The Best Mortgage Lenders in Union Hall, VA
Compare verified mortgage lenders serving Union Hall, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Union Hall
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group is a highly reputable lender headquartered in Virginia, with over 25 years of experience serving the state, including rural areas like Union Hall. They are consistently top-rated for their exceptional customer service, competitive rates, and expertise in USDA loans, which are ideal for the Union Hall region. Their team provides personalized guidance and a smooth mortgage process, backed by hundreds of positive reviews highlighting reliability and local market knowledge.
Loan Types:
Movement Mortgage
Movement Mortgage
Movement Mortgage is a nationally recognized lender with a strong presence in Virginia, known for its efficient processing and high customer satisfaction scores. They serve Union Hall and surrounding Franklin County areas, offering tailored loan solutions and quick closings. Their commitment to community engagement and competitive rates makes them a preferred choice, with numerous reviews praising their responsiveness and support for rural homebuyers.
Loan Types:
New American Funding
New American Funding
New American Funding is a top-rated national lender with extensive experience serving Virginia, including the Union Hall area. They are acclaimed for their diverse loan portfolio, competitive rates, and strong focus on first-time and low-to-moderate income borrowers. Their local loan officers provide personalized service, and they have a track record of high customer satisfaction, with reviews often highlighting their flexibility and expertise in rural mortgage financing.
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Frequently Asked Questions
Common questions about mortgage lending in Union Hall, VA
What are the typical mortgage rates for homes in Union Hall, VA, and how do they compare to state averages?
Mortgage rates in Union Hall are generally aligned with national and Virginia state averages, but can be influenced by the rural nature of Franklin County. Buyers should expect competitive conventional loan rates, though rates for USDA loans—which are very popular here due to the area's eligibility—can sometimes be slightly more favorable. It's best to get quotes from both local and national lenders, as competition can vary.
Are there specific down payment assistance programs for first-time homebuyers in Union Hall?
Yes, first-time homebuyers in Union Hall can access the Virginia Housing Down Payment Assistance Grant (DPAG), which provides funds that do not need to be repaid. Given Union Hall's location, many properties also qualify for USDA Rural Development loans, which offer 100% financing with no down payment required, making homeownership very accessible for eligible buyers with moderate incomes.
How does the appraisal process work for a home on Smith Mountain Lake in Union Hall?
Appraising a waterfront or lake-access property in Union Hall requires a specialized appraiser familiar with the Smith Mountain Lake market. The appraisal will heavily weigh recent sales of comparable lakefront properties, dock quality, water frontage, and view. This specialized process can take slightly longer and may cost more than a standard appraisal, but is crucial for securing financing.
What should I know about property taxes and insurance when calculating my mortgage payment in Union Hall?
Your total monthly mortgage payment will include Franklin County property taxes, which are relatively low compared to urban areas in Virginia. However, if your property is on or near Smith Mountain Lake, you must budget for significantly higher homeowners insurance due to flood risk and the high replacement cost of docks and boathouses. Your lender will require evidence of adequate insurance coverage.
Are there any local credit unions or banks in Union Hall that offer special mortgage programs for residents?
While Union Hall itself is a small community, nearby institutions like American National Bank and Trust and Member One Federal Credit Union have a strong presence in Franklin County and often offer personalized service and competitive loan products for local residents. They may have special programs for land-home packages or construction loans, which are common in this area of new development and rural homesites.
Why Choose a Mortgage Lender in Union Hall?
Local Market Knowledge
Lenders who understand Union Hall'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 Union Hall and get competitive rates on your home loan.