The Best Mortgage Lenders in Midland, VA
Compare verified mortgage lenders serving Midland, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Midland
Featured Mortgage Lenders
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly-rated national lender with a strong local presence in Northern Virginia, including service to Midland. They are renowned for their exceptional customer service, competitive rates, and efficient loan processing. With numerous positive reviews highlighting their responsiveness and expertise, they offer a wide range of loan products and are actively involved in community initiatives, making them a trusted choice for homebuyers in the area.
Loan Types:
New American Funding
New American Funding
New American Funding is a top-rated mortgage lender with a significant footprint in Virginia, including service to Midland. They are praised for their diverse loan options, including programs for first-time homebuyers and underrepresented communities, and have a reputation for personalized customer support. Their long-standing experience and high customer satisfaction ratings make them a reliable option for competitive rates and flexible terms in the region.
Loan Types:
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group is a highly respected regional lender with extensive experience serving Virginia, including the Midland area. They are known for their local expertise, strong community ties, and commitment to customer satisfaction, with numerous reviews highlighting their transparent processes and supportive staff. Offering a variety of loan products and competitive rates, they have built a solid reputation over nearly three decades for reliability and excellence in mortgage lending.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Midland, VA
What are the typical down payment requirements for homes in Midland, VA, given its rural location and market?
While standard loans often require 5-20% down, Midland's more rural and spacious properties can sometimes qualify for USDA loans, which offer 0% down payment options for eligible borrowers and properties. It's also common to use conventional loans with 3-5% down, especially for first-time buyers targeting more affordable single-family homes in the area. Consulting a local lender familiar with Fauquier County is key to exploring all options.
Are there any local or county-specific first-time homebuyer assistance programs available in Midland?
Yes, the Fauquier County Housing and Community Development office administers the "Fauquier First-Time Homebuyer Program," which can provide down payment and closing cost assistance in the form of a deferred, forgivable loan. This program is specifically designed for low-to-moderate income households purchasing within the county, including Midland. Eligibility is based on income limits and completion of a homebuyer education course.
How does Midland's location in a high-cost county affect conforming loan limits and jumbo loan needs?
Fauquier County, including Midland, falls under the standard conforming loan limits set by the FHFA, which are lower than in adjacent D.C. metro areas. For 2024, the limit for a single-family home is $766,550. Given Midland's mix of modest homes and larger estate properties, buyers considering higher-priced homes may need to explore jumbo loans, which have stricter credit and reserve requirements.
What should I know about well and septic inspections when getting a mortgage for a Midland property?
Many homes in Midland are not on public water and sewer, so mortgage lenders will require a satisfactory well water test (for flow rate and potability) and a septic system inspection as a standard condition for loan approval. These inspections protect both the buyer and the lender and must be completed by licensed Virginia professionals. Budgeting for these specific inspections, which can cost several hundred dollars, is an important part of the process.
How do property types like land or homes with acreage impact mortgage lending in Midland?
Financing for properties with significant acreage (often 10+ acres) or raw land in Midland can be more complex. While a primary residence on a few acres is typically straightforward, larger parcels may be considered "non-conforming" by some lenders, potentially requiring a portfolio or community bank loan. It's crucial to work with a lender experienced in rural properties who can properly appraise the land's value and its impact on the overall loan.
Why Choose a Mortgage Lender in Midland?
Local Market Knowledge
Lenders who understand Midland'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 Midland and get competitive rates on your home loan.