2020 Loan Limit Updates Article

2020 Loan Limit UpdatesAs home prices have increased throughout the country, loan limits increased as well. Both the Federal Housing Agency (FHA) and the Federal Housing Finance Agency (FHFA) announced new loan limits in late 2019. The Veterans Admin...

Delayed Financing Article

Wondering how you can make a competitive offer in today's seller market? Delayed Financing has become increasingly more popular among buyers and is a great tool for those who have the resources to take advantage of it.What is Delayed Financing? ...

Purchase A New Home Page

As your local mortgage professionals, we're here to provide you with a simple, stress-free mortgage experience. Whether you're buying your very first home, purchasing a second home, or adding to your investment portfolio, allow us to show you...

Home Buying Process Page

Buying your first home can be overwhelming. But when you have the right resources professionals by your side, buying a home is a milestone to celebrate rather than a hassle. Follow this guide to get started on the path to homeownership:

Digital Use Practices Page

TowneBank is committed to protecting the privacy of its members. Our members’ security is our priority, and we take every measure to safeguard your information. It is TowneBank’s practice to inform its members of the information we collec...

Renovation Loans Loan Product

FHA and Conventional options availableFinance minor or major renovationsFor purchase or refinanceFHA options for as little as 3.5 percent downFinance the purchase and renovation in one loan

Refinance Loan Product

Lower your interest rate for reduced monthly paymentsPut the equity in your home toward good useRemove costly Private Mortgage InsuranceShorten your loan term for faster payoffFund home renovationsConvert an adjustable-rate-mortgage to a fixed-rate m...

Conventional Loan Product

Up to 97% financing of your loanStable rate and principle paymentsEasy-to-understand loan termsCompetitive interest rates15 or 30 year terms

FHA Loan Product

As little as 3.5% down paymentLess than perfect credit can applyGuaranteed by the Federal Housing AuthoritySeller can pay borrower closing costsFixed rate and ARM (Adjustable Rate Mortgage) options. Payment may increase after consummation.

VA Loan Loan Product

Available to active and retired militaryUp to 100% financing availableNo private mortgage insuranceReasonable credit qualificationsNo early payoff penalties

USDA Loan Product

Up to 100% financing availableFor moderate-income familiesFlexible credit guidelinesSeller can pay borrower closing costs

Reverse Mortgage Loan Product

A reverse mortgage will not affect social security or Medicare benefitsReverse mortgage proceeds are not subject to federal income taxes*Reverse mortgage recipients keep ownership of their homeA reverse mortgage may be subject to credit or income qua...

4 Things to Know about a VA Loans in 2020 Article

4 Things to Know about a VA Loans in 2020 If you’re a Veteran, active duty member or reservist, there are certain changes to the VA Loan rolling out in 2020 that you should know, especially If you’re looking to purchase a new home in the upcoming yea...

Application Checklist Page

Now is the time to purchase your dream home, and start investing in your future. Use this checklist to help you keep track of the documents you will need throughout the mortgage process!Valid Driver's License or Military IDAddresses for rental or...

Loan Process Dos and Don'ts Page

DOContinue making mortgage or rent paymentsStay current on all existing accountsContinue working at current employerKeep the same insurance companyContinue living at current residenceContinue to use credit as normalCall your loan officer if you have ...

VA Home Loans Page

A Veterans Affair (VA) Loan is a home loan designed to help finance homes for Veterans, eligible members of the military, and some surviving spouses. Backed by the government, the VA Loan offers flexible lending guidelines for military members, veter...

Partners Page

Website Accessibility Page

Address: 3 Commercial Place, Suite 1200, Norfolk, VA 23510Telephone:(888) 637-1321 TowneBank Mortgage is committed to providing excellent member service to all people regardless of ability. We want members and visitors to navigate, use, and interac...

Rent vs. Own Page

It's important to understand the benefits of owning your home. Purchasing your home can be a big commitment, but it comes with many rewards. Read more about the benefits that come with homeownership:• Never worry about an expiring lease or r...

Refinance Process Page

Step 1: Identify objectives – What would you like to achieve from refinancing your home? Lowering your current interest rate or gaining additional cash for home renovations, investments or life events could all be reasons to refinance.Step...