Graham Pruitt NMLS #521186 at ALCOVA Mortgage

08/27/2026

Reverse mortgages are misunderstood more often than almost any other mortgage product. Let me clear up the confusion.

A reverse mortgage - specifically the HECM (Home Equity Conversion Mortgage) backed by the FHA - allows eligible homeowners to access their home equity without making monthly mortgage payments.

Who qualifies: you must be 62 or older, live in the home as your primary residence, and have significant equity in the property.

The biggest misconception: the bank does not take your home. You remain the owner. You continue living there. The loan simply converts a portion of your equity into accessible funds.

You can receive those funds as monthly income, a lump sum at closing, or a line of credit you draw from over time.

When is the loan repaid? When you sell the home, permanently move out, or pass away. Your heirs can sell the home, pay off the balance, or refinance. They are never personally liable for any shortfall beyond the home's value.

Government-backed HECMs also come with meaningful consumer protections, including mandatory independent counseling before you can apply.

Is a reverse mortgage right for everyone? No. But for the right person - a retiree with strong home equity who wants to supplement retirement income - it can be a legitimate, thoughtful financial strategy.

Ready to explore your options? Email me at [email protected] for a free, no-obligation pre-qualification.



Graham Pruitt | NMLS #521186 | Licensed in VA, MD, DC, SC, PA, WV

08/26/2026

5.0 star review received on Experience.com for Graham Pruitt by Frank E M - Graham and his team were very responsive to messages and calls. They were adept in making sure i understood each step of the process.

Click to see all 169 reviews of Graham Pruitt at Alcova Mortgage, Branch Partner

08/26/2026

One of the most stressful situations in real estate: you've found the perfect home, but your current home hasn't sold yet. You need to buy before you sell - but you don't have the cash available to make both happen at once.

A bridge loan is the solution.

A bridge loan is a short-term financing tool that uses the equity in your departing residence to fund your new purchase, giving you the time you need to sell without the pressure of an impossible deadline.

Key details:
- Term: typically 6 to 12 months of interest-only payments, keeping monthly costs manageable
- Security: typically secured by your departing home
- LTV limits: most lenders allow up to 65-80% of combined value

When a bridge loan makes sense: when your equity is strong, you have a clear plan for selling, and waiting simply isn't an option.

Alternatives worth knowing: contingent offers, a HELOC on the departing property, or sale-leaseback arrangements each have tradeoffs - the right solution depends on your specific numbers and timeline.

For my agent partners: every referring agent receives a weekly written status update on every active file. No chasing, no guesswork - just clear, consistent communication.

Real estate agents - if you've had a deal fall through or you have a buyer who needs a second opinion, email me at [email protected]. I'd love to take a look and find a path forward.



Graham Pruitt | NMLS #521186 | Licensed in VA, MD, DC, SC, PA, WV

08/22/2026

Thinking about buying an investment property? The financing rules are different from a primary residence - and understanding them before you start shopping will save you a lot of time.

Here's what to expect with conventional investment property financing:

Down Payment: typically 15-20% for a 1-unit investment property and 25% for a 2-4 unit property.

Credit Score: most lenders look for 680 or higher for investment properties - a higher standard than the 620 typical for primary residences.

Reserve Requirements: many lenders require 6 months of PITI per investment property you already own. This can add up quickly for investors building a portfolio.

Two Ways to Qualify: conventional financing based on personal income and DTI, or a DSCR loan that qualifies entirely on the property's rental cash flow with no personal income verification required.

Short-Term Rental Programs: some lenders offer specialized products for Airbnb and VRBO investors, using projected or actual short-term rental income to qualify.

Knowing which strategy fits your situation before you find the property is the key to moving fast when the right deal appears.

Real estate agents - if you've had a deal fall through or you have a buyer who needs a second opinion, email me at [email protected]. I'd love to take a look and find a path forward.



Graham Pruitt | NMLS #521186 | Licensed in VA, MD, DC, SC, PA, WV

08/21/2026

What if you could buy a home that needs work AND fund all the renovations in a single loan with a single closing? That's exactly what renovation loan programs make possible.

Two of the most popular programs:

FHA 203(k): Available in two versions. The Limited 203(k) covers cosmetic and non-structural improvements up to $75,000. The Standard 203(k) handles major structural renovations including additions and full gut renovations. Both roll the purchase price plus renovation costs into one FHA-insured loan.

Fannie Mae HomeStyle Renovation: A conventional renovation option with more flexibility on allowed improvement types, including upgrades that go beyond basic repairs. Requires as little as 5% down for primary residences.

How the value works: the appraiser does not evaluate the home in its current state. They assess the 'after-improved' value based on your renovation plans. That higher projected value becomes the basis for your loan amount.

Why renovation loans matter right now: in low-inventory markets, buyers often face a choice between the right neighborhood and the right home. A renovation loan lets you buy in the right location and build the right home.

Working with a lender experienced in renovation lending is critical - the process is more complex and experience makes a real difference.

Ready to explore your options? Email me at [email protected] for a free, no-obligation pre-qualification.



