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.
