The Best Mortgage Lenders in Virginia State University, VA
Compare verified mortgage lenders serving Virginia State University, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Virginia State University
Featured Mortgage Lenders
First Heritage Mortgage
First Heritage Mortgage
First Heritage Mortgage is a top-rated Virginia-based lender with over two decades of experience, specializing in personalized service for homebuyers in the Virginia State University area. They are highly regarded for their competitive rates, extensive loan options, and deep local market knowledge. With a strong emphasis on customer satisfaction and community involvement, they have built a reputation for seamless closings and expert guidance, particularly for first-time homebuyers and those seeking government-backed loans. Their team of experienced loan officers provides tailored solutions, making them a trusted choice in the Richmond-Petersburg region.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with a strong local presence in Virginia, known for its innovative technology and exceptional customer service. They offer a wide range of mortgage products with competitive rates and a streamlined process, including their signature "Upfront Underwriting" for faster approvals. Serving the Virginia State University community, they prioritize education and community support, with loan officers dedicated to guiding clients through every step. Their high review counts and consistent ratings reflect a commitment to transparency and reliability, making them a popular choice for buyers in the area.
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New American Funding
New American Funding
New American Funding is a highly rated mortgage lender with a significant footprint in Virginia, offering diverse loan programs and a focus on inclusive lending practices. They excel in providing competitive rates and flexible terms, particularly for VA and FHA loans, which benefit the Virginia State University community. With a reputation for excellent customer service and a robust online platform, they simplify the mortgage process while maintaining a personal touch. Their experienced team and strong local presence ensure reliable support for homebuyers in the Petersburg-Richmond area, backed by numerous positive reviews for their responsiveness and expertise.
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Frequently Asked Questions
Common questions about mortgage lending in Virginia State University, VA
Are there special mortgage or down payment assistance programs for faculty, staff, or students of Virginia State University?
Yes, Virginia Housing offers several statewide programs, but the most relevant is the VHDA Granting Freedom program, which provides down payment assistance grants to public servants, including employees of Virginia's public colleges and universities like VSU. Additionally, employees may qualify for the VHDA NOVA program, which serves the broader region, offering competitive rates and down payment assistance with favorable terms for first-time buyers in the area.
How does being in a college town like Virginia State University affect the local housing market and mortgage lending?
The presence of VSU creates a stable rental market, which can be attractive for buyers considering investment properties or house hacking. However, lenders may scrutinize debt-to-income ratios more closely for those with student loans, which is common in this demographic. It's also a market with consistent demand, which can support property values, but competition from investors can make finding a primary residence challenging.
What are typical mortgage rates and closing costs for homebuyers in the Ettrick/Petersburg area near VSU?
Mortgage rates in the Ettrick/Petersburg area generally align with national averages but can be influenced by local lender competition. Closing costs in Virginia typically range from 2% to 5% of the loan amount. Working with a local lender familiar with Chesterfield and Dinwiddie counties is crucial, as they can accurately estimate county-specific fees like recording taxes and provide access to competitive local rate offerings.
Are there specific first-time homebuyer programs in Virginia that are particularly beneficial for buyers looking near Virginia State University?
Absolutely. The VHDA FHA Plus loan is an excellent option for first-time buyers in the VSU area, as it combines a low-down-payment FHA loan with a second mortgage for down payment and closing costs that never accrues interest. Furthermore, the Chesterfield County First-Time Homebuyer Program may offer additional grants or favorable loan terms for eligible buyers purchasing in the county where VSU is located.
What should I know about property taxes and insurance when getting a mortgage in the VSU area?
Property taxes in Chesterfield County (where VSU's main campus is located) are a key component of your monthly mortgage payment, currently at a rate of $0.95 per $100 of assessed value. Lenders will also require homeowners insurance, and in some parts of the Tri-Cities area, they may recommend or require additional flood insurance checks due to proximity to the Appomattox River, which can affect your total monthly payment calculation.
Nearby Cities
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Why Choose a Mortgage Lender in Virginia State University?
Local Market Knowledge
Lenders who understand Virginia State University'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 State University and get competitive rates on your home loan.