The Best Mortgage Lenders in Markham, VA
Compare verified mortgage lenders serving Markham, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Markham
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group is one of the highest-rated mortgage lenders serving the Northern Virginia region, including Markham. With over 26 years of experience and exceptional customer satisfaction ratings, they specialize in both purchase and refinance loans with competitive rates. Their local Warrenton office provides personalized service and deep knowledge of the Fauquier County real estate market, making them a top choice for Markham residents seeking conventional, FHA, VA, and jumbo loans with excellent customer support.
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Bank of Clarke
Bank of Clarke Mortgage Department
As a well-established community bank serving the Northern Virginia region for over 140 years, Bank of Clarke has built an outstanding reputation for mortgage lending in Markham and surrounding areas. They offer personalized service with local decision-making and competitive rates on various loan products. Their mortgage team has extensive experience with rural properties and land loans common in the Markham area, combined with the stability of a long-standing financial institution known for exceptional customer service.
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Presidential Bank Mortgage
Presidential Bank, FSB
Presidential Bank has been serving the Virginia mortgage market for over 35 years with a strong focus on the Northern Virginia region including Markham. They are particularly known for their expertise in jumbo loans, construction financing, and investment property loans, while offering competitive conventional mortgage options. Their local processing and underwriting teams provide efficient service with deep knowledge of Virginia's lending regulations and market conditions, making them a reliable choice for Markham homebuyers seeking experienced mortgage professionals.
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Frequently Asked Questions
Common questions about mortgage lending in Markham, VA
What are the typical mortgage rates and down payment requirements for homes in Markham, VA?
Mortgage rates in Markham are generally aligned with national averages but can be influenced by the rural nature of Fauquier County and property types, such as larger lots or historic homes. For conventional loans, a 20% down payment is standard to avoid PMI, but many lenders offer programs with as little as 3-5% down, especially for primary residences. It's advisable to get quotes from both local community banks and national lenders, as competition can vary.
Are there any special mortgage considerations for buying a historic or older home in Markham?
Yes, purchasing a historic home in Markham, which is part of the Piedmont region's rich history, often requires a specialized appraisal and potentially a renovation loan. Lenders may have stricter requirements regarding the property's condition, and you might need a separate inspection for systems like plumbing, electrical, or foundations. Programs like the FHA 203(k) loan can be valuable for financing both purchase and necessary renovations.
What local or state programs are available to assist first-time homebuyers in Markham, VA?
First-time homebuyers in Markham can explore the Virginia Housing Development Authority (VHDA) programs, which offer competitive interest rates, down payment assistance grants, and closing cost assistance. Specific programs like VHDA's FHA Plus or Conventional No PMI loans are popular. Additionally, some local lenders in Fauquier County may offer their own first-time buyer incentives, so it's important to ask.
How does the appraisal process work for a property with significant land in Markham?
Appraising a property with acreage in Markham requires an appraiser with specific expertise in valuing land in rural or semi-rural settings. The value won't be based solely on square footage but also on land use (agricultural, recreational), access to utilities, and comparable sales of similar parcels in Fauquier County. This can sometimes lead to appraisal challenges if comparable properties are scarce, potentially affecting loan approval.
Are USDA loans a viable option for mortgages in Markham, given its location?
Absolutely. Markham's location in Fauquier County is eligible for USDA Rural Development loans, which offer 100% financing (no down payment) for qualified buyers and properties. This is a major advantage for eligible borrowers looking at homes in and around Markham. Income limits and property eligibility apply, so working with a lender experienced in USDA loans in Virginia is crucial to navigate the requirements.
Why Choose a Mortgage Lender in Markham?
Local Market Knowledge
Lenders who understand Markham'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 Markham and get competitive rates on your home loan.