Financing a Home on the Eastern Shore
A plain-language guide to the loan programs buyers actually use here, a payment calculator you can play with, and a lender I trust to give you real numbers.
CHC Realty is a real estate brokerage, not a lender. Nothing on this page is a loan offer. It's the conversation I have with buyers who ask, "What are my options?", written down so you can start with a clear picture before you talk to a loan officer.
A note on the information below: The loan programs and payment examples on this page are educational only. CHC Realty is a licensed Virginia real estate brokerage, not a mortgage lender, loan originator, or mortgage broker, and nothing here is an advertisement, offer, or commitment to extend credit. Every figure is a hypothetical illustration based on the assumptions you choose, not a quote, pre-approval, or Loan Estimate. Actual rates, APR, program eligibility, and payments are determined by a licensed mortgage lender and change daily. Allen Tardiff at Movement Mortgage can give you real numbers for your situation, and you are free to use any lender you choose. Equal Housing Opportunity.
A Program for Nearly Every Buyer
Every buyer's situation is different. These are the more common paths to a home in Accomack County: not an exhaustive list, and not a recommendation of any one program. Allen can tell you which ones you qualify for and what each would actually cost.
VA Loan
For eligible active-duty service members, veterans, and qualifying surviving spouses.
- No down payment required for most eligible borrowers
- No monthly private mortgage insurance (PMI)
- A funding fee typically applies and is usually financed into the loan; it may be reduced or waived for veterans with a qualifying service-connected disability
USDA Rural Development Loan
Backed by the USDA for eligible rural properties, with income limits based on household size and county.
- No down payment required for eligible buyers
- A low annual guarantee fee replaces traditional PMI
- Much of Accomack County falls inside USDA-eligible areas, but eligibility is address-specific. Ask Allen to check the property and the income limits before you count on it
FHA Loan
Popular with first-time buyers and buyers building or rebuilding credit.
- Down payment as low as 3.5% (10% down for credit scores in the 500–579 range)
- More flexible qualifying guidelines than many conventional programs
- Requires an upfront and annual mortgage insurance premium (MIP); FHA loan limits apply and vary by county
Conventional Loan
Widely used by buyers with solid credit and some savings for a down payment.
- Some programs allow as little as 3% down for qualifying first-time buyers
- PMI applies below 20% down and can typically be removed once you reach roughly 20% equity
- No government funding fee
Conventional, 20% Down
A traditional path for buyers with an existing home to sell or strong savings.
- No monthly mortgage insurance
- Often the most competitive pricing available
- A strong, straightforward offer that sellers take seriously
Second-Home & Vacation Property Financing
For buyers purchasing a Chincoteague, Captain's Cove, or waterfront getaway they'll use themselves part of the year.
- Conventional second-home loans typically start around 10% down
- Rates and reserve requirements run slightly higher than a primary residence
- If you plan to rent it out, tell your lender up front; investment-property rules and pricing differ
Renovation Loans (FHA 203(k), HomeStyle)
One loan that finances both the purchase and the repairs, for buyers looking at an older Shore home that needs work.
- Renovation budget is based on contractor bids and rolled into the mortgage
- Lets a buyer take on a home that wouldn't qualify for a standard loan in its current condition
- More paperwork and a longer closing than a standard purchase; Allen can tell you whether the numbers work
Substantial Down Payment
For buyers bringing significant proceeds from a prior sale, investment funds, or other assets.
- Finance only the remaining half (or less) of the purchase price
- Smaller loan amount and a smaller monthly payment
- No mortgage insurance, and a very strong position at the negotiating table
First-Time Buyer & Down Payment Assistance
Virginia Housing and other programs offer down payment and closing cost assistance, plus below-market rate options, for qualifying buyers.
