FAQ with Alcova Mortgage

Alcova Mortgage
Jason Inglish and Bryan Bates
Website:  www.alcova.com
Phone Number: 301-729-3293

What makes Alcova stand out in comparison to other lenders? 
We take a very personalized approach to each and every situation so that we find the best fit for our clients.
What is the difference between a traditional bank and a mortgage company? 
A traditional bank has a very “one size fits all” approach, often offering only 1 or 2 options that may not meet the needs of every situation and a more rigid set of guidelines that can keep a larger set of people from being able to qualify at all.  A mortgage company will have access to lots of product offerings and a less rigid set of guidelines to help meet the needs of more clients.
What kind of properties do you specialize in? 
We have products that let us specialize in most any residential property.  Single family homes, 2-4 unit properties, manufactured homes, town homes, and condos.
What kinds of loans does Alcova offer? 
Conventional, FHA, USDA, VA, lot loans, construction loans, and rehab loans
Where does my credit score need to be in order to qualify for a loan? 
We need a 620 credit score for most loan programs, with a few that will go down to a 600.
Do I have to put down a downpayment for a home? 
No, we have options for no money down, including USDA and VA.
I have no money for a downpayment or closing cost assistance. Is it a possibility I could still be approved for a mortgage? 
Yes, we have options for no down payment and the ability to roll closing costs into the loan in certain scenarios.
What is a USDA loan? Are there any special things I need to know about this loan product? 
This is a product that offers 100% financing and has looser guidelines than some other products, but it does come with restrictions on property location and total household income.  We highly recommend getting pre-qualified to see if this is an option as this is a great product for those who qualify!
What is a FHA loan? Are there any special things I need to know about this loan product? 
This is a product that allows someone into a home for a minimum down-payment of 3.5%.  This program also has looser guidelines than some other products and can even offer a few things that NO other loan program can.  We highly recommend getting pre-qualified to see if this is a loan option, as it is a great option for lots of people in certain scenarios!
I am a veteran. Do you do VA loans?
Yes, we do, and this is a fantastic option for anyone that qualifies.  Many consider this to be the best loan program out there!
Once I get a home under contract, what are the next steps in terms of my financing?
Notify your loan officer right away so the financing process can begin and get with your real estate agent to schedule a home inspection.
How long does it typically take to buy a home once I get it under contract? 
30 days
How much are closing costs and what do my closing costs consist of? 
The total amount of closing costs can vary greatly from one client to another depending on sales price, loan amount, property location, and loan program.  Closing costs are made up of lender fees, appraisal fee, credit report fee, attorney/settlement agent costs, homeowners insurance, escrow setup fees, state/county fees, and pest inspection fees.
For more information, check out Alcova’s website here.