The Best Mortgage Lenders in Madison, VA
Compare verified mortgage lenders serving Madison, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Madison
Featured Mortgage Lenders
Virginia Credit Union Mortgage Department
Virginia Credit Union
Virginia Credit Union is one of Virginia's most trusted mortgage lenders with an exceptional reputation for customer service and competitive rates. While headquartered in Richmond, they serve members statewide including Madison, VA, with a comprehensive range of mortgage products. Their high rating reflects consistent customer satisfaction, personalized service, and deep community involvement across Virginia. They offer both online and in-person mortgage services with local loan officers available to assist Madison area homebuyers.
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Union Bank & Trust Mortgage Division
Union Bank & Trust
Union Bank & Trust has been serving Virginia communities for over a century with a strong mortgage lending division that covers the Madison area. Their Charlottesville location provides convenient access for Madison residents seeking personalized mortgage services. They're particularly noted for their construction and lot loan expertise, competitive conventional rates, and excellent VA loan programs. The bank maintains high customer satisfaction ratings and offers both digital and in-person mortgage application processes.
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Piedmont Housing Alliance
Piedmont Housing Alliance
Piedmont Housing Alliance is a highly-rated nonprofit mortgage lender and housing counseling agency serving the Central Virginia region including Madison. They specialize in first-time homebuyer programs and offer unique down payment assistance options that make homeownership more accessible. Their exceptional 4.9 rating reflects outstanding customer service and successful outcomes for buyers throughout the region. They provide comprehensive homebuyer education and one-on-one counseling alongside their mortgage lending services.
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Frequently Asked Questions
Common questions about mortgage lending in Madison, VA
What are the typical down payment requirements for homes in Madison, VA, given its rural market?
In Madison's rural market, many lenders can offer USDA loans, which require 0% down for eligible properties and borrowers. For conventional loans, a 5-10% down payment is common, but local lenders familiar with the area's property types can advise on specific requirements for older homes or larger land parcels, which are prevalent here.
Are there any special first-time homebuyer programs or grants available specifically in Madison County?
Yes, the Virginia Housing Down Payment Assistance Grant (DPAG) is a key statewide program accessible to Madison buyers, offering up to 2.5% of the home's purchase price. Additionally, working with a lender experienced in rural markets is crucial, as they can best navigate pairing this with a USDA loan, a popular option in the county for eligible first-time buyers.
How do property types like farms or homes with significant acreage affect the mortgage process in Madison?
Financing properties with more than 10 acres or agricultural outbuildings often requires a specialized "rural" or "non-conforming" loan product. Local lenders and community banks with expertise in the area are essential, as they understand how to appraise these unique properties and can structure loans that major national banks might not offer.
How do Madison County's property tax rates impact my monthly mortgage payment and affordability?
Madison County has a relatively low property tax rate, currently $0.69 per $100 of assessed value. This positively impacts overall affordability by keeping escrow payments lower than in many Northern Virginia counties. Your lender will use this rate to accurately calculate your total monthly PITI (Principal, Interest, Taxes, and Insurance) payment.
What should I know about getting a mortgage for a historic home in the Town of Madison?
Financing a historic home may require specific renovation loans like the FHA 203(k) if updates are needed, as standard loans can be contingent on a property meeting certain condition standards. It's vital to work with an appraiser and lender experienced in historic properties to ensure the home's unique characteristics and value are properly assessed for loan approval.
Why Choose a Mortgage Lender in Madison?
Local Market Knowledge
Lenders who understand Madison'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 Madison and get competitive rates on your home loan.