- Income and purchase-price limits apply and vary by program
- Can often be paired with an FHA or conventional loan
- Worth asking Allen about before ruling anything out
Quick Comparison
| Program | Typical Min. Down | Ongoing MI / Fee | Best Fit For |
|---|---|---|---|
| VA | 0% | None (funding fee may apply, often financed) | Eligible veterans, active-duty & surviving spouses |
| USDA | 0% | Annual guarantee fee (~0.35%) | Eligible rural homes, within income limits |
| FHA | 3.5%* | Annual MIP (~0.55%) | First-time buyers & buyers building credit |
| Conventional | As low as 3–5% | PMI if under 20% down (removable) | Buyers with solid credit & some savings |
| Conventional 20%+ | 20% or more | None | Buyers with strong savings or sale proceeds |
| Second Home | Often 10%+ | PMI if under 20% down | Vacation and part-time-use properties |
| Renovation (203(k) / HomeStyle) | 3.5%–5%+ | MIP or PMI depending on program | Older homes that need work before move-in |
| Jumbo | Often 10–20%+ | Varies by lender | Loan amounts above the conforming limit |
| Cash / Large Down | 50%–100% | None | Move-up buyers & buyers prioritizing a strong offer |
*FHA allows 10% down for credit scores in the 500–579 range. All figures are typical ranges, not guarantees, and vary by lender, credit profile, and program guidelines.
What Could Your Payment Look Like?
Pick a price point, choose a scenario, or drag the sliders to build your own. This tool is for education and exploration, not a rate quote or loan offer.
Start With a Price Point
Try a Scenario
Pick a price point above or type any price.
Property tax defaults to a rough estimate of about three-quarters of one percent of the price per year. Accomack County and town rates (Chincoteague, for example) differ, and the assessed value may not match the purchase price. Confirm with the Accomack County Commissioner of the Revenue. Many Chincoteague, Captain's Cove, and waterfront properties sit in a flood zone; if a lender requires flood insurance, add that estimate here. Get exact quotes from an insurance agent.
Conventional Loan · Estimated Example
$3,089/ mo
Estimated total monthly payment
- Loan Amount
- $380,000
- Down Payment
- $20,000 (5.0%)
- Principal & Interest
- $2,465/mo
- Est. Property Tax
- $250/mo
- Est. Insurance (incl. flood)
- $200/mo
- Est. private mortgage insurance (PMI)
- $174/mo
This is a hypothetical illustration only, not a loan offer, quote, or Annual Percentage Rate (APR) disclosure, and not a commitment to lend. Your actual rate, APR, mortgage insurance, and payment will be provided by a licensed mortgage lender and will vary based on your credit, the program you choose, and market conditions at the time of application.
Get Real Numbers From AllenIllustrative starting rates reflect general market conditions as of September 2026, when 30-year conventional rates were averaging roughly 6.7%–6.8% (Freddie Mac) and VA rates were running noticeably lower. Mortgage rates change daily and vary by lender. This is not a rate quote or an Annual Percentage Rate (APR) disclosure under the federal Truth in Lending Act.
Creative Financing for Buyers Who Don't Fit the Mold
Not every buyer is a W-2 employee with 20% in the bank and no house to sell. A few structures worth knowing about, each one arranged, underwritten, and approved by a licensed lender such as Movement Mortgage, not by CHC Realty.
First Trust / Second Trust Combination
Who it's for
Buyers who have the income to qualify but whose down payment is tied up in a home they haven't sold yet.
Two loans close at the same time: a first trust for the bulk of the purchase price and a smaller second trust that covers part of the down payment. The second trust is often paid off in full once the buyer's current home sells, leaving a single conventional first mortgage behind.
This structure can also help a buyer stay under a conforming loan limit or avoid mortgage insurance.
Bridge Loan
Who it's for
Move-up buyers who want to make an offer that is not contingent on selling their current home.
A short-term loan secured by the buyer's existing home (or both properties) that advances the equity needed to purchase before the departing residence closes. The bridge is repaid when that home sells.
A non-contingent offer is meaningfully stronger. Bridge loans carry higher rates and fees than a permanent mortgage, so they work best when the departing home is already listed or under contract.
Bank Statement & Asset-Based Loans
Who it's for
Self-employed buyers, business owners, watermen, retirees, and others whose tax returns understate what they can actually afford.
So-called non-QM programs that qualify a buyer using 12–24 months of bank deposits, or by counting liquid assets as income, instead of the standard tax-return review.
Rates and down payments run higher than conventional financing, but for the right buyer this is the difference between qualifying and not.
Seller-Paid or Lender-Credit Rate Buydown
Who it's for
Buyers who want a lower payment in the first year or two, or a lower rate for the life of the loan.
A seller credit negotiated in the contract, or a lender credit, can be applied toward a temporary buydown (such as a 2-1 buydown), toward discount points for a permanently lower rate, or toward closing costs, depending on what matters most to you.
When rates are moving, this is often the first lever worth modeling. Allen can show you the real numbers for your loan, and I can show you how to write it into the offer.
