The Best Mortgage Lenders in Rice, VA
Compare verified mortgage lenders serving Rice, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Rice
Featured Mortgage Lenders
Benchmark Mortgage
Benchmark Mortgage - Farmville
Benchmark Mortgage's Farmville office is one of the most highly-rated mortgage lenders serving the Rice, Virginia area. Located just 15 minutes from Rice in neighboring Farmville, they specialize in rural and agricultural property financing with exceptional expertise in USDA loans that are particularly relevant for Rice residents. Their team has deep local market knowledge of Prince Edward County and surrounding areas, with loan officers who understand the unique aspects of rural property financing. Customers consistently praise their personalized service, competitive rates, and smooth closing process.
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Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group - Richmond
Atlantic Bay Mortgage Group is a highly reputable regional lender with strong presence throughout central Virginia, including service to Rice and surrounding rural communities. With over 25 years in business, they have established themselves as one of Virginia's most trusted mortgage companies, particularly known for their expertise in VA loans and first-time homebuyer programs. Their Richmond office regularly serves clients in Prince Edward County and offers competitive rates with exceptional customer service ratings. They are praised for their efficient processing and knowledgeable loan officers who guide clients through every step.
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Navy Federal Credit Union
Navy Federal Credit Union
While Navy Federal primarily serves military members and their families, they are one of the highest-rated mortgage lenders operating in Virginia and serve clients throughout the state, including Rice area residents who qualify for membership. As one of the largest credit unions in the U.S. with an outstanding reputation for customer service, they offer highly competitive rates and exceptional member benefits. Their VA loan program is particularly robust, and they have extensive experience with rural property financing. Navy Federal consistently receives top marks for their digital mortgage experience and customer satisfaction, making them an excellent choice for eligible borrowers in the Rice area.
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Frequently Asked Questions
Common questions about mortgage lending in Rice, VA
Are there any special mortgage programs for first-time homebuyers in Rice, Virginia?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs, like the VHDA FHA and Conventional loans with down payment assistance, which are available to eligible buyers in Rice. These programs can be particularly helpful given the rural nature of Prince Edward County, where Rice is located, as they aim to promote homeownership. Working with a local lender familiar with VHDA is key to accessing these benefits.
How does the appraisal process work for a home in a rural area like Rice, VA?
Appraisals in Rice can be more complex due to the scarcity of recent, comparable home sales ("comps") in the immediate area. Appraisers may need to look at properties in a wider radius, including nearby towns like Farmville, which can sometimes impact the valuation. It's important to work with a mortgage lender who has experience with rural appraisals to ensure the process goes smoothly.
What are typical closing costs for a mortgage in Prince Edward County, and are they different in Rice?
Closing costs in Rice typically range from 2% to 5% of the home's purchase price, similar to state averages. However, you may encounter specific county-level fees, and lender title insurance rates can vary. A significant local consideration is ensuring the property has access to reliable well and septic systems, as inspections for these can add to upfront costs.
Are USDA loans a common and good option for buying a home in Rice, VA?
Absolutely. Given that Rice is located in a designated rural area, many properties qualify for USDA Section 502 Guaranteed Loans, which offer 100% financing with no down payment. This is one of the most advantageous programs for eligible buyers in Rice, as it directly supports homeownership in rural communities and can have competitive interest rates.
How do property taxes in Prince Edward County affect my monthly mortgage payment in Rice?
Prince Edward County has a relatively low property tax rate compared to more urban areas of Virginia. The current rate is $0.58 per $100 of assessed value. Your mortgage lender will escrow for these taxes, and the low rate helps keep the total monthly payment more affordable, which is an important factor in the overall affordability of homes in Rice.
Why Choose a Mortgage Lender in Rice?
Local Market Knowledge
Lenders who understand Rice'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 Rice and get competitive rates on your home loan.