The Best Mortgage Lenders in Mathews, VA
Compare verified mortgage lenders serving Mathews, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Mathews
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a top-rated lender deeply rooted in the Hampton Roads region, including Mathews, VA, with over 28 years of experience. Known for exceptional customer service and competitive rates, they specialize in a wide range of loan products and have built a strong reputation for personalized, local expertise. Their high customer satisfaction scores and extensive review base highlight their reliability and commitment to helping homebuyers in rural and coastal communities like Mathews.
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TowneBank Mortgage
TowneBank Mortgage, a division of TowneBank
TowneBank Mortgage offers a community-focused approach with 25 years of experience, serving Mathews and the broader Tidewater area. As part of a trusted regional bank, they provide competitive mortgage solutions with an emphasis on local relationships and flexible lending options. Their high ratings stem from responsive service, transparency, and a dedication to supporting homebuyers in smaller markets like Mathews, backed by a solid track record of customer satisfaction.
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New American Funding
New American Funding, LLC
New American Funding is a nationally recognized lender with a strong local presence in Virginia, including service to Mathews, offering 21 years of expertise and diverse loan programs. They are praised for their inclusive lending practices, competitive rates, and efficient processing, making them a popular choice for buyers in rural areas. With hundreds of positive reviews, they demonstrate a commitment to customer education and support, ensuring a smooth mortgage experience for Mathews residents.
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Frequently Asked Questions
Common questions about mortgage lending in Mathews, VA
Are there any special mortgage considerations for buying a waterfront or rural property in Mathews, VA?
Yes, waterfront and rural properties are common in Mathews and require specific attention. Lenders may require additional inspections, such as a separate septic system evaluation or a more detailed survey, which can affect the loan timeline and closing costs. For properties in designated flood zones, which are prevalent along the Chesapeake Bay and its tributaries, mandatory flood insurance will be a required, ongoing expense factored into your monthly payment.
What first-time homebuyer programs are accessible to residents of Mathews County, VA?
Mathews County homebuyers can utilize the Virginia Housing (VHDA) loan programs, which offer competitive rates, down payment assistance grants, and closing cost assistance. These programs are particularly valuable in Mathews, where local incomes may not always align with housing costs. It's also wise to check with local credit unions, like BayPort Credit Union, which often have community-focused mortgage products with flexible underwriting for the area.
How do property taxes in Mathews County impact my mortgage qualification and payments?
Mathews County has a relatively low real estate tax rate compared to more urban parts of Virginia, which can be a significant advantage for mortgage affordability. Your lender will use the current county rate (approximately $0.59 per $100 of assessed value) to calculate your estimated monthly escrow payment. However, it's important to note that assessments for waterfront properties can be higher, so getting a precise tax estimate for your specific target home is crucial for accurate budgeting.
Is it difficult to get a mortgage for an older or historic home in Mathews?
Financing older homes, including many charming historic properties in Mathews Court House, is common but requires the right loan product. A standard FHA 203(k) renovation loan or a conventional loan with a renovation escrow can be excellent tools to finance both purchase and necessary updates. Be prepared for the appraisal to be more stringent, as the appraiser must ensure the home meets minimum property standards for the loan type.
How does the seasonal and vacation home market in Mathews affect mortgage lending?
Mathews' popularity as a destination for second homes means lenders are familiar with financing non-primary residences, but the rules are stricter. For a second home or investment property, you'll typically need a higher credit score, a larger down payment (often 10-20% minimum), and will pay a slightly higher interest rate. Lenders will also closely scrutinize rental income if you plan to lease the property, usually requiring a documented two-year rental history for it to be considered.
Why Choose a Mortgage Lender in Mathews?
Local Market Knowledge
Lenders who understand Mathews'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 Mathews and get competitive rates on your home loan.