Financing a Home You Plan to Rent Out
Who it's for
Buyers purchasing a Chincoteague or Captain's Cove home as a vacation rental or long-term rental.
Investment-property loans typically require 15%–25% down and price slightly higher than a primary residence. Some programs allow a portion of projected rental income to help you qualify, and DSCR loans qualify the property on its own cash flow rather than your personal income.
Local short-term rental rules affect what a property can earn, and that affects what a lender will count. Run the numbers on both before you make an offer.
These structures are described in general terms only. Availability, terms, rates, fees, and qualifying requirements vary widely by lender and change over time. Some involve higher costs, shorter terms, or additional risk compared with a standard mortgage, and not every lender offers them. Discuss the details with a licensed mortgage loan originator before relying on any of these options.
A Few More Paths Worth Asking Allen About
- Adjustable-rate mortgages (ARMs) for buyers planning a shorter hold
- A HELOC against a departing residence to fund a down payment
- Discount points paid at closing in exchange for a lower ongoing rate
- Construction-to-permanent programs for buyers building on a lot they own or are buying
- Gift funds from family and how they can be documented
- Financing for a home that has well and septic rather than public utilities
A Loan Officer I Trust to Give You Real Numbers
Allen Tardiff is the lender I refer buyers to because he explains the options, tells the truth about what fits, and communicates. You're free to use any lender; this is simply who I'd call first.
Allen Tardiff
Team Leader | Movement Mortgage
NMLS #510000 · (703) 609-9854 · allen.tardiff@movement.com
With over 33 years in the industry, including the last 8 as a Team Leader at Movement Mortgage, Allen brings deep experience and a personal passion for helping others. When asked what he does for a living, his answer is simple: he helps people realize the dream of homeownership.
Allen believes in education, integrity, transparency, and constant communication with his clients. "Buying a home is a big deal, and you want to know who's guiding you through the process. As your Movement loan officer, I'm here to make the home buying experience as straightforward and stress-free as possible."
Selling? This Page Helps You Too.
Lenders qualify buyers on the payment, not the price. When I list a home, I keep this page in front of buyers and their agents, and I use the same math to model whether a seller credit or rate buydown would open the buyer pool without cutting your price.
Call or text me directly: (540) 729-7801my cell, not a call center.
Financing Disclosures
The financing information, loan program descriptions, and payment examples on this page are provided for general informational and illustrative purposes only. They do not constitute an advertisement, application, offer, or commitment to make a loan. CHC Realty is a licensed Virginia real estate brokerage, not a mortgage lender, loan originator, or mortgage broker, and does not take loan applications, set interest rates, or guarantee financing approval, terms, or program eligibility. Mortgage financing referenced on this page is offered by Movement Mortgage, LLC, NMLS ID #39179 (www.nmlsconsumeraccess.org), through Allen Tardiff, NMLS ID #510000. Buyers are free to obtain financing from any lender of their choosing.
Payment examples reflect the down payment, interest rate, loan term, and other assumptions selected using the interactive tool above. They are not an Annual Percentage Rate (APR) disclosure required under the federal Truth in Lending Act (Regulation Z) and do not include all costs of credit. Actual interest rates, APR, mortgage insurance, funding or guarantee fees, closing costs, lender credits, and monthly payments will vary based on the buyer's credit profile, the lender selected, the specific loan program and its current guidelines, and market conditions at the time of application, and may differ materially from the examples shown. Property tax figures are rough estimates only; actual tax bills are determined by Accomack County and, where applicable, the town in which the property is located, based on assessed value. Homeowners and flood insurance estimates are approximate and will be confirmed by the buyer's insurance carrier.
VA, USDA, FHA, conventional, jumbo, renovation, second-home, and investment-property loan program availability, eligibility (including any property or area eligibility for USDA financing), and terms are determined by the applicable government agency, investor guidelines, and the buyer's individual qualifications. Buyers are strongly encouraged to consult a licensed mortgage loan originator and obtain a written Loan Estimate before relying on any figure shown on this page, and to compare offers from more than one lender.
Equal Housing Opportunity. Under the Equal Credit Opportunity Act, it is illegal to discriminate in any aspect of a credit transaction based on race, color, religion, national origin, sex, marital status, age, receipt of public assistance income, or good-faith exercise of rights under the Consumer Credit Protection Act.