The Best Mortgage Lenders in Newsoms, VA
Compare verified mortgage lenders serving Newsoms, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Newsoms
Featured Mortgage Lenders
Jason Spivey
Movement Mortgage
Jason Spivey with Movement Mortgage is one of the highest-rated mortgage professionals serving the Newsoms area, located just 15 miles away in Suffolk. With over 125 excellent reviews and 15 years of experience, he specializes in serving rural communities throughout Southampton County. His team is particularly skilled with USDA loans which are highly relevant for Newsoms' rural location, along with VA and FHA programs. Movement Mortgage has built a strong reputation for fast closings and personalized service throughout Southeast Virginia.
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Chartway Credit Union Mortgage Department
Chartway Credit Union
Chartway Credit Union has been serving Virginia communities for over 65 years with a strong presence throughout Southeast Virginia, including Southampton County where Newsoms is located. As a member-owned financial institution, they offer highly competitive rates and exceptional customer service with over 385 positive reviews. Their mortgage team specializes in first-time homebuyer programs and offers special benefits for members, including lower closing costs and personalized guidance through the entire mortgage process for rural properties.
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Fairway Independent Mortgage Corporation - Suffolk Office
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage's Suffolk office, located just 15 minutes from Newsoms, has established itself as one of the top mortgage lenders in Southampton County with outstanding customer satisfaction ratings. With over 25 years of experience and 210 excellent reviews, their local team understands the unique needs of rural Virginia homebuyers. They offer a comprehensive range of loan products with particular expertise in USDA rural development loans that are perfectly suited for Newsoms residents. Their reputation for responsive communication and smooth closings makes them a preferred choice throughout the region.
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Frequently Asked Questions
Common questions about mortgage lending in Newsoms, VA
What are the typical down payment requirements for homes in Newsoms, VA, given its rural market?
In Newsoms' rural and generally more affordable market, many conventional loans can be secured with a 5% down payment, and some local lenders may offer portfolio loans with flexible terms. For eligible buyers, USDA loans offer a significant advantage with 0% down payment required, as most of Southampton County, including Newsoms, qualifies for this program. It's important to consult with a lender familiar with the area to explore all options.
Are there any first-time homebuyer programs specifically beneficial for purchasing in Newsoms?
Yes, the Virginia Housing Down Payment Assistance Grant (DPA) is a key resource for first-time buyers in Newsoms, providing funds that do not need to be repaid. When combined with a Virginia Housing loan, this grant can significantly reduce upfront costs. Additionally, the USDA Single Family Housing Guaranteed Loan Program is exceptionally relevant here, offering low-interest rates and no down payment for moderate-income buyers in this qualifying rural area.
How do property taxes in Southampton County impact my mortgage payments in Newsoms?
Southampton County has a relatively low property tax rate, which is a positive factor for your monthly mortgage payment, as taxes are included in your escrow. The current rate is $0.72 per $100 of assessed value, meaning a $200,000 home would have annual taxes of about $1,440. Your lender will calculate this into your monthly payment, but the lower county rate helps keep overall housing costs manageable compared to more urban Virginia areas.
What type of property appraisal challenges might I face when getting a mortgage for a home in rural Newsoms?
Appraisals in rural areas like Newsoms can sometimes be challenging due to a lower volume of recent, comparable home sales ("comps"). This can occasionally lead to appraisal gaps if the appraised value comes in below the contract price. Using a local lender who works with appraisers familiar with Southampton County's rural market is crucial to ensure a fair and accurate valuation based on appropriate comparables, including land value.
Is homeowner's flood insurance typically required by lenders for properties in Newsoms, VA?
While Newsoms is not directly coastal, its proximity to the Nottoway River and Blackwater River means flood zones are a local consideration. Lenders will require a flood zone determination; if the property is in a Special Flood Hazard Area (SFHA), flood insurance will be mandatory for the loan. Even if not required, given the flat terrain and waterways, purchasing flood insurance is often a wise recommendation for properties in and around Newsoms.
Why Choose a Mortgage Lender in Newsoms?
Local Market Knowledge
Lenders who understand Newsoms'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 Newsoms and get competitive rates on your home loan.