The Best Mortgage Lenders in Richmond, VA
Compare verified mortgage lenders serving Richmond, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Richmond
Featured Mortgage Lenders
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a top-rated lender known for its exceptional customer service, competitive rates, and efficient loan processing. With a strong local presence in Richmond, they specialize in various loan types and are praised for their personalized approach, community involvement, and high customer satisfaction scores. Their team of experienced loan officers ensures a smooth mortgage experience from application to closing.
Loan Types:
New American Funding
New American Funding, LLC
New American Funding is highly regarded for its diverse loan options and commitment to serving all communities, including first-time homebuyers. They offer competitive rates, quick closings, and excellent customer support, with a reputation for inclusivity and educational resources. Their Richmond office provides localized service, making them a trusted choice in the area.
Loan Types:
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage has a long-standing reputation for reliability, customer satisfaction, and a wide range of mortgage products. They are known for their educational approach, helping clients make informed decisions, and their efficient service. With deep roots in the Richmond community, they provide personalized support and competitive rates, backed by extensive industry experience.
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Frequently Asked Questions
Common questions about mortgage lending in Richmond, VA
What first-time homebuyer programs are specifically available in Richmond, VA?
Richmond homebuyers have access to several key programs, including the Virginia Housing Down Payment Assistance Grant (DPA), which provides up to 2.5% of the loan amount for down payment and closing costs. Additionally, the City of Richmond offers the Homeownership Assistance Program (RHAP), which provides up to $20,000 in forgivable, deferred-payment loans for eligible buyers purchasing within city limits, targeting low-to-moderate income households.
How do property tax rates in the City of Richmond and surrounding counties affect my mortgage payment?
Property tax rates vary significantly, directly impacting your monthly escrow payment. The City of Richmond has a rate of $1.20 per $100 of assessed value, while Henrico County is about $0.87 and Chesterfield County is approximately $0.95. When budgeting for your total mortgage payment (PITI), it's crucial to factor in these local rates, as a home with the same price in different jurisdictions will have different monthly costs.
Are there special mortgage considerations for buying a historic home in Richmond's Fan District or Church Hill?
Yes, purchasing in a historic district often requires a specialized appraisal that understands the value of historic features and materials. Lenders may also have specific requirements for properties listed on historic registers. Furthermore, you may explore renovation loans like the FHA 203(k) to finance both purchase and approved upgrades while maintaining historic integrity, which is regulated by local preservation boards.
What is the typical down payment needed for a conventional loan in Richmond's competitive market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Richmond successfully purchase with 3%, 5%, or 10% down, especially first-time buyers. Given the competitive nature of neighborhoods like Scott's Addition or the Near West End, a stronger down payment can make your offer more attractive, but local lenders are well-versed in structuring loans with lower down payments to help you compete.
Does Richmond's status as a flood zone city impact the mortgage process?
Absolutely. Lenders will require a flood zone determination for many properties, especially those near the James River or in low-lying areas. If the home is in a Special Flood Hazard Area (SFHA), you will be mandated to carry flood insurance as a condition of the loan, which becomes part of your monthly escrow payment. This is a critical cost to factor in during your home search in flood-prone neighborhoods.
Why Choose a Mortgage Lender in Richmond?
Local Market Knowledge
Lenders who understand Richmond'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 Richmond and get competitive rates on your home loan.