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Loan Programs

The following is a partial list of programs offered by Village Bank Mortgage Corporation with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 804-330-9800.


Grant Funds

If applicable, you may qualify for up to $10,000 for first-time homebuyers.


VHDA Loans

Preferred lender with one of the best bond funded financing programs in the Country.


Conventional

Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.


Rural Housing

Rural Housing up to 102%.


VA Mortgages

Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.


FHA Mortgage

Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.


Jumbo Loans

Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.

Cash out and No cash out refinance are allowable. Single family detached, Condo’s, PUD’s and single-family second homes can be financed with no prepayment penalty.


97% LTV Loans

New loan product where qualified borrowers can put down 3% with no mortgage insurance required.


Construction Loans

Building a new home can be an exciting prospect – unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or traditional ARM products.


Second Mortgage Loans

Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.