The Best Mortgage Lenders in Selma, VA
Compare verified mortgage lenders serving Selma, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Selma
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a highly reputable lender with over 28 years of experience serving Virginia, including Selma. They are known for their competitive rates, exceptional customer service, and deep community involvement. With a strong local presence in the Roanoke Valley, they offer personalized guidance and a wide range of loan products, making them a top choice for homebuyers in the region. Their high ratings and substantial review count reflect consistent customer satisfaction and reliability.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with a strong commitment to serving Virginia communities, including Selma. Founded in 2008, they combine innovative technology with personalized service to offer competitive financing options. Their dedication to customer satisfaction is evident in their high ratings and numerous positive reviews, highlighting efficient processes and supportive loan officers. They actively engage in local outreach, ensuring reliable service for homebuyers in the area.
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Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage has built a solid reputation over 28 years by focusing on customer-centric solutions and competitive loan products. With a local office in Roanoke, they effectively serve Selma and surrounding areas, offering expertise in various mortgage types. Their high customer ratings and review count underscore their reliability and dedication to making home financing accessible and straightforward. They are praised for their responsive service and community involvement.
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Frequently Asked Questions
Common questions about mortgage lending in Selma, VA
What are the typical down payment requirements for homes in Selma, VA, given its rural market?
In Selma's rural and often more affordable market, many conventional loans can be secured with a 5% down payment. For eligible buyers, USDA loans offer a significant advantage with 0% down payment required, as most of the area qualifies for this rural development program. Local lenders are familiar with these options and can guide you based on the specific property location.
Are there any special mortgage programs for first-time homebuyers in Selma?
Yes, Virginia Housing (VH) offers several statewide first-time homebuyer programs that are accessible in Selma, including competitive interest rate loans and down payment assistance grants. These programs have income and purchase price limits that many Selma buyers can meet due to the area's lower median home prices. A local mortgage lender can help you determine your eligibility.
How does Selma's location in Rockbridge County affect property taxes and insurance costs I need to qualify for?
Rockbridge County has relatively modest property tax rates, which can help with debt-to-income ratio calculations for mortgage approval. However, lenders will also consider homeowners insurance, which may be slightly higher than urban averages due to the prevalence of well water, septic systems, and the potential for older home systems. Getting accurate quotes for both is a crucial early step.
What should I know about getting a mortgage for a historic or older home in Selma?
Financing older homes, common in Selma, often requires a thorough home inspection. For a government-backed loan like an FHA loan, the property must meet specific safety and livability standards, which some older homes may need to address before closing. A conventional loan might offer more flexibility, but an appraisal that identifies necessary repairs could still be a condition of the loan.
Is it difficult to find lenders familiar with the Selma and Rockbridge County real estate market?
While major national lenders operate here, working with a local community bank or a mortgage broker with deep regional experience is highly beneficial. These professionals understand the nuances of appraising rural properties, the specifics of USDA eligibility in the area, and can often provide more personalized service throughout the mortgage process in Selma's unique market.
Why Choose a Mortgage Lender in Selma?
Local Market Knowledge
Lenders who understand Selma'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 Selma and get competitive rates on your home loan.