FHA

Overview

The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so that Wholesale Mortgage can offer you a better deal. FHA loans are open to all qualified home purchasers. While there are limits to the size of FHA loans, they are generous enough to handle moderately-priced homes almost anywhere in the country. FHA loans offer a low down payment and more flexibility than many other types of financing.

Benefits

  • Competitive Interest Rates
  • Down Payment as low as 3.5% (can be gifted by a family member/relative)
  • Low Credit Qualifying
  • Non-Owner Occupied Co-Borrower Allowed
  • Up to 6% Seller Contribution for Closing Costs
  • Low Closing Costs
  • No Income Limits
  • Flexible Requirements

If you’re interested in buying a home in Reno, Nevada, Mann Mortgage can help you make it happen. Please contact us today or apply online in less than 10 minutes using the secure online application below.

VA

VA 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.

Benefits

  • Fixed Rate Loans and Temporary Buy-downs
  • Available for detached 1-unit dwellings, eligible condos and PUD’s
  • Properties must meet VA guidelines and be inspected by VA-approved appraisers
  • Subject to loan limit set by VA. Contact us for current limits in your area.
  • One time mortgage insurance fee is typically charged, which may be financed if the total loan amount does not exceed the loan limits set by VA.
  • No prepayment penalty
  • No reserve requirements at closing
  • No down payment required
  • Out-of-pocket expenses may be gifted, typically from relatives
  • Only eligible veterans and their spouses occupying the subject property may be co-borrowers or co-signers
  • Seller may contribute a maximum of 4% of the lower of the sales price or the appraised value

CONVENTIONALNVIONAL LOANS

Overview

Conventional loans are not insured by any government program and are the most common type of mortgage in Nevada. Conforming conventional loans follow the loan amount guidelines set by Fannie Mae and Freddie Mac. Nonconforming loans, on the other hand, don’t meet those guidelines, but they are still considered conventional. Conventional loans often have higher down payment requirements than government-sponsored loans like FHA loans and USDA RD loans.

Benefits

  • Competitive interest rates and lower fees
  • Down payments as low as 3%
  • Borrow up to 97% of home’s value
  • Available for primary residences, second homes and rental properties

If you’re interested in buying a home in Reno, Wholesale Mortgage can help you make it happen. Please contact us today or apply online in less than 10 minutes using the secure online application below.

Refinance

Are you looking to refinance? To see how much lower our rates are than the big banks please click below fill out our short application to see if you qualify and obtain a pre-approval letter.

Reverse Mortgages

Overview

Reverse Mortgages—also known as HECM (Home Equity Conversion Mortgage) loans—are an important financial option for Nevada homeowners 62 years of age or older. Reverse Mortgages have several benefits and can play an important role in helping seniors strengthen their financial strategy, meet their family’s retirement needs, and boost their monthly income. As a result of these benefits, Reverse Mortgages have grown in popularity in Nevada and throughout the U.S. over the last 50 years.

Benefits

  • Own & live in your home while receiving cash
  • No monthly mortgage payments
  • Convert your home’s equity into cash
  • Lets you stay in your home & maintain the title
  • Unused funds from your line of credit will grow annually
  • Federally Insured by FHA (Federal Housing Administration)

If you are a homeowner over the age of 62 and live in Nevada, you’ll want to learn more about how a Reverse Mortgage from Wholesale Mortgage can help. Please contact us today or apply online in less than 10 minutes using the secure online application below.

MANUFACTURED HOUSING

Manufactured

Financing is challenging for any homeowner, and that’s especially true for mobile homes and some manufactured homes. Those loans are not as plentiful as standard home loans, but they are available from several sources — and government-backed loan programs can make it easier to qualify and keep costs low.

Mobile, Manufactured, and Modular

When discussing home loans, the terms you use with lenders can be important. What you call a “mobile home” is most likely a “manufactured home” (even though the home is — or once was — mobile). For informal use, either term works, but most lenders avoid lending on property categorized as a mobile home.

  • Mobile homes are factory-built homes made before June 15, 1976. They may be very nice homes, but they were built before regulators required certain safety standards, and most (but not all) lenders are reluctant to lend on those properties.
  • Manufactured homes are factory-built homes built after June 15, 1976. Those homes are subject to the National Manufactured Housing Construction and Safety Standards Act of 1974 and are required to meet safety standards set by the U.S. Department of Housing and Urban Development (HUD). Those rules are often referred to as the HUD Code. Manufactured homes are built on a permanent metal chassis and can be moved after installation (but moving the home after installation can interfere with financing).
  • Modular homes are factory-built homes that are assembled on-site and are required to meet all of the same local building codes as site-built homes (as opposed to the HUD Code). They are typically permanently installed on a concrete foundation. Like site-built homes, modular homes tend to hold value and appreciate more than manufactured or mobile homes, so it’s easier to get loans for modular homes.

Wholesale Mortgage works with dozens of lenders including companies who finance manufactured and mobile homes. As with any loan, it pays to shop among several different lenders. We compare the interest rate, features, closing costs, and other fees of every loan carefully.

PRIVATE MONEY

Private mortgage loan can be made by an individual or a business that is not a traditional mortgage lender. If you’re thinking of borrowing for a home, or other real estate purchase, could be an option especially if you are having a hard time getting approved by traditional lenders. We have a network of private money lenders to help when traditional financing becomes too difficult for your situation. We understand how to get you financed without taking too much risk.

Private money lenders are useful for investors and others who have a hard time getting approved by traditional lenders.

USDA Rural Ag Loans

Overview

U.S. Department of Agriculture (USDA)/Rural Development (RD) loans provide low- to moderate-income households with the opportunity to buy homes as their primary residence in eligible rural areas.