The Best Mortgage Lenders in Narrows, VA
Compare verified mortgage lenders serving Narrows, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Narrows
Featured Mortgage Lenders
New River Mortgage
New River Mortgage
New River Mortgage is a highly-rated local mortgage broker serving Southwest Virginia, including Narrows, with exceptional customer satisfaction ratings. They specialize in helping clients throughout Giles County and the New River Valley region secure competitive mortgage rates with personalized service. Their team has extensive experience with rural property financing, USDA loans, and first-time homebuyer programs, making them particularly well-suited for the Narrows market. They're known for their responsive communication and ability to navigate complex rural property transactions.
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Bank of Floyd Mortgage Department
Bank of Floyd
As a well-established community bank serving Southwest Virginia for over a century, Bank of Floyd has deep roots in the region and extensive experience with rural property financing. They offer competitive mortgage products specifically designed for communities like Narrows, with particular expertise in USDA rural development loans and construction lending. Their local underwriting and decision-making process allows for more personalized service than larger national banks, and they maintain strong relationships throughout Giles County and the surrounding areas.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has established a strong presence throughout Southwest Virginia, including service to Narrows and Giles County. With hundreds of positive reviews and a reputation for efficient processing and competitive rates, they've become a preferred lender for many in the region. Their local loan officers understand the unique aspects of rural Virginia real estate and offer specialized expertise in VA loans (important given the military presence in the region) and USDA rural development programs. They're known for their streamlined digital process combined with local, personal service.
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Frequently Asked Questions
Common questions about mortgage lending in Narrows, VA
What are the typical mortgage rates available in Narrows, VA, and how do they compare to state averages?
Mortgage rates in Narrows are generally competitive with statewide Virginia averages, often slightly lower due to the town's rural designation. As of recent trends, you can expect conventional 30-year fixed rates to be in the range of the national average, but local lenders like banks in Pearisburg or Pulaski may offer special promotions. It's important to get quotes from both local community banks and larger regional lenders to find the best deal for your specific financial situation.
Are there any special loan programs for first-time homebuyers in Narrows?
Yes, first-time homebuyers in Narrows should explore the Virginia Housing Development Authority (VHDA) programs, which are accessible statewide and particularly beneficial in more affordable markets like ours. These include loans with down payment assistance and favorable terms. Additionally, some local lenders may offer portfolio loans tailored for the modestly priced homes common in the Narrows area, helping with lower down payments.
How does the appraisal process work for a home in Narrows, given the mix of older properties and unique lots along the New River?
Appraisals in Narrows can be nuanced due to the prevalence of older homes, unique topography, and varied property types (from riverfront to hillside lots). Appraisers familiar with Giles County are essential, as they understand how to value properties with potential floodplain considerations or limited comparable sales. It's wise to work with a lender who uses local appraisers to ensure a fair valuation that reflects the area's specific market dynamics.
What local closing costs or taxes should I budget for when getting a mortgage in Narrows?
In addition to standard closing costs, you'll need to budget for Virginia and Giles County-specific fees. This includes a state recordation tax, which varies based on the loan amount, and local property taxes which are prorated at closing. Narrows itself does not have a separate town property tax, but the county rate applies. Your lender should provide a detailed Loan Estimate outlining all anticipated costs early in the process.
Are USDA Rural Development loans a viable option for mortgages in Narrows, VA?
Absolutely. Narrows is classified as a rural area by the USDA, making 100% financing through a USDA Rural Development loan a highly attractive and common option for eligible borrowers. This program is ideal for the area, as it requires no down payment and often features competitive interest rates, making homeownership more accessible given the local income levels. You should check the specific income eligibility limits for Giles County to see if you qualify.
Why Choose a Mortgage Lender in Narrows?
Local Market Knowledge
Lenders who understand Narrows'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 Narrows and get competitive rates on your home loan.