Trust Mann Mortgage to be Your Reno Mortgage Brokers

Mann Mortgage, the proven name in Reno mortgages, has dedicated its entire website to make it easy for you to obtain Reno mortgages and loans in Reno, NV.

As leading mortgage brokers in Reno, NV, they’ve created a complete list of loans, or program descriptions, so you can learn which of many Reno mortgages and Reno loans is right for you. Learn about the difference between FHA loans, VA loans, conforming loans, jumbo loans, second mortgages, equity lines and rural development. Just to get you started, here’s a bit of information on each:

Federal Housing Administration (FHA)

The Federal Housing Administration is a division of the U.S. Department of Housing and Urban Development, commonly referred to as HUD. FHA loans were created to provide affordable mortgages to the average homebuyer, according to Mann Mortgage, leading mortgage brokers in Reno, NV. The federal government insures FHA loans, or guarantees participating lending institutions against loss from default on qualifying loans.

Veterans Administration (VA)

As leading Reno mortgage brokers, Mann Mortgage explains that Veterans Administration loans were created to help veterans finance the purchase of their homes with favorable loan terms. For the purpose of the VA program, "veteran" includes active duty service personnel and certain categories of spouses. Like FHA loans, the federal government insures VA loans, or guarantees VA approved lending institutions against loss from default on qualifying loans.

Conforming Loans

Conforming Loans are those that meet Fannie Mae and or Freddie Mac underwriting requirements. In other words, income, credit, and property requirements must meet nationally standardized guidelines. Conforming loans are subject to loan amount limits that are set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Mann Mortgage explains that these limits vary based on the region in which the subject property is located as well as the number of legal units contained in the subject property.

Jumbo and Nonconforming Loans

Jumbo loans are those that exceed the loan amounts allowed by FNMA and FHLMC. For more details on these loans in Reno, NV, contact Mann Mortgage, at 775-828-9500, your leading mortgage brokers in Reno, NV.

Second Mortgages or Home Equity Closed-end Loans

A close-end loan is one where a set amount of money is borrowed and repaid within a specific period of time. There is a multitude of second mortgage products available, according to Mann Mortgage, your Reno mortgage brokers, and lender guidelines vary widely. Generally, loan amounts, interest rates and fees are tied closely to equity in the property and credit scores. Whether to do a first or second mortgage or whether to take a line of credit or closed-end loan depends largely on the purpose of the loan.

Home Equity Lines of Credit

Mann Mortgage explains that a home equity line of credit loan is a line of credit that is secured against real estate. The amount of the credit line is dependent upon the amount of equity in the subject property and the lender's guidelines. Each lender has its own specific guidelines and limitations. Lines of credit are typically designed for borrowers who intend to pay back the borrowed funds within a short period of time. Equity lines of credit are processed and underwritten similar to traditional mortgages; however, lender guidelines vary widely.

Home equity lines differ from traditional mortgages that provide funds up front, then require repayments of principal and interest each month. With a home equity line, a borrower may draw against any available credit on the line while continuing to make monthly payments during the "draw period." The draw period usually lasts 15 years. At the end of that time, the borrower has a set number of years to repay the remaining balance in full without further draws. The "repayment period" is typically 15 years.

Interest on home equity lines accrues similar to interest on credit cards and payments are based on payment factors. To learn more about loans in Reno, NV, call Mann Mortgage today or visit their offices at 5355 Kietzke Lane, Suite 200 in Reno. 

Rural Development

A USDA home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan that is different from a traditional mortgage in several ways. Contact Mann Mortgage, your Reno mortgage brokers, to find out more.