Reno Nevada Home Loan

Finance Information

How much home can you afford? Use our finance center to learn about your loan options below. There are several loan programs available, and depending on your credit history, there is bound to be one that is perfect for you. Here are a few examples of the most popular programs offered today:

 

Conventional Fixed Rate Loan

Conventional loans can start at 3% down payment but most ideally 20% is advised to alleviate the Mortgage Insurance Premium.  Most conventional buyers tend to have a higher credit score than the FHA buyers.  In todays competitive Reno/Sparks real estate market, having a conventional is more appealing for a seller because it shows more stability in the buyer. 

  1. Jumbo Loans (loans over $417,000)
  2. Doctor Loan Programs - special rates, no PMI and lower down payment requirements
  3. Adjustable Rate Mortgage
  4. Investment property loan (typically requires 20% down, some lenders can offer 15% down)
  5. Home Possible®. This program features low down payment options, and is designed for families with limited funds for a mortgage. Homebuyer education courses may be required. 

    HomeStyle® Renovation. This loan is designed for homes in need of repairs, renovations or non-essential extras. In addition to funding your new home, HomeStyle Renovation provides additional funds to finance renovation projects before you move in.

 

Government-Insured Loans

  1. FHA (Federal Housing Administration), offers loans for low-to-moderate-income home buyers. You can get an FHA loan for as low as 3.5% down payment with high PMI (Private mortgage insurance).  Getting this type of loan is a little bit easier than getting a conventional loan.   FHA mortgages have no income restrictions and even those with lower credit scores may be considered. Past bankruptcy does not necessarily disqualify borrowers from using this program!
  2. FHA 203(k) Rehab. This loan provides additional funding so homebuyers can finance repairs, renovations and home improvements before move-in. 

    FHA HUD REO. This loan is only available for Real Estate Owned (REO) properties, or foreclosures. You may qualify to buy a REO with just $100 down. These properties are sold in “as-is” condition.            
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  4. VA (Department of Veterans Affairs)  offers a zero-down mortgage program and zero PMI.    To take advantage of this program, borrowers need to be among those listed as veterans and service personnel in the U.S. military. I'm currently partnered with a lender who offers FREE APPRAISALS as a part of relationship of them.
  5.  
  6. USDA (United States Department of Agriculture) loans.  Similar to the FHA underwriting standards, USDA has zero down and lower PMI rates.  However, it is strict to rural parts of Nevada.  What qualifies in our area are as follows:  Fernley, Washoe Valley, rural parts of Lemmon Valley, Cold Springs, some parts of Spanish Springs, and Dayton.