Conventional Mortgage in the Richmond, VA, Area
PRE-QUALIFY NOW FOR YOUR HOME LOAN!
Would you like to get into a new home in the Richmond, VA, area – but you don’t qualify for loans backed by the federal government? Then you may need to consider a conventional mortgage loan. At Dominion Capital Mortgage Inc., we are ready and able to help you find the right loan and figure out all the details of the process on your behalf.
Before you try to find a lender yourself, turn to our team so you can discover all your options. We’ll ensure you get the best terms possible for your conventional mortgage.
What Are Conventional Mortgage Loans?
A conventional loan is a mortgage that isn’t insured or backed by the federal government or their entities. They follow the guidelines that are set in place by Fannie Mae and Freddie Mac with the ability to be traded or sold on the secondary market. Conventional loans can have either fixed or adjustable rates and loan to values (LTV) as high as 97%. Loans above 80% loan to value will carry some type of mortgage insurance either paid by the consumer or lender.
Advantages: Only a minimum of 3% down for purchases, with 20% of equity there is no requirement of mortgage insurance, if mortgage insurance is required, it can be paid by consumer or lender, wide variety of loan products including first time home buyer programs, renovation loans and income incentive programs.
Programs: Home Ready, Home Possible, Home Style, Home One, High Balance and more
Types of Properties Allowed with Conventional Mortgage:
- Single family homes
- Townhomes – Planned Unit Developments (PUDs)
- Multi-unit homes (i.e. duplex, triplex, quadruplex)
- Second homes and investment properties