Property Q&A in Mayfield>Question Details

Samantha, Home Buyer in Festus, MO

What does COV mean? We were wanting to know our options and if it was possible for us to get a loan and then give it to the seller?

Asked by Samantha, Festus, MO Wed Apr 4, 2012

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Conv - is conventional. There are 2 ways to buy the property, cash money or conventional loan. Conventional loans usually require 20% or more down up front plus closing costs. That would be approximately $10k up front. The reason for this, is that the house will not pass government inspections that are required for FHA, VA, USDA, and Rural Housing loans. They all require an appraisal/partial home inspection. If you have any other questions, please call me at 270-293-8738. Thanks - Angie
0 votes Thank Flag Link Thu Apr 5, 2012
In regard to finance, is usually the abreviation for conventional financing
0 votes Thank Flag Link Thu Apr 5, 2012
I am guessing here but I believe a cov in loan terms refers to a "covenant". In this case a covenant may mean your are required to maintain a certain debt to equity ratio. Basically, it means you can't take on a certain amount of debt as specified in the loan agreement.
0 votes Thank Flag Link Wed Apr 4, 2012
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