The Best Mortgage Lenders in Purcellville, VA
Compare verified mortgage lenders serving Purcellville, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Purcellville
Featured Mortgage Lenders
George Mason Mortgage
George Mason Mortgage, LLC
George Mason Mortgage is one of the most respected local mortgage lenders in Northern Virginia with over three decades of serving the Purcellville area. They maintain exceptional 4.8-star ratings across multiple review platforms due to their personalized service, local market expertise, and competitive rates. As a locally-owned company deeply embedded in the Loudoun County community, they understand the unique aspects of Purcellville's housing market. Their loan officers provide hands-on guidance through the entire mortgage process, offering a wide range of loan products including specialized programs for first-time homebuyers and military families.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage has built an outstanding reputation in the Purcellville area with nearly perfect 4.9-star ratings from hundreds of local clients. They combine national lending power with local expertise through their Northern Virginia branch network. Known for their competitive rates and exceptional customer service, they offer a comprehensive suite of mortgage products with particular strength in VA loans and first-time homebuyer programs. Their dedicated local team provides personalized attention throughout the loan process, with many clients praising their responsiveness and ability to close loans quickly and efficiently.
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PenFed Credit Union
Pentagon Federal Credit Union
PenFed Credit Union brings decades of mortgage lending experience to Purcellville homeowners with strong 4.7-star ratings from hundreds of satisfied customers. As one of the nation's largest credit unions with a significant Northern Virginia presence, they offer competitive rates and low fees to members. Their mortgage specialists provide comprehensive service for all loan types with particular expertise in VA loans, reflecting their military heritage. PenFed's local Ashburn branch serves the Purcellville community with in-person support while offering the convenience of digital mortgage applications. Customers consistently praise their transparent pricing and knowledgeable loan officers.
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Frequently Asked Questions
Common questions about mortgage lending in Purcellville, VA
What are the typical down payment requirements for homes in Purcellville, given its higher-than-average home prices?
For the median-priced home in Purcellville, a conventional loan typically requires a 5-20% down payment. However, due to the town's location in Loudoun County, many buyers utilize jumbo loans for properties over $1,089,300 (2024 conforming limit), which often require 10-20% down. It's crucial to get pre-approved with a lender familiar with the local market to understand your specific requirements.
Are there any special mortgage or down payment assistance programs for first-time homebuyers in Purcellville?
Yes, Purcellville buyers can access Virginia state-wide programs like the VHDA (Virginia Housing Development Authority) loans and grants, which offer competitive rates and down payment assistance. Additionally, Loudoun County offers its own "Loudoun Housing Opportunities" program, which can provide closing cost and down payment assistance to eligible buyers purchasing within the county, including Purcellville.
How does Purcellville's location in a rural part of Loudoun County affect mortgage options like USDA loans?
While much of Loudoun County is ineligible for USDA Rural Development loans due to high income, specific census tracts in and around Purcellville may still qualify. A mortgage lender with local expertise can determine if a specific property address is eligible for a USDA loan, which offers 100% financing—a significant advantage in this market.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Purcellville?
Your monthly payment will include Loudoun County property taxes, which are relatively high but stable. The current rate is about $0.985 per $100 of assessed value. Homeowners insurance in Purcellville is generally standard, but lenders may recommend additional coverage for properties on larger, wooded lots common in the area, which can slightly increase escrow costs.
Are appraisal gaps a common issue when getting a mortgage in Purcellville's competitive market?
Yes, in a competitive market like Purcellville's, where demand often outpaces supply, appraisal gaps—where the appraised value comes in below the purchase price—can occur. It's wise to discuss appraisal gap coverage strategies with your lender, such as having extra cash reserves or using an appraisal contingency, to ensure your mortgage approval isn't jeopardized.
Nearby Cities
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Why Choose a Mortgage Lender in Purcellville?
Local Market Knowledge
Lenders who understand Purcellville'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 Purcellville and get competitive rates on your home loan.