Top Virginia Mortgage Lenders

With median home prices reaching above the national average of roughly $230,000, prospective homebuyers in Virginia have their work cut out for them. But the fact that the median cost of homes in Virginia is over the national average doesn’t have to mean that buying a home is out of reach for the average Virginian, however—in fact, with the right mortgage lender for your circumstances, new homebuyers can take control of their finances and land a house well within their means!

In this article, we’ll take a look at several common questions prospective homeowners have when looking for the best mortgage lenders in Virginia.

1. How do I know if I’m eligible for a Virginia mortgage loan?

The first step in applying for a mortgage loan is understanding what it is you may be eligible for. Home loans are a little bit different than mortgage assistance programs, however—so start with answering a few basic questions to see if you qualify for a loan:

· Are you a military veteran?

· Are you interested in living in a home in an agrarian area?

· Are you looking for a Federally backed loan?

If you answered “yes” to any of these questions, you may be eligible for a VA Loan, a USDA Loan, or an FHA Loan, respectively. For more information on different kinds of home loans, click here!

2. What is the minimum credit requirement?

Once you know that you’ll be looking for a lender, you’ll want to assess your current financial circumstances; your current debts, monthly income, and credit score will all affect the terms of your loan. You don’t have to know much about credit scores to understand that a higher score is better than a lower score, but what is the minimum credit requirement typically required for a loan? While the minimum allowable credit score for most mortgage loans will vary from lender to lender, most mortgage lenders prefer credit scores of 620 or higher. If your credit score is in the 500s, don’t fret—there may be a lender out there willing to work with you, especially if you can save more for a down payment or closing costs!

3. Should I use a large-scale lender or a credit union?

While there are definitely some perks to going through a large bank, sometimes it can be rewarding to go through credit unions as well. With larger banks, you may find more convenient online services and a longer list of loan options, but with credit unions, you will likely experience more attentive customer service and loan term flexibility. When in doubt, look for a mid-range lender like MCS Mortgage Services; a lender of this size will offer the array of loan types you might expect from a large bank with the customer service you’d like from a credit union.