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Conventional Mortgage in the Richmond, VA, Area


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)
  • Condominiums
  • Multi-unit homes (i.e. duplex, triplex, quadruplex)
  • Second homes and investment properties
No matter your financial situation or needs, at Dominion Capital Mortgage Inc., we have the experience, qualifications, and researching tools you need. We’ll find a conventional mortgage loan option for you that fits your situation, from your budget and credit score to the loan’s term length. Contact our team today to set up an appointment.

Get Started

Or call us at 804-441-6940