The Best Mortgage Lenders in Norfolk, VA
Compare verified mortgage lenders serving Norfolk, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Norfolk
Featured Mortgage Lenders
Tidewater Home Funding
Tidewater Home Funding, LLC
Tidewater Home Funding is a highly-rated local mortgage broker with deep roots in the Hampton Roads area. They specialize in serving military families and first-time homebuyers with exceptional personalized service. With over 18 years of experience, they have built a reputation for competitive rates, smooth closing processes, and expert guidance through VA loans and other government-backed programs. Their team of local mortgage professionals understands the unique Norfolk real estate market and provides tailored solutions for each borrower's needs.
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Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a regional powerhouse founded in Virginia Beach that has grown to become one of the top mortgage lenders serving the Norfolk area. With over 26 years of experience and thousands of positive reviews, they offer competitive rates and exceptional customer service. They specialize in all loan types with particular expertise in VA loans, making them ideal for Norfolk's large military population. Their local processing and underwriting teams ensure efficient closings and personalized attention throughout the mortgage process.
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George Mason Mortgage
George Mason Mortgage, LLC
George Mason Mortgage has been serving Virginia homebuyers for over 30 years with a strong presence throughout the Hampton Roads region. As a division of Burke & Herbert Bank, they combine local decision-making with the stability of an established financial institution. They excel at providing competitive conventional and government-backed loans with particular strength in first-time homebuyer programs and VA loans. Their experienced loan officers provide personalized service and local market expertise, making them a trusted choice for Norfolk area borrowers seeking reliable mortgage solutions.
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Frequently Asked Questions
Common questions about mortgage lending in Norfolk, VA
Are there any special mortgage programs for first-time homebuyers in Norfolk, VA?
Yes, Norfolk 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 a popular option given Norfolk's median home prices. Additionally, the city itself offers the Norfolk Redevelopment and Housing Authority (NRHA) Homeownership Program, which provides eligible buyers with down payment and closing cost assistance.
How does living in a coastal city like Norfolk affect my homeowners insurance and mortgage requirements?
Due to Norfolk's high flood risk and location in a Special Flood Hazard Area (SFHA), most lenders will require you to purchase separate flood insurance as a condition of your mortgage, in addition to standard homeowners insurance. This is a critical and often costly part of the monthly housing payment that buyers must budget for, as premiums can vary significantly based on the property's specific flood zone elevation.
What are typical mortgage rates and closing costs for buyers in Norfolk compared to the national average?
Mortgage rates in Norfolk generally align with national averages, but local closing costs can be influenced by Virginia-specific taxes and fees. You can expect to pay state recordation and grantor taxes, which are unique to Virginia transactions. Working with a local lender familiar with Norfolk's title companies and settlement attorneys can help you get accurate estimates and potentially find competitive local lender credits.
Are there any Norfolk-specific loan programs for buying a home in a historic district or for renovation?
Yes, if you're looking at properties in historic neighborhoods like Ghent or Freemason, you may benefit from a FHA 203(k) renovation loan or the similar Fannie Mae HomeStyle loan. These are particularly useful for Norfolk's older housing stock. Furthermore, the NRHA sometimes targets specific neighborhoods for revitalization, offering special incentives or programs for buyers in those areas.
How does the strong military presence in Norfolk impact the mortgage lending process?
The large military and veteran population makes VA loans exceptionally common and well-understood by local lenders. Many Norfolk-based lenders have dedicated VA loan specialists who can navigate the specific appraisal (VA Notice of Value) and entitlement process efficiently. Furthermore, the transient nature of military assignments means many buyers also consider financing for investment properties if they may be relocated.
Why Choose a Mortgage Lender in Norfolk?
Local Market Knowledge
Lenders who understand Norfolk'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 Norfolk and get competitive rates on your home loan.