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Types of Loans

There are many types of mortgage loans to fit the needs of all types of buyers from those looking to buy their first home to seasoned homeowners who are looking to buy a vacation home or investment property.

Borrowers can choose the stability of a fixed rate that will remain the same for the life of the loan or an adjustable rate, known as an ARM, that offers a temporary discount initially followed by a rate that fluctuates up and down. Loan payments can be amortized over a period of 15, 20 or 30 years.

Conventional Loans
Conventional loans may be used to purchase a primary residence, a second or vacation home or an investment property.

  • Conventional loans have strict credit qualifications
  • Typically require a minimum down payment of 5%
  • Will require the payment of a mortgage insurance premium if you put less than 20% down.

FHA Loans
FHA loans are great loans for first-time homebuyers, although it is not required that you cannot have owned a home before in order to qualify.

  • FHA loans have a minimum down payment of 3.5%
  • More lenient credit requirements than conventional loans

USDA Loans
USDA loans are for borrowers in rural communities with little or no down payment. In order to obtain a USDA (Rural Development) loan:

  • the home must be located in an eligible area
  • the borrowers household income must be within the median limits of the given county

VA Loans
VA loans are for current or retired military Veterans.

Contact Information
Brandon Nicely<br>NMLS ID#194192
Branch Partner
Office: (540) 552-7150
Fax: (540) 552-7154
Email: Send Email
Brandon Nicely<br>NMLS ID#194192, Branch Partner
ALCOVA Mortgage, LLC
2001 S Main St, Blacksburg, VA  24060
Office:  (540) 552-7150
Fax:  (540) 552-7154
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