Reno Home Loans Lender

Reno Nevada Home loan Lender with the experience necessary to get your Reno home loan done quickly and at the lowest cost. Getting a new home loan to purchase a Reno new home or refinance home loan Valencia can be challenging. Deal with a local, experienced Mortgage banker that knows the Reno real estate market and has the experience to cut cost and get it closed quickly.

There are many different mortgage options and getting good solid advice will help you understand the best option for you. Mortgage rates are at historical lows and the housing market is heating up once again. The Nevada real estate has always been a good investment and as we did experience a dip due to the poor economy, on a whole over the long term it remains a solid investment to buy a home.

No Money Down Home Loans

There are many programs like VA,FHA, Fannie Mae and others that require little or no money down payments. Fannie Mae has just announced a new program that allows a new mortgage with only 3% equity for a refinance or down payment.

Get Approved for a New Mortgage

To get approved for a new home loan, you need to understand what it takes to get approved for a new home loan or a refinance. Here are several of the qualification items:

• Income– it isn’t your last paycheck, it is the last 24 months average that is used in the calculation. There is an option to just use the last years tax return income but that takes an experienced mortgage professional that has the experience to do the calculation.
• Debt to Income- more commonly known as DTI, this looks at the ratio of all your debt payment to your income. Basically, it takes the items on your credit report and adds the mortgage including payment, taxes, insurance & HOA to it. This needs to be below 43% of your income.
• Credit Score– while you can get mortgage approval with a score as low as 600, it will take 650 or higher to get a good rate. If you have a BK, Foreclosure or collection items on your report, they need addressed and or paid off. There are exceptions, but basically if you have had past issues, expect to wait 2-7 years to get a new mortgage.
• Equity– you need to have equity in the home. FHA loans up to 96.5% of the appraised value but to get a good rate, you need to have 20% or more of equity. That qualifies you for a conventional mortgage with no mortgage insurance required.
• History– if you have a history of late payments, collections or other issues expect to have troubles qualifying. On the other hand if your history is good, expect a low rate approval quickly.

Be sure to ask the rate but also the entire cost. Many in the mortgage business just toss out a low mortgage rate to get your attention and hope you don’t ask what the cost is. If you are looking for a Nevada home loan or doing a  refinance home loan Valencia, let us give you a quote. Use our mortgage payment calculator to get the lowest mortgage payment. We are here to answer your questions and look forward to working with you.