The Best Mortgage Lenders in Lexington, VA
Compare verified mortgage lenders serving Lexington, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lexington
Featured Mortgage Lenders
Member One Federal Credit Union Mortgage Department
Member One Federal Credit Union
Member One Federal Credit Union is a highly-rated regional financial institution serving the Lexington area with exceptional mortgage services. With over 85 years of operation, they've built a strong reputation for personalized service and competitive rates. Their mortgage team specializes in first-time homebuyer programs and offers comprehensive guidance through the entire home financing process. Members consistently praise their responsive communication, local decision-making, and community-focused approach to lending in Virginia markets.
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Bank of the James Mortgage Division
Bank of the James
Bank of the James has established itself as a premier regional mortgage lender serving central Virginia communities including Lexington. Founded in 1999, they combine modern lending technology with traditional community banking values. Their mortgage specialists are known for providing personalized attention and local underwriting decisions. Customers frequently highlight their competitive rates, transparent process, and expertise with rural property financing, making them an excellent choice for Lexington-area homebuyers seeking a reliable regional partner.
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Movement Mortgage Lexington Team
Movement Mortgage
Movement Mortgage maintains a physical presence in Lexington with a dedicated local team that understands the unique real estate market of Rockbridge County. As a national lender with strong local roots, they offer the best of both worlds - extensive loan products and competitive pricing combined with personalized local service. Their streamlined process and commitment to closing loans quickly have earned them excellent reviews from Lexington-area homebuyers. The local office provides face-to-face service while leveraging national lending capabilities.
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Frequently Asked Questions
Common questions about mortgage lending in Lexington, VA
Are there any special mortgage programs for first-time homebuyers in Lexington, VA?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs, such as the VHDA FHA and Conventional loans with down payment assistance, which are widely used in Lexington. Additionally, Rockbridge Area Habitat for Humanity provides affordable homeownership opportunities for qualifying low-income families in the area. These programs are particularly valuable given the competitive entry-level market around Washington and Lee University and VMI.
How does the presence of Washington and Lee University and VMI affect the Lexington mortgage and housing market?
These institutions create a stable, high-demand rental market, making investment properties or multi-unit homes attractive for some buyers. However, for primary residences, competition can be stiff for single-family homes in desirable neighborhoods, potentially leading to quicker sales and the need for strong pre-approvals. Lenders in the area are very familiar with financing for faculty, staff, and military-affiliated buyers.
What are typical closing costs for a mortgage in Lexington, VA?
Closing costs in Lexington typically range from 2% to 5% of the home's purchase price. This includes standard Virginia state and local fees, such as recordation taxes, and Lexington/Rockbridge County-specific charges. It's wise to budget for a title insurance policy from a local provider familiar with the area's properties, which often have historical nuances.
Are USDA Rural Development loans available in Lexington, VA?
Yes, most of Lexington and the surrounding Rockbridge County are eligible for USDA Rural Development loans, which offer 100% financing. This is a significant advantage for eligible buyers with moderate incomes looking to purchase in this area, as it eliminates the down payment barrier. A local lender can confirm the specific eligibility of a property address.
How do property types like historic homes or rural land affect mortgage lending in Lexington?
Financing a historic home in Lexington may require a specialized appraisal and potentially a renovation loan if updates are needed, as standard lenders might be cautious about older systems. For properties with significant acreage, lenders may have stricter requirements on the ratio of land value to home value. Working with a lender experienced in the Shenandoah Valley's unique property types is crucial.
Nearby Cities
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Why Choose a Mortgage Lender in Lexington?
Local Market Knowledge
Lenders who understand Lexington'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 Lexington and get competitive rates on your home loan.