The Best Mortgage Lenders in Virginia Beach, VA
Compare verified mortgage lenders serving Virginia Beach, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Virginia Beach
Featured Mortgage Lenders
Bayport Credit Union
Bayport Credit Union
As a long-standing local credit union deeply embedded in the Virginia Beach community, Bayport Credit Union offers highly personalized mortgage services with exceptional member satisfaction. Their strong focus on VA loans makes them particularly valuable for the large military population in the area. With competitive rates and local decision-making, they provide a streamlined mortgage process and have built a reputation for outstanding customer service and community commitment over eight decades of operation.
Loan Types:
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Founded in Virginia Beach and now serving multiple states, Atlantic Bay Mortgage Group maintains deep roots in their hometown with exceptional local expertise. They consistently receive top ratings for their VA loan specialization, which perfectly serves the substantial military community in Hampton Roads. Their digital mortgage platform combined with local loan officers provides both convenience and personalized service, earning them numerous industry awards and thousands of positive customer reviews.
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Movement Mortgage
Movement Mortgage, LLC
While headquartered in South Carolina, Movement Mortgage maintains a strong Virginia Beach presence with local loan officers who understand the regional market dynamics. They're particularly noted for their efficient processing times and competitive rates, with special expertise in serving military families through VA loans. Their community involvement and commitment to simplifying the mortgage process have earned them consistently high customer satisfaction ratings and industry recognition.
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Frequently Asked Questions
Common questions about mortgage lending in Virginia Beach, VA
Are there any special mortgage programs for first-time homebuyers in Virginia Beach, VA?
Yes, Virginia Beach homebuyers can access the Virginia Housing Down Payment Assistance Grant (DPA), which provides up to 2.5% of the home's purchase price for down payment and closing costs. This is a popular option in the local market, especially for military families and young professionals. It's often paired with Virginia Housing's competitive first-time homebuyer loan programs.
How does living in a coastal flood zone affect my mortgage process in Virginia Beach?
Purchasing a home in a designated Special Flood Hazard Area (SFHA) in Virginia Beach will require mandatory flood insurance as a condition of your mortgage. Lenders will order a Flood Zone Determination, and you should budget for this significant annual premium, which can be several thousand dollars, in addition to your homeowners insurance.
What is the typical down payment needed for a home in Virginia Beach's current market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Virginia Beach successfully purchase with 3-5% down using conventional loans, especially with strong credit. For the area's median home price (around $400k), this translates to $12,000-$20,000, not including closing costs. VA loans with 0% down are also extremely common due to the large military population.
Are there local property tax considerations that impact mortgage affordability in Virginia Beach?
Absolutely. Virginia Beach has a real estate tax rate of $0.99 per $100 of assessed value. Your mortgage lender will calculate and escrow for these taxes, which are a significant part of your monthly payment. Note that the city reassesses property values every two years, which can cause your escrow payment to adjust.
How does the large military presence in Virginia Beach influence the local mortgage landscape?
The military presence creates a highly competitive market for VA loans, and many local lenders are exceptionally experienced with them. This can mean more favorable terms and streamlined processing for service members, veterans, and eligible spouses. However, it also means facing competition from other buyers using these powerful 0%-down loan options, particularly in popular neighborhoods near bases.
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Why Choose a Mortgage Lender in Virginia Beach?
Local Market Knowledge
Lenders who understand Virginia Beach'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 Virginia Beach and get competitive rates on your home loan.