The Best Mortgage Lenders in Reston, VA
Compare verified mortgage lenders serving Reston, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Reston
Featured Mortgage Lenders
Northwest Federal Credit Union
Northwest Federal Credit Union
Northwest Federal Credit Union stands out as one of the highest-rated mortgage lenders serving the Reston area with exceptional customer satisfaction ratings. As a long-established credit union with deep roots in Northern Virginia, they offer personalized service and competitive rates that often beat traditional banks. Their mortgage team specializes in the unique real estate market of Northern Virginia and provides comprehensive guidance through the entire home buying process. Members consistently praise their responsive service, transparent communication, and expertise with various loan programs including VA loans popular in the military-heavy DC metro area.
Loan Types:
First Home Mortgage
First Home Mortgage Corporation
First Home Mortgage operates a dedicated Reston office and has built an outstanding reputation for exceptional service in the local community. With three decades of experience, they offer a comprehensive range of mortgage products and are particularly praised for their expertise in navigating complex transactions common in the competitive Northern Virginia market. Their local loan officers have extensive knowledge of Reston and surrounding areas, providing personalized attention and competitive rates. Customers consistently highlight their efficient processing, clear communication, and ability to close loans on time.
Loan Types:
Intercoastal Mortgage
Intercoastal Mortgage Company
Intercoastal Mortgage serves the entire Northern Virginia region including Reston with excellent customer satisfaction ratings and competitive loan options. Based in nearby McLean, they have established themselves as a trusted mortgage provider known for their personalized approach and extensive market knowledge. Their team includes experienced loan officers who specialize in the unique requirements of Northern Virginia homebuyers, offering flexible solutions and guidance through complex real estate transactions. They receive consistent praise for their responsiveness, attention to detail, and ability to secure favorable terms for borrowers.
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Frequently Asked Questions
Common questions about mortgage lending in Reston, VA
Are there any special mortgage programs for first-time homebuyers in Reston, VA?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs, such as the VHDA FHA and Conventional loans with down payment assistance grants, which are popular in Reston. These programs can be combined with VHDA's Mortgage Credit Certificate (MCC) for additional tax savings. Given Reston's high home prices, these programs are crucial for helping first-time buyers manage upfront costs.
How does Reston's proximity to Washington D.C. impact mortgage lending and affordability?
Reston's location in the high-cost Northern Virginia corridor means lenders are accustomed to larger loan amounts, often exceeding conventional conforming limits, requiring jumbo loans. This also means income requirements are stringent, as lenders expect borrowers to have stable, high incomes typical of the tech and government contracting sectors prevalent in the area to afford the median home price.
What should I know about condo financing in Reston, particularly in high-rises like in Reston Town Center?
Financing a condo in Reston requires careful review of the homeowners association (HOA). Lenders will scrutinize the HOA's budget, reserves, owner-occupancy rates, and any pending litigation. For popular high-rises, FHA and VA loans may be unavailable if the project isn't on the approved list, often making conventional loans the primary option for buyers.
Are property taxes in Reston handled differently for mortgage escrow accounts?
Yes, Reston is located in Fairfax County, which has semi-annual property tax bills. Lenders will typically set up your escrow account to collect one-twelfth of the annual estimated tax bill each month, but they must ensure sufficient funds are available for the two major disbursements. It's important to understand this cycle, as tax assessments in this desirable area can increase, affecting your monthly payment.
Does Reston's status as a planned community with a homeowners association (RCA) affect the mortgage process?
Absolutely. The mandatory Reston Community Association (RCA) fees are a separate annual assessment in addition to any condo or neighborhood HOA fees. Lenders will include these RCA fees in your total debt-to-income ratio calculation and will require documentation of the fee amount, as it impacts overall housing affordability and must be factored into the loan approval.
Why Choose a Mortgage Lender in Reston?
Local Market Knowledge
Lenders who understand Reston'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 Reston and get competitive rates on your home loan.