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Nice colonial style home
Nice colonial style home

Conventional Loans

“My credit is good and I have a down payment.”

  • Down Payment options as low as 3%
  • Eliminates mortgage insurance with 20% down payment
  • Can be used on nearly all types of properties
  • Fixed-rate or adjustable-rate loan options

Conventional loans come in a variety of options and with excellent advantages for qualified borrowers. While FHA and other government loans can have certain property restrictions, a conventional loan can be used on nearly all property types.

About half of all conventional loans are called “conforming” mortgages, because they conform to guidelines established by Fannie Mae and Freddie Mac. These two government-sponsored enterprises (GSEs) buy mortgages from lenders and sell them to investors. Their purpose is to make mortgages more widely available.

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Calculators

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, DC, FL, GA (License #42101), KY, MD, NC, PA, SC, TN, VA, WV | 308 Market St SE, Roanoke, VA 24011

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, DC, FL, GA (License #42101), KY, MD, NC, PA, SC, TN, VA, WV | 308 Market St SE, Roanoke, VA 24011