Graham Pruitt | NMLS #521186 | Licensed in VA, MD, DC, SC, PA, WV

08/20/2026

Building a home from the ground up is an exciting process - but the financing works differently from a traditional purchase mortgage. Here's what you need to know.

There are two primary types of construction loans:

One-Time Close (OTC): You close once before construction begins. The loan covers the build phase and automatically converts to your permanent mortgage at completion. One set of closing costs. One smooth process.

Two-Time Close: A separate construction loan covers the build. At completion, you refinance into permanent financing. Two closings and two sets of costs - but more flexibility to shop for the best permanent rate once the home is finished.

How draws work: your lender releases funds in stages as construction milestones are completed and inspected. During this phase, you typically pay interest only on funds that have been drawn.

Additional details:
- Down payment is generally 10-20% depending on lender and qualifications
- Independent inspections occur before each draw is released
- Construction timelines matter - loans come with set completion deadlines

In a market with limited existing inventory, building a custom home puts you in complete control of the design, location, and price - with financing secured from day one.

Ready to explore your options? Email me at [email protected] for a free, no-obligation pre-qualification.



Graham Pruitt | NMLS #521186 | Licensed in VA, MD, DC, SC, PA, WV

08/19/2026

Real estate investors: what if you could qualify for a mortgage based entirely on the property's rental income - not your personal income, not your tax returns, not your employment status?

That's exactly what a DSCR loan does.

DSCR stands for Debt-Service Coverage Ratio. The formula: Gross monthly rental income divided by monthly PITIA (principal, interest, taxes, insurance, and association dues) equals your DSCR ratio.

Most lenders want to see a DSCR of 1.0 or higher, meaning the property generates at least enough rental income to cover all monthly expenses. Some lenders require 1.25 for better terms.

Key details:
- Typical LTV up to 75-80% (15-25% down payment)
- Works for long-term rentals and, with select lenders, short-term rental income from Airbnb or VRBO
- No pay stubs, no W-2s, no tax returns, no personal income verification

If the property's numbers work, the loan works. This product has fundamentally changed how real estate investors build portfolios by removing personal income as a bottleneck.

For my agent partners: every week I personally follow up with every active pre-qualification in my pipeline. Your buyer referrals stay engaged, and your referrals come back to you.

Real estate agents - if you've had a deal fall through or you have a buyer who needs a second opinion, email me at [email protected]. I'd love to take a look and find a path forward.



Graham Pruitt | NMLS #521186 | Licensed in VA, MD, DC, SC, PA, WV

08/18/2026

If you're self-employed, you already know the challenge: you've built a successful business, but your tax returns don't tell the whole story of what you earn. Bank statement loans exist specifically to solve this problem.

Instead of using W-2s and tax returns, lenders use 12 or 24 months of your personal or business bank statements.

The calculation is straightforward: gross deposits minus an expense factor (or ratio) equals qualifying income. For example, if you deposit $15,000 per month and the lender applies a 50% expense ratio, your qualifying monthly income is $7,500.

Why this matters: many self-employed borrowers write off significant business expenses, which legally reduces taxable income on paper - but makes it appear that they earn far less than they actually do. A bank statement loan uses your actual cash flow rather than your tax return picture.

Typical requirements:
- Credit score of 620 or higher
- 10-20% down payment depending on lender and loan amount
- At least two years of documented self-employment

This product is a genuine game-changer for entrepreneurs, freelancers, gig economy workers, and small business owners who have been turned away by traditional lenders despite earning well.

Ready to explore your options? Email me at [email protected] for a free, no-obligation pre-qualification.



Graham Pruitt | NMLS #521186 | Licensed in VA, MD, DC, SC, PA, WV

08/15/2026

Not everyone's financial situation fits neatly into a box. And that's exactly why Non-QM loans exist.

Non-QM stands for Non-Qualified Mortgage. These are home loans that fall outside the standard guidelines set by Fannie Mae and Freddie Mac. That doesn't make them risky - it makes them flexible.

Here's who Non-QM is designed to help:
- Self-employed borrowers who show strong real-world income but low taxable income on tax returns
- Real estate investors who qualify based on property cash flow rather than personal income
- Foreign nationals purchasing U.S. real estate
- Borrowers with recent credit events - bankruptcy, foreclosure, or short sale - who have since recovered financially
- High-net-worth individuals with complex income structures or significant assets

The most important thing to understand: Non-QM does not mean subprime. These are sophisticated mortgage products for creditworthy borrowers in unique financial situations. The underwriting standards are real, the requirements are serious, and these products are legitimate.

In today's economy, more borrowers than ever are self-employed or have non-traditional income - and they deserve financing options that reflect their actual financial strength.

Ready to explore your options? Email me at [email protected] for a free, no-obligation pre-qualification.



Graham Pruitt | NMLS #521186 | Licensed in VA, MD, DC, SC, PA, WV

08/15/2026

5.0 star review received on Experience.com for Graham Pruitt by Brianne M - You and your team really came through to make the closing happen, thank you!

Click to see all 168 reviews of Graham Pruitt, Branch Partner