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VMM Loan Programs

You found the perfect home, now let us help you with the perfect mortgage!

Our experienced mortgage officers are always happy to explain all the loan options available. The same person will take the loan application, keep you informed during the process and close the loan. Best of all, the same mortgage officer will be here to answer any questions you may have long after you have moved into your home.

Loan Options

Virginia Mountain Mortgage provides mortgage loans for purchase or refinance of your primary residence, vacation homes, condominiums, construction loans, land, investment properties, and commercial properties.

Conventional Loan

Perfect for almost any borrower

The biggest benefit of a conventional fixed rate mortgage is the fact that the interest rate does not change over time. This allows you to budget your finances and make a consistent, fixed payment over the duration of your loan. Conventional rate mortgages allow you to lock in an interest rate and principal payment for the entire life of your loan. Your rate and principal payment never increase, even if the market changes.


  • Up to 95% financing of your loan
  • Stable rate and principal payments
  • Easy-to-understand loan terms
  • Competitive interest rates
  • Locks interest rate for the life
  • From 10 to 30 years


Backed by the Federal Government and offers low down payment

FHA insured loans often give first-time homebuyers the option of making a lower down payment than they would need to make if using a traditional, non-FHA insured mortgage.


  • As little as 3.5% down payment
  • Less than perfect credit can apply
  • Guaranteed by the Federal Housing Authority
  • Seller can pay borrower closing costs
  • Fixed rate and ARM (Adjustable Rate Mortgage) options


Active duty, Reservists and Veterans

A Veterans Affair (VA) Loan is a home loan designed to help finance homes for Veterans, eligible members of the military, and in some cases, surviving spouses. A VA Loan is guaranteed by the government but made by qualified lenders such as banks or independent mortgage companies. Because the loan is guaranteed by the government, lenders can approve borrowers with more flexible lending standards. In many cases, it also allows for no down payment, or a lower down payment than other conventional loan options.


  • Available to active and retired military
  • Up to 100% financing available
  • No private mortgage insurance
  • Reasonable Credit Qualifications
  • No Early payoff penalties

USDA Loans

US Department of Agriculture Loan

A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA.


  • 100% Financing - you can buy a home with no money down.
  • You can refinance your home up to 100% of the value of your home.
  • Low Fixed Rate Mortgage Options.
  • They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
  • They can be used for Existing Homes, Foreclosures or New Construction.
  • Straightforward Loan Process.
  • No Loan Limit. No Acreage Limit.
  • No Prepayment Penalty.
  • You can use the loan to repair or add on to your home.

Construction Loans

We have two options to suit your specific needs

Construction Only

  • Low Interest Rates
  • Interest Only Monthly Payments
  • 12 Month Term
  • At completion, refinance into a permanent loan
  • Fixed Rates from 10 – 30 years
  • Reduced closing costs on Permanent Loan
  • Extended Rate Lock

Construction to Permanent Loan

  • Low Interest Rate on both construction and permanent loan
  • At completion, automatically converts to a 5 year ARM
  • One Time Closing

Adjustable Rate Mortgage (ARM)

A great choice if you plan to move or refinance in 3-5 years

An adjustable rate mortgage means the interest rate can change during the life of the loan. With a lower initial rate, this makes it an excellent option if you are not planning to stay in the home for more than a few years. An ARM loan means you’ll get:

  • A lower initial rate which may qualify you for a larger loan amount
  • Choice of the length of the repayment term and first adjustment period
  • Competitive interest rates
  • Option for no closing costs

Home Equity Loans

Convert the equity you’ve built in your home into cash for home improvements and other large expenses.

  • Receive your funds in a lump sum – beneficial for large projects
  • Choose from several loan terms
  • Make fixed monthly payments of principal and interest
  • Make additional principal payments without penalty
  • Enjoy a set period of time to pay the loan back

Learn More about using Equity

Additional Options and Products

  • Lot Loans: Financing to purchase raw or improved land to build on.
  • Portfolio Loans: Handled in-house at Bank of Botetourt  
  • Secondary Residences: Obtain financing for an investment property or vacation home

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Important Info

Routing Number: 051402550

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