NMHL Mortgage Lending
Mortgage Lender in Norfolk, VA
Local expertise and competitive rates for Norfolk homebuyers.
Norfolk, Virginia's vibrant coastal city, is experiencing a surge in housing demand, driven by its thriving maritime industry and growing tech sector. As of 2023, the median home price in Norfolk stands at approximately $240,000, according to recent market data. At National Mortgage Home Loans (NMHL), we understand the unique challenges faced by Norfolk borrowers, including those with bad credit, self-employed individuals, and first-time homebuyers. Our local expertise and tailored mortgage programs empower you to navigate the Norfolk real estate market with confidence.
With NMHL, you can explore a range of mortgage options, from FHA and VA loans to conventional and jumbo mortgages. Our team is well-versed in the intricacies of Norfolk's neighborhoods, from the historic charm of Ghent to the waterfront properties in Ocean View. We can help you find the right financing solution to achieve your homeownership goals.
Whether you're a seasoned buyer or just starting out, NMHL is committed to providing personalized service and competitive rates. Our pre-approval process is streamlined and efficient, giving you a clear understanding of your borrowing power. Contact us today to get started on your Norfolk homebuying journey.
Norfolk Housing Market Overview
Explore mortgage options in Norfolk, VA with NMHL. Our local expertise helps you navigate the Norfolk real estate market with competitive rates and personalized service.
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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Exploring Norfolk's Neighborhoods
Norfolk's diverse neighborhoods offer something for everyone. Ghent is known for its historic homes and vibrant arts scene, while Ocean View boasts stunning waterfront properties. Downtown Norfolk is experiencing rapid growth, with new developments and amenities emerging. Lafayette River offers a more suburban feel, with easy access to the city center.
- Ghent: Historic charm, boutique shopping, and dining
- Ocean View: Waterfront properties, outdoor recreation, and beach access
- Downtown Norfolk: Urban living, nightlife, and cultural attractions
- Lafayette River: Suburban feel, family-friendly, and convenient to downtown
NMHL's local expertise can help you navigate Norfolk's neighborhoods and find the perfect home to fit your needs and budget.
First-Time Homebuyer Programs in Virginia
Virginia offers several programs to support first-time homebuyers, including the VHDA's First-Time Homebuyer Program. This program provides up to $7,500 in down payment assistance and closing cost grants. NMHL can help you explore these options and determine your eligibility.
Additionally, our First-Time Homebuyer Mortgage Program offers competitive rates and flexible credit scoring. We can help you navigate the application process and ensure you're taking advantage of the best available programs.
Don't miss out on valuable down payment assistance and other benefits for first-time homebuyers. Contact NMHL today to learn more.
Understanding Property Taxes in Norfolk
Norfolk's property tax rate is approximately $1.25 per $100 of assessed value. While this rate is relatively competitive, property taxes can still be a significant expense for homeowners. NMHL can help you factor property taxes into your mortgage calculations and explore tax-advantaged loan options.
It's also worth noting that Virginia offers a variety of tax exemptions and deductions, such as the Homestead Exemption, which can help reduce your property tax burden. Our experienced loan officers can help you navigate these programs and ensure you're taking advantage of the available savings.
Don't overlook the impact of property taxes on your mortgage payments. Contact NMHL to discuss your options and create a personalized plan.
Mortgage Options for Underserved Borrowers
At NMHL, we're committed to serving borrowers who may not fit the traditional mortgage mold. Our specialty loan programs cater to self-employed individuals, those with bad credit, and veterans. We offer a range of options, including FHA, VA, and USDA loans, to help you achieve your homeownership goals.
Our experienced loan officers understand the unique challenges faced by underserved borrowers and can help you navigate the application process. We'll work with you to identify the best loan options and create a personalized plan to achieve homeownership.
Don't let credit challenges or non-traditional income hold you back. NMHL's specialty loan programs can help you secure the financing you need.
Frequently Asked Questions
Mortgage rates in Norfolk vary depending on the loan program, credit score, and other factors. At NMHL, we offer competitive rates starting at 6.5% APR for qualified borrowers. Contact us for a personalized rate quote and to discuss your mortgage options.
NMHL offers mortgage programs for borrowers with less-than-perfect credit. Our FHA loan options, for example, allow credit scores as low as 580 with a 3.5% down payment. We also consider alternative credit scoring models to help qualify borrowers with non-traditional credit histories.
Norfolk's property tax rate is approximately $1.25 per $100 of assessed value. This rate is relatively competitive compared to other Hampton Roads cities. NMHL can help you factor property taxes into your mortgage calculations and explore tax-advantaged loan options.
Yes, Virginia offers several down payment assistance programs, including the Virginia Housing Development Authority (VHDA) Down Payment Assistance Grant. NMHL can help you navigate these programs and determine your eligibility. Our Down Payment Assistance Program can provide up to 3.5% of the purchase price in assistance.
Getting pre-approved with NMHL is easy. Simply contact us online or by phone to start your application. We'll review your credit report, income, and other factors to determine your borrowing power. You'll receive a pre-approval letter stating the approved loan amount, which is typically valid for 30 days.
Norfolk's popular neighborhoods include Ghent, Downtown Norfolk, Ocean View, and Lafayette River. Each area has its unique character and advantages. NMHL's local expertise can help you understand the pros and cons of each neighborhood and find the best fit for your lifestyle and budget.
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Ready to Buy in Norfolk?
Let NMHL help you navigate the Norfolk housing market with expert guidance and competitive rates.