The Best Mortgage Lenders in Modest Town, VA
Compare verified mortgage lenders serving Modest Town, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Modest Town
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a top-rated regional lender with a strong presence in Virginia, including the Eastern Shore area serving Modest Town. Known for exceptional customer service and competitive rates, they have built a reputation for reliability and personalized loan solutions. With numerous awards and high customer satisfaction scores, they offer a wide range of loan products and have local loan officers dedicated to the community, ensuring a smooth mortgage process.
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First Heritage Mortgage
First Heritage Mortgage, LLC
First Heritage Mortgage is a highly respected lender serving all of Virginia, including rural areas like Modest Town. They are praised for their expertise in local market conditions, transparent communication, and efficient closing processes. With a focus on building long-term relationships, they provide tailored mortgage options and have consistently high ratings for customer support and reliability, making them a trusted choice for homebuyers on the Eastern Shore.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with a strong local presence in Virginia, offering services to Modest Town residents. They are renowned for their rapid loan processing, competitive rates, and high customer satisfaction, often closing loans in as little as 10 days
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Frequently Asked Questions
Common questions about mortgage lending in Modest Town, VA
Are there any first-time homebuyer programs specifically for residents of Modest Town, Virginia?
Yes, the Virginia Housing Development Authority (VHDA) offers statewide programs, but local lenders in the Northern Neck region often have specific knowledge of grants and down payment assistance that work well for Modest Town's market. For example, the VHDA Down Payment Assistance Grant can be particularly helpful given the town's relatively affordable home prices, allowing buyers to stretch their purchasing power further.
How do property taxes in Modest Town, VA, affect my monthly mortgage payment?
Property taxes in Westmoreland County, where Modest Town is located, are relatively low compared to more urban parts of Virginia, which helps keep your total monthly payment affordable. The current county rate is $0.62 per $100 of assessed value, so a $200,000 home would have an annual tax of about $1,240, which your lender will factor into your escrow payment.
What types of properties are most common for mortgage financing in Modest Town, and does that affect loan options?
Modest Town features primarily single-family homes, manufactured homes on owned land, and some rural properties. Financing for manufactured homes can be more specialized; working with a local lender familiar with USDA Rural Development loans is advantageous, as much of the area is eligible for these zero-down-payment loans, which are a popular choice here.
Is it difficult to get a mortgage appraisal in Modest Town due to its rural location?
While Modest Town is rural, it is within a stable county market, so appraisals are generally straightforward. However, for unique or very remote properties, lenders may need to use appraisers from a broader geographic area, which can sometimes add a small fee or a day or two to the timeline. Comparable sales from nearby towns like Montross or Warsaw are typically used.
What is a typical down payment percentage needed for a conventional loan on a home in Modest Town?
For conventional loans in Modest Town's market, a 5% to 10% down payment is common, as home prices are moderate. Many local buyers successfully use FHA loans with a 3.5% down payment, which is attractive for first-time buyers. Lenders will also consider the strong, stable value of properties in this established community when evaluating loan terms.
Why Choose a Mortgage Lender in Modest Town?
Local Market Knowledge
Lenders who understand Modest Town'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 Modest Town and get competitive rates on your home loan.