NMHL Mortgage Lending
Mortgage Lender in Richmond, VA
Local expertise and competitive rates for Richmond homebuyers.
Richmond Housing Market Overview
Explore mortgage options in Richmond, VA with NMHL. Our local expertise helps you navigate the Richmond 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 Richmond
Explore mortgage options tailored to Richmond 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 Richmond's Housing Market
Richmond's housing market is characterized by its diverse neighborhoods, ranging from the historic homes of the Fan district to the modern condos in the downtown area. The median home price is around $240,000, making it an attractive option for homebuyers. NMHL's local expertise helps borrowers navigate this market, whether they're looking for a fixer-upper or a move-in-ready home.
Some of the most popular neighborhoods in Richmond include:
- The Fan: Known for its historic homes and vibrant community
- Shockoe Bottom: A trendy area with a mix of old and new housing stock
- The West End: A suburban-style neighborhood with highly-rated schools
NMHL's local knowledge can help you find the perfect home in Richmond's diverse neighborhoods.
Mortgage Options for Richmond Borrowers
At NMHL, we offer a range of mortgage products tailored to the needs of Richmond borrowers. Our loan options include:
- FHA Loans: Ideal for first-time homebuyers or those with lower credit scores
- VA Loans: For veterans, active-duty military, and surviving spouses
- Conventional Loans: For borrowers with strong credit and financial profiles
- Jumbo Loans: For higher-priced homes or investment properties
Our experienced loan officers will work with you to determine the best mortgage solution for your situation.
NMHL is committed to helping underserved borrowers, including those with bad credit or self-employed individuals.
First-Time Homebuyer Programs in Virginia
Virginia offers several programs to assist first-time homebuyers, and NMHL is proud to be an approved lender for many of these initiatives. The Virginia Housing Development Authority (VHDA) loan program is a popular option, providing competitive interest rates and down payment assistance. Additionally, the VHDA Down Payment Assistance Grant can provide up to $7,500 in assistance.
To qualify for these programs, borrowers typically need to meet certain income and credit score requirements. NMHL's knowledgeable loan officers can guide you through the application process and help you determine your eligibility.
Take advantage of Virginia's first-time homebuyer programs with NMHL's expert guidance.
Property Taxes in Richmond, VA
When buying a home in Richmond, it's essential to consider the impact of property taxes on your overall homeownership costs. The city's effective property tax rate is approximately 0.75%. While this rate is relatively moderate, it's still crucial to factor property taxes into your mortgage planning.
NMHL can help you understand how property taxes will affect your monthly mortgage payments and overall housing costs. Our loan officers will work with you to ensure you're prepared for the financial responsibilities of homeownership in Richmond.
Don't forget to factor property taxes into your mortgage planning with NMHL's expert advice.
Frequently Asked Questions
The average effective property tax rate in Richmond is approximately 0.75%. This means that on a $240,000 home, the annual property tax bill would be around $1,800. It's essential to factor property taxes into your overall homeownership costs when considering a mortgage in Richmond.
Richmond is served by the Richmond Public Schools district, which has seen improvements in recent years. While school district ratings can impact home values, Richmond's diverse neighborhoods offer a range of housing options. Areas like the West End and parts of the Fan district are known for having highly-rated schools, which can increase property values. NMHL can help you understand how school districts may affect your mortgage options.
Virginia offers several programs for first-time homebuyers, including the Virginia Housing Development Authority (VHDA) loan program. This program provides competitive interest rates and down payment assistance options. NMHL is an approved VHDA lender and can guide you through the application process to help you take advantage of these benefits.
While having bad credit can make it more challenging to secure a mortgage, NMHL offers specialized loan programs for borrowers with less-than-perfect credit. Our FHA loan options, for example, allow for credit scores as low as 580 with a 3.5% down payment. We'll work with you to explore your options and find a mortgage solution that fits your financial situation.
Richmond borrowers can access various down payment assistance programs, including the VHDA Down Payment Assistance Grant. This program provides up to $7,500 in assistance, which doesn't need to be repaid. NMHL can help you determine your eligibility for these programs and guide you through the application process.
Getting pre-approved for a mortgage with NMHL is straightforward. Simply contact us to schedule a consultation, and we'll review your financial situation and credit report. We'll then provide a pre-approval letter stating the approved loan amount and interest rate. This letter is typically valid for 30 to 60 days and gives you a clear understanding of your budget when shopping for a home in Richmond.
Related Resources
Ready to Buy in Richmond?
Let NMHL help you navigate the Richmond housing market with expert guidance and competitive rates.