Financing a Home

Not all lenders are the same.
Just because one lender won’t approve you doesn’t mean others will have the same answer.
Rate-shopping is when you apply for the same loan with multiple lenders within a short period of time, usually thirty days.

Types of Lenders

Mortgage Brokers
These lenders don't actually issue loans; they act as an intermediary between the borrower and one or more lenders to issue loans on the lender's behalf.

Not every broker will have every loan option from every lender,
so rate-shopping can produce widely different options.

Retail Direct Lenders
These are traditional banks and credit unions that issue mortgages using funds from deposit accounts in addition to offering checking and savings accounts.

Some banks may also act as mortgage brokers when demand for loans exceeds their available cash.

Portfolio Direct Lenders
These lenders issue mortgages directly to consumers using their own assets.
Private Direct Lenders
These lenders also use their own money to issue a loan directly to a borrower, but are the most flexible lenders because they often do not sell their mortgages on the secondary market and limit the number of loans they issue to a point where fewer regulations are applied to them. In some states, they can issue so few loans that they're not even required to be licensed.
Wholesale Lenders
These are the lenders that issue loans through a mortgage broker instead of directly to consumers. Some large retail and portfolio lenders also act as a wholesale lender.
Warehouse Lenders
These lenders issue short-term loans to direct lenders so they can issue a mortgage and then sell it on the secondary market.

Types of Loans

Conventional Fixed Rate
This is your bread-and-butter home loan that has one interest rate and
P+I Payment for the entire term, which usually lasts for 15 or 30 years,
although terms from 10 to 40 years may be available.
FHA Loans
This is a loan where a portion of the borrowed amount is insured by the Federal Housing Administration and a portion is insured by private mortgage insurance (PMI).

The loans have minimum standards established by the FHA, though lenders are may implement more-restrictive qualification criteria. It is possible to acquire these loans with as little as 3.5% down and a 580 FICO, or 10% down if your score is as low as 500.

VA Loans
Just like FHA loans are partially guaranteed by a U.S. Federal Agency, VA loans are guaranteed by the Department of Veteran's Affairs. Eligibility is limited to Active and Retired full-time members of any of the six military branches, Reservists on federal active duty, members of the National Guard on federal orders for a period of more than 30 days, and Commissioned officers in active service of the Public Health Service (PHS) or the National Oceanic and Atmospheric Administration (NOAA).
203k Renovation Loans
These are a special type of FHA Loan that finance the purchase price of the home as well as repairs it needs. Standard 203k loans cover renovations costing between $5,000 and 110% of the after-repair value of the home (minus purchase price).

In addition to the purchase price, these loans can pay for temporary housing, home repairs, energy efficiency, site improvements, major landscaping, cosmetic upgrades, accessibility, plumbing or electrical updates, health and safety hazards, code compliance, appliances and systems, and structural changes and additions.
USDA Loans
Loans guaranteed by the US Department of Agriculture are aimed at developing rural areas. Outside of prohibited urban areas, USDA loans can be used to finance up to 102% of a home's purchase (or build) price with no down payment.
Jumbo Loans
To free up cash to continue making loans, lenders often sell the loans to
Fannie Mae or Freddie Mac on the secondary market, but there's a limit to the size of mortgages that those enterprises will accept — anything larger requires a Jumbo loan.
Adjustable Rate Mortgage (ARM)
This is more of a category of loan, since ARMs come in many shapes and sizes.
The thing they have in common is that after a period of time the interest rate can change.
Interest-Only Loans
This is a loan where, for a period of time, the borrower only has to pay the interest charged each month with no money applied to the principal. After that predetermined period is over, the loan could end with the entire balance becoming due at once
(a balloon payment) or could be amortized over an additional period of time so that the balance is paid off in equal installments.
Balloon Loans
A loan with a balloon payment is one where the monthly payments made
over the term of the loan do not pay off the loan entirely, resulting in
a final payment that is much larger than the monthly payments.
Combo Loans
This refers to using one type of loan for the main portion of your purchase, usually 80%, and another type of loan for the other amount in order to avoid paying PMI.

Some loan types prevent borrowers from using them in combination with others.

Lease with Option


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Lenders We Know and Love

Why do we love these lenders? Because we’re confident that they’re capable of looking ahead
to catch potential delays before they become a problem and keeping us informed every step of the way.

Andrew Dort

Pride Lending

NMLS ID: 1650297
Call or Text: (725) 780-5001
Apply Online:

Peyton Powers

Supreme Lending

NMLS ID: 147490
Call or Text: (702) 494-7224
Print an Application:

Casey Smith

FBC Mortgage

NMLS ID: 147490
Call or Text: 702-581-8450
Visit Me Online:

Mario Escobedo

Motto Mortgage

NMLS ID: 1509679
Call or Text: (702) 523-5643
Schedule Online:

Leslie Oliver

Wells Fargo

NMLSR ID: 283638 
Call or Text: (949) 735-8353
Schedule Online: