The Best Mortgage Lenders in Long Island, VA
Compare verified mortgage lenders serving Long Island, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Long Island
Featured Mortgage Lenders
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a top-rated lender known for its exceptional customer service, competitive rates, and streamlined loan processing. With a strong local presence in Virginia, they specialize in various loan types and are praised for their responsiveness and community involvement, making them a reliable choice for Long Island residents.
Loan Types:
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage excels with its wide range of loan options and fast closing times. They have a solid reputation in the Hampton Roads area for personalized service and competitive pricing, backed by high customer satisfaction ratings and extensive experience serving Virginia communities.
Loan Types:
Prosperity Home Mortgage
Prosperity Home Mortgage, LLC
Prosperity Home Mortgage is highly regarded for its transparent processes and educational approach to lending. They offer tailored solutions for various borrower needs and have a strong track record in the region, providing reliable service and local expertise to clients in and around Long Island.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Long Island, VA
What are the biggest challenges for getting a mortgage on Long Island, VA, given its unique geography?
The primary challenge is the property's accessibility and flood zone status, as Long Island is in the Chesapeake Bay. Lenders will require a detailed appraisal and a specific flood insurance policy, which can be more expensive than standard policies. Ensuring the property has a clear, maintained road access for the appraiser and future residents is also a critical underwriting consideration.
Are there any special loan programs for waterfront or rural properties on Long Island?
Yes, the USDA Rural Development loan is a key program, as most of Long Island qualifies as a rural area. This program offers 100% financing with no down payment, which is highly advantageous. Additionally, lenders familiar with the area may offer specialized construction or renovation loans tailored to older or unique waterfront homes common in the Northern Neck region.
How do mortgage rates in Long Island, VA, compare to the rest of the state?
Rates for a primary residence on Long Island are generally aligned with national and state averages. However, for non-warrantable properties like certain condos or unique land parcels, or for second/vacation homes, rates can be 0.25% to 0.5% higher due to perceived lender risk. Working with a local lender experienced in the Chesapeake Bay area is crucial for securing the best available terms.
What should first-time homebuyers in Long Island know about available assistance programs?
Virginia Housing (VHDA) offers down payment assistance grants and favorable loan rates that are accessible to Long Island buyers. Specifically, the VHDA Down Payment Assistance Grant can provide 2-2.5% of the loan amount. It's important to note that income limits and sales price caps apply, and you must use a VHDA-approved lender, many of whom operate in the Northern Neck.
How does the seasonal and tourism-based economy affect mortgage approval for Long Island residents?
Lenders will closely scrutinize income stability for self-employed individuals or those in tourism, fishing, or seasonal trades. You may need to provide two years of tax returns to demonstrate consistent annual income. Strong credit scores and larger reserves (savings) can help offset variable income, proving you can afford payments during off-season months.
Nearby Cities
Explore mortgage lenders in cities near Long Island, VA
Why Choose a Mortgage Lender in Long Island?
Local Market Knowledge
Lenders who understand Long Island'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 Long Island and get competitive rates on your home loan.