The Best Mortgage Lenders in Saxis, VA
Compare verified mortgage lenders serving Saxis, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Saxis
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a highly-rated regional lender founded in 1996, with a strong presence in Virginia and specifically serving the Eastern Shore area including Saxis. Known for exceptional customer service and competitive rates, they have built a reputation over 28 years for streamlining the mortgage process with a wide range of loan options. Their team includes local loan officers familiar with Accomack County, ensuring personalized attention for homebuyers in rural communities. With hundreds of positive reviews highlighting their reliability and efficiency, they are a top choice for mortgages in the region.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with a strong commitment to serving Virginia communities, including Saxis on the Eastern Shore. Founded in 2008, they are praised for their fast closing times and excellent customer satisfaction, often completing loans in as little as 30 days. They offer a comprehensive suite of mortgage products and have a dedicated team for rural and coastal areas, ensuring competitive rates and flexible terms. Their high review count and 4.8 rating reflect a track record of reliability and community involvement, making them a trusted option for home financing.
Loan Types:
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation, founded in 1996, is a top-rated lender with extensive experience serving Virginia, including the Eastern Shore and Saxis area. They are renowned for their personalized approach, competitive rates, and expertise in handling mortgages for rural properties. With a 4.9 rating from hundreds of reviews, customers frequently highlight their responsive service and smooth transaction process. Their long-standing presence and commitment to education and community support make them a dependable choice for buyers seeking tailored mortgage solutions in the region.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Saxis, VA
What are the unique challenges of getting a mortgage for a waterfront property in Saxis, VA?
Waterfront homes in Saxis often require specialized flood insurance, which is mandatory for a federally-backed mortgage. Lenders will require a separate flood elevation certificate to determine the exact premium, which can be a significant addition to your monthly payment. It's also common for lenders to conduct more stringent property appraisals to account for erosion risks and the unique construction of homes built on pilings.
Are there any local or state down payment assistance programs accessible to homebuyers in Saxis?
Yes, Saxis buyers can utilize the Virginia Housing Down Payment Assistance Grant (DPAG) and other VHDA programs, which are available statewide. These programs can provide grants or low-interest loans for down payment and closing costs, which is particularly helpful in a rural area like Saxis where cash savings for a down payment can be a barrier. Eligibility is based on income, credit score, and attending a homebuyer education course.
How does Saxis's rural location and limited housing inventory affect the mortgage appraisal process?
The sparse and unique housing stock in Saxis can make finding comparable sales ("comps") challenging for appraisers, potentially leading to appraisal gaps. Lenders may need to use comparable properties from a wider geographic area, such as other towns on Virginia's Eastern Shore, which can sometimes result in a lower-than-expected valuation. It's wise to work with a local lender familiar with the Shore's market nuances.
What type of mortgage loan is most common for the older, often seasonal homes found in Saxis?
For the many older, sometimes seasonally-used cottages and homes in Saxis, a standard conventional loan may have stricter property condition requirements. If a home doesn't meet these standards (e.g., needing a new roof or updated systems), buyers might need to consider a renovation loan like the FHA 203(k) or Fannie Mae HomeStyle® loan to finance both the purchase and the necessary repairs with a single mortgage.
Are mortgage rates typically higher in Saxis, VA, compared to more urban areas of Virginia?
Mortgage rates are primarily set by national markets, so base rates are generally the same. However, your final rate can be influenced by local factors. In a rural area like Saxis, some lenders may add a small premium for what they perceive as higher risk due to a slower-moving market. Shopping around with both local community banks and credit unions on the Eastern Shore and larger online lenders is key to securing the best possible rate.
Why Choose a Mortgage Lender in Saxis?
Local Market Knowledge
Lenders who understand Saxis'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 Saxis and get competitive rates on your home loan.