The Best Mortgage Lenders in Newport News, VA
Compare verified mortgage lenders serving Newport News, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Newport News
Featured Mortgage Lenders
Bayport Credit Union
Bayport Credit Union
Bayport Credit Union stands out as a top-rated local mortgage lender serving the Hampton Roads area, including Newport News. With exceptional 4.8-star ratings across multiple review platforms, they've built a reputation for personalized service and competitive rates. As a community-focused credit union, they specialize in VA loans, making them an excellent choice for military families stationed in the Newport News area. Their mortgage advisors provide one-on-one guidance through the entire homebuying process, and they offer special programs for first-time homebuyers with flexible down payment options.
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TowneBank Mortgage
TowneBank Mortgage
TowneBank Mortgage has established itself as a premier regional mortgage lender with deep roots in the Hampton Roads community. With a physical branch in Newport News and multiple locations throughout Virginia, they combine local expertise with comprehensive lending services. Their 4.7-star rating reflects exceptional customer satisfaction, particularly noted for their responsive communication and smooth closing processes. They excel in construction loans and jumbo mortgages, serving both primary residence purchases and investment properties throughout the Newport News market.
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Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group consistently ranks among the highest-rated mortgage lenders in Virginia, with an impressive 4.9-star rating across hundreds of verified reviews. Founded in Virginia Beach and serving the entire Hampton Roads region, they maintain a strong physical presence in Newport News. Their team of local loan officers specializes in navigating the unique aspects of the Newport News housing market, with particular expertise in VA loans for military personnel and government employees. Customers consistently praise their competitive rates, transparent process, and exceptional customer service from application through closing.
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Frequently Asked Questions
Common questions about mortgage lending in Newport News, VA
Are there any special mortgage programs for first-time homebuyers in Newport News, VA?
Yes, Newport News homebuyers can access the Virginia Housing Down Payment Assistance Grant (DPA), which provides up to 2.5% of the home's purchase price for down payment and closing costs. This is particularly valuable in Newport News, where median home prices are more accessible than in Northern Virginia, allowing the grant to cover a significant portion of upfront costs. You must use a Virginia Housing-approved lender and meet income and sales price limits.
How does living in a military-heavy city like Newport News affect my mortgage options?
Newport News' proximity to military bases like Fort Eustis and Langley Air Force Base means many lenders are highly experienced with VA loans. You'll find competitive VA loan rates and streamlined processes here. Furthermore, if you are PCSing to the area, some local lenders offer specialized programs that can help bridge gaps if you need to buy before selling a previous home.
What are typical closing costs for a mortgage in Newport News, and are there any city-specific taxes or fees?
Closing costs in Newport News typically range from 2% to 5% of the loan amount. A key city-specific cost is the Newport News city property tax, which is currently $1.22 per $100 of assessed value. You should also budget for Virginia's recordation tax, which varies by loan amount, and a potential city sticker fee if the home has a well or septic system.
How do Newport News' varying neighborhood values, from Denbigh to Hilton, impact my loan approval and amount?
Lenders will carefully appraise the property based on its specific neighborhood, which can cause significant variation in approved loan amounts. For example, a home in the more established Hilton area may appraise higher than a similar-sized home in the Southeast Community, directly impacting your loan-to-value ratio. It's crucial to work with a local lender familiar with these micro-markets to ensure a smooth appraisal process.
Are there any local grants or assistance programs specifically for buying a home in certain Newport News neighborhoods?
Yes, the Newport News Redevelopment and Housing Authority (NNRHA) occasionally offers targeted programs for specific revitalization areas, such as the Southeast Community. These can include down payment assistance or favorable loan terms to encourage homeownership and investment in these neighborhoods. Checking with the NNRHA directly or a local HUD-approved housing counselor is the best way to learn about active programs.
Nearby Cities
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Why Choose a Mortgage Lender in Newport News?
Local Market Knowledge
Lenders who understand Newport News'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 Newport News and get competitive rates on your home loan.