The Best Mortgage Lenders in Pilot, VA
Compare verified mortgage lenders serving Pilot, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Pilot
Featured Mortgage Lenders
Bank of Floyd Mortgage Department
Bank of Floyd
Bank of Floyd is a highly-rated community bank serving Southwest Virginia with exceptional mortgage services. Located just 30 minutes from Pilot, they have built a strong reputation for personalized service and competitive rates. Their mortgage team specializes in rural and semi-rural properties, offering USDA loans that are particularly beneficial for the Pilot area. With deep roots in the region since 1999, they understand the local real estate market and provide dedicated, local decision-making for mortgage applications.
Loan Types:
American National Bank Mortgage Division
American National Bank and Trust Company
American National Bank has been serving Southern Virginia for over a century, with their Martinsville location conveniently serving the Pilot area. They receive consistently high marks for their mortgage processing efficiency and competitive rate options. As a community-focused institution, they offer personalized service and local underwriting decisions. Their expertise in rural property financing and long-standing presence in Henry County makes them an excellent choice for Pilot residents seeking reliable mortgage services.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage maintains a strong physical presence in Southwest Virginia with their Roanoke office actively serving the Pilot area. They are renowned for their "On-Time Closing Guarantee" and streamlined digital mortgage process. With extensive experience in rural Virginia properties, they offer specialized USDA loan programs perfect for the Pilot region. Their combination of technological efficiency with local loan officer support has earned them numerous positive reviews and high customer satisfaction ratings across Virginia.
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Frequently Asked Questions
Common questions about mortgage lending in Pilot, VA
What are the typical down payment requirements for homes in Pilot, VA, given its rural setting?
In Pilot's rural market, many conventional loans still require a 5-10% down payment. However, a significant advantage is that much of the surrounding area qualifies for USDA Rural Development loans, which offer 0% down payment options for eligible borrowers and properties. It's crucial to work with a lender familiar with the specific USDA eligibility maps for Montgomery County.
Are there any special first-time homebuyer programs in Virginia that are particularly useful for buying in Pilot?
Yes, the Virginia Housing Down Payment Assistance Grant (DPA) is a powerful tool for Pilot buyers. This grant provides up to 2.5% of the home's purchase price to cover down payment and closing costs, and it does not need to be repaid. When combined with a Virginia Housing loan, this can make entering Pilot's more affordable market significantly easier.
How do property taxes in Montgomery County affect my mortgage payments and affordability in Pilot?
Montgomery County has a relatively low real estate tax rate, which positively impacts overall housing affordability. For 2024, the rate is $0.89 per $100 of assessed value. Your lender will calculate this into your monthly escrow payment, but the lower county rate compared to more urban areas in Virginia helps keep total monthly mortgage costs manageable in Pilot.
What should I know about well and septic inspections when getting a mortgage for a Pilot home?
Many properties in Pilot are not on municipal water and sewer, so mortgage lenders will require a satisfactory well water test and septic system inspection as a condition of the loan. These are separate from the standard home appraisal and are critical for loan approval. Budgeting for these inspections (typically $500-$1,000 combined) is an important step in the buying process.
Is it difficult to get appraisals for unique or rural properties in Pilot, and how does that impact the mortgage process?
Appraising unique, rural, or large-acreage properties in Pilot can be more complex due to fewer comparable sales ("comps"). This may require an appraiser with specific rural market expertise and can sometimes lead to longer timelines or valuation challenges. It's wise to choose a mortgage lender with strong relationships with local appraisers who understand the nuances of the Pilot area.
Why Choose a Mortgage Lender in Pilot?
Local Market Knowledge
Lenders who understand Pilot'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 Pilot and get competitive rates on your home loan.