer service, with many customers noting their efficiency and transparency throughout the mortgage process.
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Frequently Asked Questions
Common questions about mortgage lending in Lebanon, VA
Are there any special mortgage or down payment assistance programs for first-time homebuyers in Lebanon, VA?
Yes, homebuyers in Lebanon can access statewide Virginia Housing (VHDA) programs, which are particularly valuable in more affordable markets like Russell County. These include down payment assistance grants and favorable loan terms for first-time buyers. Additionally, local lenders often have knowledge of any county-specific initiatives or grants aimed at promoting homeownership in the area.
How do property taxes in Lebanon, VA, affect my monthly mortgage payment?
Russell County, where Lebanon is located, has relatively low property tax rates compared to national and state averages, which is a significant benefit for your monthly payment. The current rate is approximately $0.59 per $100 of assessed value. Your lender will calculate an escrow payment based on this rate and the assessed value of your home, typically resulting in a lower monthly tax burden than in many other parts of Virginia.
What types of properties are most common for mortgage financing in Lebanon, and does that affect loan options?
Lebanon and the surrounding area feature a mix of single-family homes, manufactured homes on owned land, and larger rural properties. Financing for manufactured homes can be more specific, often requiring a VA USDA or FHA loan if the home is permanently affixed. For larger land parcels, some lenders may have acreage limits for conventional loans, so working with a local lender familiar with rural properties is advantageous.
Is USDA Rural Development financing available for homes in Lebanon, VA?
Absolutely. Lebanon is located in an area that is almost entirely eligible for USDA Rural Development loans, which offer 100% financing (no down payment). This is a highly popular and relevant program in the region due to its rural designation, making homeownership more accessible by eliminating the primary barrier of a down payment for qualified buyers.
How does the appraisal process work for a home in a small, rural town like Lebanon, and can it be challenging?
Appraisals in rural areas like Lebanon can sometimes be challenging due to fewer comparable recent sales ("comps"). An appraiser may need to look at sales in a wider geographic area or older sales, which can occasionally affect the appraised value. It's wise to work with a lender who uses appraisers familiar with the Russell County market to ensure a fair and accurate valuation.
Why Choose a Mortgage Lender in Lebanon?
Local Market Knowledge
Lenders who understand Lebanon'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 Lebanon and get competitive rates on your home loan.