Business

term loans

lines of credit

unsecured

equipment

bridge loans

start-up

working capital

sba 7a

special purpose: cannabis

Commercial Lending

owner occupied - COMMERCIAL R/E

investment - commercial r/e

construction and development

fix and flip

bridGe loans

Land acquisition

usda

sba 7a & 504

agriculture / farm loans

special purpose: apartment, mini-storage, hotels, church, gas stations, retail centers, and more.

Mortgage

FIxed Rate MOrtgages 

A fixed-rate mortgage is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float".

Loan Guidelines

• Fixed Rate
• Owner Occupied Only
• 1 to 4 Unit Properties
• First time home buyers eligible
• Purchase or Refinance
• 30, 20, 15 and 10 year mortgages available

Adjustable Rate Mortgages

With an Adjustable Rate Mortgage, the interest rate fluctuates according to the interest rates in the economy. Initial interest rates of ARMs are typically offered at a discounted rate that’s lower than the rate for a Fixed Rate Mortgage. Over time, when initial discounts are filtered out, ARM rates will fluctuate as general interest rates go up and down. 

Loan features and guidelines

• Adjustable Rate
  
• Owner Occupied Only
  
• 1 to 4 Unit Properties
  
• Purchase or Refinance

fha

An FHA loan is a mortgage that's insured by the Federal Housing Administration (FHA). ... However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults. 

Loan features and guidelines

• 3.5% Down Payment
  
• No reserves required in most cases
  
• In most cases, credit scores of 580 or higher
  
• Family members can help out with down payment and closing costs
  
• Owner Occupied Only
  
• 1 to 4 Units

VA Loans

The VA loan is a $0 down payment mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA).

Loan features and guidelines

• 100% financing – No Down Payment
  
• No Monthly Mortgage Insurance
  
• Flexible credit standards
  
• No prepayment penalty and is assumable
  
• Cash out allowed to 100% of home value
  
• Fixed and Adjustable Rates
  
• Owner Occupied only
  
• Single Family Homes Only
  
• Loan amount up to $1,000,000

USDA Loans

USDA loans are zero-down-payment mortgages for rural and suburban home-buyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.  

Loans features and guidelines

• 100% financing – No Down Payment
  
• Closing costs may be financed on some transactions
  
• Home must be in an eligible location.
  
• 30-Year Fixed Rate and Terms
  
• Owner Occupied
  
• Meet the income limit requirements.
  
• Be a U.S. citizen, non-citizen national or qualified alien.
  
• Show a willingness to meet debt obligations.

HOME EQUITY LINES OF CREDITS

With the market going strong, you may be wondering if you have equity in your home. We can help you determine if you have equity, and how you can use it for things like home improvements, debt consolidation, college funds and a lot more.

Loans features and guidelines 

• Owner Occupied
  
• Closing costs may be financed on some transactions
  
• Flexible credit standards
  
• Single Family Homes Only

Jumbo products

A mortgage for more than the conforming limit set by Fannie Mae and Freddie Mac. In most counties, any mortgage of more than $453,100 is a jumbo loan. In counties with high home prices, the conforming limit is higher — up to $679,650. Call Cova Lending for more details.   

Loans features and guidelines  

• Please call Cova Lending for details

MOBILE / MANUFACTURES HOME

Manufactured/mobile homes are housing units that are factory built with a steel undercarriage that remains as a structural component and limits the structure to a single story.  We do not offer resources for other factory-built housing (not built on a permanent chassis), such as modular, prefabricated or sectional housing.

Loans features and guidelines

• A manufactured / mobile home is any dwelling built on a permanent chassis and may also be attached to a permanent foundation system.
  
• Be a one-family dwelling / Owner Occupied 
  
• The towing hitch, wheels, and axles must have been removed.  
  
• Must have been built in compliance with the Federal Manufactured Home Construction and Safety Standards that were established June 15, 1976. Generally, compliance with these standards will be evidenced by the presence of a HUDData Plate that is affixed near the main electrical panel of the home or in another readily accessible and visible location.  Older coaches may be acceptable on a case-by-case situation.