The Best Mortgage Lenders in Smithfield, VA
Compare verified mortgage lenders serving Smithfield, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Smithfield
Featured Mortgage Lenders
TowneBank Mortgage
TowneBank Mortgage
As one of the most established and highly-rated regional lenders serving the Hampton Roads area, TowneBank Mortgage has deep roots in Smithfield and surrounding communities. With exceptional 4.8-star ratings across multiple platforms, they're known for personalized service, competitive rates, and deep understanding of local real estate markets. Their extensive experience with VA loans makes them particularly valuable for military families in the region, and their community-focused approach has earned them numerous local awards and recognition.
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Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group consistently ranks among the top mortgage lenders in Virginia with outstanding 4.9-star ratings from thousands of satisfied customers. Founded in Virginia Beach, they have extensive experience serving the entire Hampton Roads region including Smithfield. They're particularly renowned for their efficient processing, competitive rates, and exceptional customer service. Their strong focus on VA and conventional loans makes them ideal for the diverse needs of Smithfield residents, and they've received multiple industry awards for their performance and customer satisfaction.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has built an outstanding reputation throughout Virginia with their innovative approach and commitment to fast, reliable service. While headquartered in North Carolina, they maintain strong local presence in the Hampton Roads area with dedicated loan officers serving Smithfield. Their 4.7-star rating reflects consistent customer satisfaction, particularly with their streamlined approval process and competitive rate offerings. They're known for excellent communication throughout the mortgage process and have special expertise in helping first-time homebuyers navigate the complex mortgage landscape.
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Frequently Asked Questions
Common questions about mortgage lending in Smithfield, VA
Are there any special mortgage programs for first-time homebuyers in Smithfield, VA?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs, such as the VHDA FHA and Conventional loans with down payment assistance, which are widely used in Smithfield. These programs can be particularly helpful given the town's mix of historic homes and new developments. Local lenders are well-versed in these options and can guide you through the income and credit requirements.
How does Smithfield's location in a coastal area affect the mortgage process?
Due to Smithfield's proximity to the James River and coastal flood zones, lenders will typically require a flood certification and often mandatory flood insurance as a condition of the loan. This is a crucial step for properties in certain neighborhoods and can add to your monthly housing cost, so it's important to factor this into your budget early in the home search.
What are typical down payment requirements for homes in Smithfield's historic district versus newer subdivisions?
For homes in the well-preserved Smithfield Historic District, lenders may have stricter appraisal requirements, but standard down payments (3.5% for FHA, 5% for conventional) still apply. For newer constructions in subdivisions like Cypress Creek, conventional loans with 5% down are common. Local lenders understand the nuances of appraising both historic and modern properties in the area.
Are USDA loans a viable option for mortgages in Smithfield, VA?
Yes, parts of Smithfield and the surrounding Isle of Wight County are eligible for USDA Rural Development loans, which offer 100% financing. This can be an excellent option for eligible buyers looking at properties on the edges of town or in the more rural areas of the county, making homeownership more accessible with no down payment.
How competitive is the mortgage rate environment in Smithfield compared to the national average?
Mortgage rates in Smithfield generally align with national averages, but your specific rate will depend heavily on your credit profile and loan type. Working with a local credit union, like BayPort Credit Union, or a community bank can sometimes provide competitive rate options and personalized service, especially for those with strong ties to the local community.
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Why Choose a Mortgage Lender in Smithfield?
Local Market Knowledge
Lenders who understand Smithfield'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 Smithfield and get competitive rates on your home loan.