The Best Mortgage Lenders in Parksley, VA
Compare verified mortgage lenders serving Parksley, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Parksley
Featured Mortgage Lenders
TowneBank Mortgage
TowneBank
TowneBank is a highly-rated regional bank with a strong presence on Virginia's Eastern Shore, serving Parksley and surrounding areas for over two decades. Known for personalized customer service, competitive mortgage rates, and deep community involvement, they offer a wide range of loan products with local expertise. Their long-standing reputation and commitment to client satisfaction make them a top choice for homebuyers in Accomack County.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with excellent ratings and a strong track record in Virginia, including service to Parksley. They are praised for fast closings, competitive rates, and a streamlined online application process. With a focus on community giving and customer satisfaction, they provide flexible loan options and dedicated local loan officers, making them a reliable choice for Eastern Shore residents.
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New American Funding
New American Funding, LLC
New American Funding is a top-rated mortgage lender with a significant presence in Virginia, offering comprehensive services to Parksley homebuyers. They excel in providing competitive rates, diverse loan programs, and exceptional customer support, particularly for first-time buyers and those with unique financial situations. Their commitment to innovation and community outreach, combined with high customer satisfaction scores, solidifies their position as a leading lender in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Parksley, VA
What are the typical down payment requirements for a home in Parksley, given its more rural market?
In Parksley's affordable market, many conventional loans can be secured with a 5% down payment, and some local lenders may offer portfolio loans with 3% down. For eligible buyers, USDA Rural Development loans are a popular option here as they require **0% down payment**, a significant advantage in Accomack County. It's important to consult with a lender familiar with the local area to explore all your low-down-payment options.
Are there any special mortgage programs for first-time homebuyers in Parksley, VA?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs, like the VHDA FHA and Conventional loans, which provide competitive rates and down payment assistance grants. These programs are accessible in Parksley and can be combined with VHDA's **Mortgage Credit Certificate (MCC)**, which provides a federal tax credit to increase your buying power. A local mortgage officer can help you determine your eligibility for these state-wide benefits.
How does the seasonal economy on the Eastern Shore impact mortgage approval for local workers?
Lenders are accustomed to the seasonal fluctuations in tourism and agriculture. If your income is seasonal or commission-based, you'll typically need to provide a two-year history of employment and tax returns to show a stable, recurring pattern. Documentation like year-over-year earnings statements is crucial. Working with a local lender who understands industries like farming, aquaculture, or seasonal hospitality can streamline the verification process.
What should I know about property types and appraisals when getting a mortgage in Parksley?
Parksley features a mix of historic homes, newer constructions, and rural properties with larger lots. For unique or older homes, the appraisal process is critical; lenders may require specific inspections for well and septic systems, which are common. For agricultural or large acreage properties, be prepared for a more complex appraisal that assesses the land value separately from the dwelling.
Are mortgage rates in Parksley different from the national average, and how can I get the best rate?
Mortgage rates are generally set by national markets, so Parksley rates align with national averages. However, your final rate depends heavily on your personal credit profile and the lender you choose. Partnering with a community bank or credit union on the Eastern Shore can sometimes offer more personalized service and competitive terms, especially for those with strong local banking relationships.
Why Choose a Mortgage Lender in Parksley?
Local Market Knowledge
Lenders who understand Parksley'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 Parksley and get competitive rates on your home loan.