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Mortgage Loans

When you are ready to buy a home, our Bank of the James Mortgage loan officers would like to work with you.

Whether you’re buying or building your first house, refinancing your current mortgage, or investing in a second home or investment property, Bank of the James Mortgage has the right loan for you. Offering a variety of mortgage products and options, your loan officer will help you find the right loan, answer your questions, and make sure you go from application to approval as smoothly as possible. Our team of mortgage loan officers is committed to providing you with what is important to you. We can offer you quick and efficient service, competitive rates and a variety a mortgage options.

Please contact one of our experienced mortgage loan officers for complete information on current mortgage rates and products. Our mortgage loan officers are available to meet with you at any Bank of the James office location, at your home or office and at your convenience.

We offer mortgage loan programs for the following:

  • Purchase
  • Refinance
  • Construction

We offer loan programs for the following eligible properties:

  • One to four family residences
  • Owner-occupied
  • Second home
  • Residential Investment properties

We can assist you with a variety of loan programs.

CONVENTIONAL LOANS – FIXED RATE MORTGAGES
  • Fixed principal and interest payment for the entire term of the mortgage
  • Construction loans available
  • Fixed rates available
CONVENTIONAL LOANS – ADJUSTABLE RATE MORTGAGES (ARM’S)
  • Varied maturities available
FEDERAL HOUSING AUTHORITY (FHA) LOANS
  • Ideal for first time homebuyers looking to keep initial monthly payments low
  • Ideal for debt consolidation
  • Fixed rates
  • Adjustable rate programs available
UNITED STATES DEPARTMENT OF AGRICULTURE (USDA) LOANS
  • Rural housing loans with no downpayment
  • Fixed rates available
VETERANS ADMINISTRATION (VA) LOANS
  • No downpayment
  • Fixed rates available
JUMBO LOANS
  • Fixed and adjustable rates available
“TBD” APPROVALS

Mortgage Loan: Approved!
Address: “To Be Determined”

Bank of the James Mortgage offers an innovative new loan program to homebuyers – before they find their home!

We can complete the loan process – actually approving your buyer – without an identified property.

With TBD Approvals, buyers have the confidence that they have already been approved for their mortgage which means their buying power is improved.

Sellers know the loan process has been completed so there is no worry that the sale won’t close. Buyers can negotiate a good purchase price because they know they can close quicker than with a traditional loan process and they can offer the seller an assured closing.

How does it work?

The buyer completes a mortgage loan application with us, providing us with all of the information needed for a mortgage loan – except for the address! We process the loan and, upon approval, we’re ready to close once the property is identified.

Who is eligible for this program?

Any qualified buyer who is actively shopping for a new home is qualified for this program.

Enjoy the peace of mind of shopping for your new home with your mortgage loan already approved!

Contact one of our mortgage loan officers for complete details.

REVERSE MORTGAGES

The “Home Equity Conversion Mortgage” (HECM/Reverse Mortgage) is a FHA insured loan that provides the homeowner (age 62 and above) the option to access a portion of their cash equity in the home. This financial tool is often used to have access to a secure line of credit, pay off an existing lien, do home improvements , pay for in-home care, set up to receive a monthly draw, pay for medical needs, travel or simply to gain peace of mind to improve retirement. The amount that you may qualify for is based on the age of the youngest borrower, the appraised value of your home, and current interest rates at time of application. A third-party counseling session is required and is often done by telephone. Agency information will be provided to you. 

  • A HECM/Reverse Mortgage will not affect social security or Medicare benefits. 
  • HECM/Reverse Mortgage proceeds are not subject to federal income taxes*. 
  • HECM/Reverse Mortgage borrowers retain ownership of their home. 
  • HECM/Reverse Mortgage applicants will be subject to a financial assessment to verify income and credit information. Some loans may require a full or partially funded set aside of proceeds for payment of property charges to qualify. 

To learn more, please contact Rayetta Webb, 434.238.0765. Put her 15 years of HECM experience to work for you. 

HECM/Reverse Mortgage proceeds must be enough to pay off any existing mortgage(s). The HECM/Reverse Mortgage requires no monthly payment. There is no prepayment penalty. Borrowers responsibilities: paying real estate taxes and keeping home insured. Borrowers must live in the home as primary residence and maintain the property. A maturing event for this loan to be due and payable is when the last borrower, or eligible non- borrowing surviving spouse, passes away, the home is sold, you permanently move out, default on taxes and insurance payments, or do not adhere to loan terms. 

*Loan proceeds are tax-free; consult your tax advisor. 

This material is not from HUD or FHA and was not approved by HUD or any government agency.

DOWN PAYMENT ASSISTANCE PROGRAMS

First-Time Homebuyers Product

Bank of the James Mortgage provides a First-Time Homebuyers Product that provides up to $5,000 in funds for the down payments and closing costs of first-time homebuyers. Individual homebuyers who would like to access FHP funds must meet eligibility guidelines and credit approval. Every down payment assistance program is a little different. The exact requirements to qualify will depend on where you live and what programs are available. 

Program Requirements

Guidelines include:

  • Restricted to first-time home buyers. Maximum subsidy is $5,000 per homebuyer.
  • The homebuyer must contribute at least $1,000.
  • Buyers often must have low- to moderate-income.
  • Purchased home must be used as the homebuyer’s primary residence.
  • The DPA is used in conjunction with an approved mortgage program.
  • Buyers must work with an approved mortgage lender for the loan program.
  • Income and other eligibility requirements apply. Funds are available on a first-come, first-served basis.

For additional information, please contact one of our mortgage lenders at Bank of the James Mortgage at 434-534-8090. 

Community Partners Assistance Program

Bank of the James Mortgage provides a Community Partners product that provides up to $7,500 in down-payment and closing-cost funding to current or retired law enforcement officers, educators, health care workers, firefighters, and other first responders who are first-time homebuyers or non-first-time homebuyers.

Product Requirements

Guidelines Include:

  • Maximum subsidy is $7,500 per homebuyer.
  • The homebuyer must contribute at least $1,000.
  • First-time homebuyers and non-first-time homebuyers are eligible.
  • Purchased home must be used as the homebuyer’s primary residence.
  • The DPA is used in conjunction with an approved mortgage program.
  • Buyers must work with an approved mortgage lender for the loan program.
  • Income and other eligibility requirements apply. Funds are available on a first-come, first-served basis.

For additional information, please contact one of our mortgage lenders at Bank of the James Mortgage at 434-534-8090. 

THE FOLLOWING ITEMS AND DOCUMENTATION WILL BE NEEDED TO PROCESS YOUR MORTGAGE APPLICATION:
  • W-2s for each applicant for the past two years and current pay stubs
  • Payment history for landlord/mortgage company for the past two years
  • Employment information – two year history
  • Contract of sale and legal description (unless applying for pre-qualification)
  • Bank name, account numbers and balances (all accounts)
  • Bank statements (all accounts) for the last two months
  • Open loans – names, addresses, account numbers, balances and monthly payments
  • Loan information on other real estate owned
  • Certificate of Eligibility/DD214 (VA loans only)
  • Check for credit report and appraisal
  • Self-employed: tax returns, schedules, Year-to-date P&L and balance sheets for the past two years
  • Photocopy of driver’s license or government issued ID

Mortgage loans are subject to underwriting and credit approval.

Looking for more information?

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