NMHL Mortgage Lending
Mortgage Lender in Norfolk, VA
Local expertise and competitive rates for Norfolk homebuyers.
Norfolk, Virginia's vibrant urban core offers an attractive blend of affordability and opportunity for homebuyers. With a median home price of $270,000, Norfolk presents a more accessible entry point into the Hampton Roads housing market compared to neighboring Virginia Beach. At National Mortgage Home Loans (NMHL), we specialize in helping Norfolk residents navigate the mortgage process, whether you're a first-time buyer, have bad credit, or are a self-employed individual looking for flexible loan options.
The city's strong military presence, anchored by Naval Station Norfolk, creates a stable housing demand. This, combined with Norfolk's revitalized downtown area and walkable neighborhoods like Ghent and Ocean View, makes it an appealing location for both homebuyers and investors. NMHL understands the unique challenges faced by borrowers in Norfolk, including those with non-traditional income sources or past credit issues. Our tailored mortgage solutions and expert guidance can help you achieve your homeownership goals.
At NMHL, we're committed to serving the diverse needs of Norfolk's community. Our mortgage experts are well-versed in local market conditions and can provide personalized guidance on everything from VA loans to down payment assistance programs. Whether you're looking to purchase a home in Larchmont or Colonial Place, we're here to help you every step of the way.
Norfolk Housing Market Overview
Norfolk is the cultural and economic hub of Hampton Roads, home to the world's largest naval base and a revitalized downtown waterfront. The city offers more affordable urban living than Virginia Beach with excellent walkable neighborhoods.
Norfolk Neighborhoods
Popular areas for homebuyers in Norfolk, VA
ZIP Codes We Serve in Norfolk
Mortgage lending available in these Norfolk ZIP codes
See What You Qualify For
Takes about 5 minutes. No obligation. No credit check until you are ready.
Your Local Mortgage Partner
We understand the local market dynamics that affect your home purchase. Our team provides personalized loan options based on local property values and regulations.
Available Loan Programs in Norfolk
Explore mortgage options tailored to Norfolk homebuyers
First Time Home Buyer Mortgages
Special loan programs helping newcomers purchase their first home with favorable terms and support.
Learn MoreRefi-Shield
Learn MoreAdjustable-Rate Mortgage (ARM)
Financial flexibility and optimal rates with an Adjustable-Rate Mortgage – Your key to a dynamic homeownership journey
Learn MoreHigh-Value Appraisal Program
Learn MoreInterest Only Mortgages
Interest-only mortgages allow borrowers to pay only the interest for a set period, reducing initial monthly payments.
Learn MoreHome Equity Loans
Access the equity in your home with a fixed-rate home equity loan. Get a lump sum with predictable monthly payments for ...
Learn MoreFHA Loans
Federal Housing Administration (FHA) loans are government-backed mortgages designed to help first-time homebuyers and th...
Learn MoreFixed-Rate Mortgage
Lock in your interest rate for the life of the loan with a fixed-rate mortgage. Predictable monthly payments make budget...
Learn MoreBridge Loans
Bridge the gap between buying your new home and selling your current one. Short-term financing that gives you the flexib...
Learn MoreVA Loans
VA loans are a benefit earned by veterans, active-duty service members, and eligible surviving spouses. Backed by the De...
Learn MoreConventional Loans
Conventional loans are not backed by government agencies and typically offer the most flexibility for qualified borrower...
Learn MoreITIN Loans
Purchase a home using your Individual Taxpayer Identification Number (ITIN) without a Social Security Number. NMHL is co...
Learn MoreJumbo Loans
Jumbo loans exceed conforming loan limits and are designed for luxury properties and homes in high-cost areas. With comp...
Learn MoreDSCR Investment Loans
Debt Service Coverage Ratio (DSCR) loans qualify based on rental income rather than personal income. Perfect for real es...
Learn MoreBank Statement Loans
Bank statement loans are designed for self-employed borrowers and business owners who have difficulty documenting income...
Learn MoreReverse Mortgages
For homeowners 62 and older, reverse mortgages allow you to access your home equity without monthly payments. Stay in yo...
Learn MoreUSDA Mortgages
USDA Rural Development loans help moderate-income buyers purchase homes in eligible rural and suburban areas. With no do...
