The Best Mortgage Lenders in Monterey, VA
Compare verified mortgage lenders serving Monterey, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Monterey
Featured Mortgage Lenders
Bank of the James Mortgage Team
Bank of the James
Bank of the James is a highly-rated regional bank with deep roots in central Virginia, including service to rural areas like Monterey. Known for personalized customer service and competitive rates, they have built a strong reputation over 24 years with a focus on community lending. Their mortgage team offers a wide range of loan products, and they are praised for their reliability, local expertise, and efficient processing, making them a top choice for homebuyers in the region.
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Movement Mortgage Roanoke Team
Movement Mortgage
Movement Mortgage is a nationally recognized lender with a strong local presence in Virginia, serving areas like Monterey with dedication to speed and customer satisfaction. Founded in 2008, they have earned high marks for their transparent process, competitive rates, and extensive loan options. Their team in Roanoke provides personalized support, and they are known for closing loans quickly while maintaining excellent communication, backed by hundreds of positive reviews from satisfied clients.
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Fairway Independent Mortgage Corporation - Harrisonburg Branch
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation has been a trusted name in the mortgage industry since 1996, with a Harrisonburg branch that actively serves Monterey and surrounding rural communities. They are renowned for their exceptional customer service, competitive rates, and wide array of loan products. With nearly three decades of experience, they have consistently high ratings for their reliability, expert guidance, and commitment to making home financing accessible, making them a top-rated option in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Monterey, VA
What are the typical down payment requirements for homes in Monterey, VA, given the rural market?
In Monterey's rural market, many lenders offer USDA loans, which require **0% down payment** for eligible borrowers and properties. For conventional loans, a 5-10% down payment is common, but local lenders familiar with Highland County's property values can provide the best guidance. It's important to note that appraisals here can be unique due to the scarcity of comparable home sales.
Are there any special mortgage programs for first-time homebuyers in Monterey, VA?
Yes, the **Virginia Housing Down Payment Assistance Grant (DPAG)** is a key statewide program accessible to Monterey buyers, providing funds that do not need to be repaid. Additionally, because Monterey is in a federally designated rural area, the **USDA Single Family Housing Guaranteed Loan Program** is a zero-down-payment option widely used here, even for first-time buyers.
How does the seasonal economy and tourism in Monterey impact mortgage qualification, especially for self-employed individuals?
Lenders will typically require a two-year history of self-employment income, and they may average your income across seasons. For those in tourism or agriculture, providing thorough documentation, such as tax returns and profit/loss statements, is crucial. A local lender experienced with the area's economic cycles can help structure your application appropriately.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Monterey?
Property taxes in Highland County are relatively low compared to urban Virginia, which can make monthly payments more affordable. However, you should budget for potentially higher homeowners insurance premiums due to the rural setting, which can include factors like distance from a fire hydrant or station. Your lender will help you estimate these escrow items accurately.
Are there any local or regional lenders in Monterey, VA, that offer advantages over national banks?
Working with a community bank or a credit union based in western Virginia (like a local Farm Credit branch) can be advantageous. These institutions often have deeper knowledge of the local real estate market, more flexibility in underwriting for unique rural properties, and a personal understanding of the area's economic drivers, which can streamline the mortgage process.
Nearby Cities
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Why Choose a Mortgage Lender in Monterey?
Local Market Knowledge
Lenders who understand Monterey'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 Monterey and get competitive rates on your home loan.