The Best Mortgage Lenders in Pembroke, VA
Compare verified mortgage lenders serving Pembroke, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Pembroke
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a top-rated lender with deep roots in Virginia, known for exceptional customer service and competitive rates. Founded in 1996, they have consistently high ratings for their expertise in various loan types, including VA and USDA loans ideal for rural areas like Pembroke. Their local presence in Roanoke ensures personalized service, and they are praised for smooth closings and responsive communication, making them a trusted choice for homebuyers in Southwest Virginia.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its efficient processing and strong customer satisfaction scores, serving Pembroke and surrounding areas with a focus on speed and transparency. Founded in 2008, they offer a wide range of loan products and are noted for their community involvement and competitive rates. With numerous positive reviews highlighting their dedication to guiding clients through the mortgage process, they are a reliable option for borrowers seeking a seamless experience.
Loan Types:
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation has built a stellar reputation since 1996 for its personalized approach and extensive loan options, including programs suited for Pembroke's market. They are celebrated for their knowledgeable loan officers and ability to handle complex cases with ease. High customer ratings reflect their commitment to affordability and support, making them a preferred lender for both first-time and experienced homebuyers in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Pembroke, VA
What are the typical down payment requirements for homes in Pembroke, VA, given the local market?
For the majority of conventional loans in Pembroke's market, a 20% down payment is standard to avoid private mortgage insurance (PMI). However, with median home prices being relatively affordable compared to larger Virginia cities, many local lenders also commonly offer FHA loans with down payments as low as 3.5% and USDA loans with 0% down for eligible rural properties in the area, which can include parts of Pembroke.
Are there any first-time homebuyer programs specifically beneficial for Pembroke residents?
Yes, Virginia Housing offers its Virginia HOMEownership Down Payment and Closing Cost Assistance grant statewide, which is highly applicable in Pembroke. This program provides up to 2.5% of the home's purchase price in grant funds that never need to be repaid. Combined with Virginia Housing's competitive first-time buyer mortgage rates, this can be a significant advantage in Pembroke's market.
How do property taxes in Pembroke, Giles County, affect my monthly mortgage payment?
Giles County, where Pembroke is located, has a relatively low real estate tax rate compared to many Virginia jurisdictions. The current rate is $0.77 per $100 of assessed value. Your lender will establish an escrow account to pay these taxes as part of your monthly mortgage payment (PITI), and the lower county rate helps keep your overall payment more affordable.
Is a USDA Rural Development loan a viable option for buying a home in Pembroke, VA?
Absolutely. Pembroke is eligible for USDA Single Family Housing Guaranteed Loans, which offer 100% financing (no down payment) for qualified buyers and properties. This is a popular program in the area due to Pembroke's designation, making homeownership accessible with lower upfront costs, though income limits and property eligibility must be met.
What should I know about homeowners insurance when getting a mortgage in Pembroke, considering its location?
Due to Pembroke's proximity to the New River and its location in a valley, lenders will require a standard homeowners policy, but you should specifically inquire about flood insurance. While not all areas require it, certain properties may be in a flood zone. Your lender will help determine this during the appraisal process, as it can impact your required insurance coverage and monthly escrow payment.
Nearby Cities
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Why Choose a Mortgage Lender in Pembroke?
Local Market Knowledge
Lenders who understand Pembroke'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 Pembroke and get competitive rates on your home loan.