Learn MoreHeloc
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Understanding Norfolk's Housing Market
Norfolk's housing market is characterized by its affordability and the strong presence of the military. The median home price of $270,000 makes it an attractive option for both first-time homebuyers and investors. Neighborhoods like Downtown Norfolk and Ghent offer a mix of historic homes and new developments, while areas like Ocean View provide beachfront living. NMHL's local market expertise can help you navigate these different neighborhoods and find the best mortgage options for your needs.
- Median home price: $270,000
- Average days on market: 30-60 days
- Popular neighborhoods: Ghent, Downtown, Ocean View, Larchmont
NMHL's local expertise can help you understand Norfolk's unique market dynamics and find the best mortgage options for your situation.
Mortgage Options for Norfolk's Diverse Community
At NMHL, we understand that every borrower's situation is unique. That's why we offer a range of mortgage programs tailored to different needs. For veterans, our VA loan options provide competitive rates and favorable terms. For first-time homebuyers, we can guide you through down payment assistance programs like the VHDA Down Payment Assistance Grant. Our mortgage experts are experienced in handling complex income situations, including those of self-employed individuals.
Some of our key programs for Norfolk borrowers include:
- VA Loans for military members and veterans
- First-Time Homebuyer Programs with down payment assistance
- Bank Statement Loans for self-employed borrowers
- Bad Credit Mortgage Solutions for those rebuilding their credit
NMHL is committed to serving Norfolk's diverse community with mortgage solutions that fit your unique needs.
Down Payment Assistance in Norfolk
Down payment assistance programs can be a game-changer for Norfolk homebuyers. Virginia Housing Development Authority (VHDA) offers several programs that can be used in conjunction with NMHL mortgages. These programs can provide grants or matching funds to help with down payment and closing costs. For example, the VHDA Down Payment Assistance Grant can provide up to 2.5% of the home's purchase price in assistance.
NMHL's mortgage experts can help you explore these options and determine which programs you're eligible for. We can also guide you through the application process to ensure you receive the maximum assistance available.
Don't let a down payment hold you back from buying your Norfolk home. NMHL can help you explore down payment assistance options.
Getting Pre-Approved for Your Norfolk Home Loan
Getting pre-approved for a mortgage is an essential step in the homebuying process. At NMHL, we offer a simple online pre-approval application that can be completed in minutes. Our mortgage experts will review your financial information and provide a pre-approval letter stating the approved loan amount. This letter gives you a clear understanding of your budget and can give you an edge when making an offer on a home in Norfolk's competitive market.
To get started, simply click the 'Get Pre-Approved Now' button on our website. Our team will be in touch to guide you through the rest of the process.
Take the first step towards your Norfolk homeownership dream. Get pre-approved with NMHL today.
Frequently Asked Questions
Norfolk's average property tax rate is 1.15% of the home's assessed value. This rate is relatively competitive within Virginia. For example, on a $270,000 home (Norfolk's median price), you'd pay approximately $3,105 annually in property taxes. NMHL can help you factor these costs into your mortgage planning.
Yes, Virginia offers several programs for first-time homebuyers that can be used in Norfolk. The Virginia Housing Development Authority (VHDA) provides down payment assistance and competitive interest rates. NMHL is an approved VHDA lender and can guide you through the application process. Our First-Time Homebuyer Program can help with up to 3.5% down payment assistance.
Norfolk is served by the Norfolk City Public Schools district. While the district has faced challenges, certain neighborhoods like Ghent and Larchmont are associated with higher-performing schools, which can positively impact home values. NMHL's local expertise can help you understand how school district boundaries might influence your home purchase decision.
While challenging, it's not impossible to secure a mortgage with bad credit in Norfolk. NMHL offers specialized bad credit mortgage programs that consider factors beyond just your credit score. We can help you explore options like FHA loans, which have more lenient credit requirements. Our mortgage experts will work with you to identify the best path forward.
Self-employed borrowers often face unique challenges when applying for mortgages. NMHL offers mortgage programs designed specifically for self-employed individuals, using alternative income verification methods. Our Bank Statement Loan program is one option that can help you qualify based on your business bank statements rather than traditional tax returns.
NMHL's pre-approval process is designed to be straightforward and efficient. We offer online pre-approval applications that can be completed in minutes. Our mortgage experts will review your financial information and provide a pre-approval letter stating the approved loan amount. This letter is typically valid for 60 days and can give you an edge when making an offer on a home in Norfolk's competitive market.
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Ready to Buy in Norfolk?
Let NMHL help you navigate the Norfolk housing market with expert guidance and competitive rates.