The Best Mortgage Lenders in VAB, VA
Compare verified mortgage lenders serving VAB, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in VAB
Featured Mortgage Lenders
Jason Perkins
Tidewater Home Funding
Tidewater Home Funding is a highly-rated local mortgage broker with exceptional customer satisfaction ratings across multiple review platforms. Specializing in serving military families and first-time homebuyers, they offer personalized service and competitive rates. With over 20 years of experience, Jason Perkins and his team have built a reputation for smooth closings and excellent communication throughout the loan process. They are particularly strong with VA loans, making them an ideal choice for the military community in Virginia Beach.
Loan Types:
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Founded in Virginia Beach, Atlantic Bay Mortgage Group has grown into one of the top mortgage lenders in the Mid-Atlantic region while maintaining strong local roots. With hundreds of excellent reviews from Virginia Beach homebuyers, they offer competitive rates and a wide range of loan products. Their local processing and underwriting teams ensure efficient service, and their 26 years of experience provides stability and expertise. They are particularly known for their construction lending programs and excellent customer service.
Loan Types:
Movement Mortgage
Movement Mortgage
Movement Mortgage has established a strong presence in Virginia Beach with multiple local loan officers serving the community. Known for their innovative technology and efficient loan process, they consistently receive high marks for customer satisfaction. While a national lender, their Virginia Beach team provides localized service with deep knowledge of the Hampton Roads market. They offer competitive rates and have particular expertise in helping first-time homebuyers navigate the mortgage process with their educational resources and personalized guidance.
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Frequently Asked Questions
Common questions about mortgage lending in VAB, VA
What are the current mortgage rates like in Virginia Beach, and how do they compare to the national average?
Mortgage rates in Virginia Beach typically align closely with national averages, but can be influenced by local market competition and the high volume of military and VA loan applicants. As of recent trends, rates in the area are often competitive, especially for conventional and VA loans. It's advisable to compare rates from local credit unions, national lenders, and military-affiliated banks to find the best deal.
Are there any special first-time homebuyer programs available specifically for Virginia Beach residents?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs, like the VHDA FHA and Conventional loans with down payment assistance grants, which are available to Virginia Beach homebuyers. Additionally, the City of Virginia Beach may offer local grant programs for income-eligible buyers purchasing in certain target neighborhoods. These programs can significantly reduce upfront costs for qualifying first-time buyers.
How does being in a coastal city like Virginia Beach affect the mortgage process, particularly regarding insurance?
Purchasing a home in Virginia Beach often requires additional insurance considerations that can impact your total monthly payment. Lenders will mandate flood insurance for properties in designated flood zones, which are common in coastal and low-lying areas of the city. It's crucial to factor this into your budget, as flood insurance premiums can be substantial and are a required part of the mortgage escrow.
With a large military population, what should I know about using a VA loan in Virginia Beach?
Virginia Beach is extremely VA loan-friendly, with many lenders experienced in processing these zero-down-payment loans. However, be aware that in a competitive market, some sellers may perceive VA loans as having stricter appraisal and repair requirements, which could be a slight disadvantage in a multiple-offer situation. Working with a real estate agent and lender familiar with military clients is highly recommended.
What is the typical down payment needed for a conventional loan in the Virginia Beach housing market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Virginia Beach successfully purchase homes with conventional loans and down payments as low as 3-5%. Given the median home price, this still represents a significant sum, so exploring down payment assistance programs is wise. Local lenders can provide guidance based on your specific financial situation and the price range you're targeting.
Why Choose a Mortgage Lender in VAB?
Local Market Knowledge
Lenders who understand VAB'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 VAB and get competitive rates on your home loan.