Alcova Mortgage is a licensed mortgage lender located in Roanoke, Virginia. Alcova Mortgage appears to be licensed in a variety of states and offers FHA, VA, conventional, USDA, and reverse mortgage financing.
FHA Mortgages
FHA mortgages are underwritten and funded by private lenders like Alcova Mortgage, but are insured and regulated by HUD and the Federal Housing Administration. FHA financing is a good choice for many first-time homebuyers because the minimum down payment is typically 3.5% of the purchase price.
FHA financing is also a good choice for borrowers with less-than-perfect credit. If you have bruised credit, you may find it easier to qualify for an FHA loan than a comparable conventional loan.
Mortgage insurance is mandatory for all FHA loans, regardless of down payment or loan-to-value ratio.
FHA-approved lenders such as Alcova Mortgage typically offer a variety of mortgage products, including 30-year fixed, 15-year fixed, and adjustable-rate mortgages, are available.
VA Mortgages
Tailored for veterans, VA loans are written and funded by private lenders like Alcova Mortgage, but backed by the Veterans Administration.
With a 0% minimum down payment and no mortgage insurance, VA financing offers an attractive option for eligible homebuyers. The credit and income criteria for VA loans also tends to be more flexible than for conventional financing.
There are a variety of VA products available, including 30-year fixed, 15-year fixed, and adjustable-rate mortgages.
Conventional Mortgages
Conventional loans are the most common form of mortgage financing. The minimum down payment for a conventional mortgage is usually around 5% to 10% of the purchase price with excellent credit. Private mortgage insurance is required for down payments of less than 20%.
Conventional mortgages come in a variety of “flavors”, including 30-year fixed, 15-year fixed, 10-year fixed, and various adjustable-rate mortgage products.
USDA Mortgages
USDA mortgages are funded by private lenders like Alcova Mortgage, but backed by the United States Department of Agriculture. The goal of USDA financing is to encourage and support homeownership in rural areas by offering low interest rates and flexible lending requirements. To be eligible, your home must be located in an eligible rural area.
Jumbo Mortgages
Jumbo mortgages are a form of conventional financing designed for higher home values and borrowers who intend to borrow more than the conforming loan limit.
There are a wide variety of jumbo products available, including 30-year fixed, 15-year fixed, and various adjustable-rate mortgages.
Reverse Mortgages
A reverse mortgage is a unique home loan designed to give homeowners 62 and older access to their home equity with no mortgage payments and without giving up ownership of their homes.
The most popular reverse mortgage in America is the FHA-insured home equity conversion mortgage, or HECM. HECM reverse mortgages can be used to purchase a home or extract equity from a home you already live in and own.
Get Qualified Today
If you’d like to reach out to Alcova Mortgage to explore your mortgage financing options, you can reach them at the contact information on this page.
