At Floor Rate Mortgages, LLC, we offer a solution for every borrower. Purchasing a home can be a very daunting process. Allow the experts at Floor Rate Mortgages, LLC to guide you through this delicate process. There are so many little details that need to be checked and followed to insure a successful closing and you can trust that our experts will handle those items for you. Our goal is to inform and educate you so that you can feel confident about the life changing purchase you are about to make. You are not just a number when you purchase with us, you are a client and a friend. You can reach us any time of day and know that our years of experience will be used to benefit you the borrower. Floor Rate Mortgages is your Secure, Local lender. Come in and see the Floor Rate difference today.
CONVENTIONAL STANDARD PURCHASE
This loan is for anyone who has wants to get away from paying mortgage insurance. 20% down is required in the state of Nevada to avoid paying the monthly mortgage insurance. However, you can purchase with as little as 5% down as long as your credit score is 720 or higher. Lower scores normally require 10% down or more on a conventional loan. Investment purchase and second homes must also use a Conventional Standard Loan. Investment properties require a minimum 20% down and Second homes require only 10% down through certain banks.
FHA STANDARD PURCHASE
This loan is for anyone that has very little money to put down or a lower credit score. FHA allows a score all the way down to 500 to still purchase a home as long as you fit into specific criteria such as no negative debt in the last 12 months. The down payment on all FHA loans is always 3.5%. FHA does allow for gift funds to be given to any buyer to assist with the 3.5% down payment. FHA is normally a first time homebuyer program and works with down payment assistance programs as well when they are available. FHA also allows for only .5% down with a specific first time home buyer program. Please contact us to inquire about this program.
VA STANDARD PURCHASE
This loan is for any qualified Veteran who wants to buy a primary residence. VA allows the Veteran to borrower up to 100% of the purchase price making their down payment $0. This does not include closing costs so please keep that in mind. As a Veteran, you are protected against what costs can be charged but you will still have to pay them unless you get the seller to agree to pay them for you or if you decide to raise your interest rate to get the bank to pay them for you. You do have options for a true Zero down loan but they must be decided prior to writing an offer on a house.
JUMBO LOAN PURCHASE
This loan is for any loan amount above $417,000 in the state of Nevada. Jumbo loans generally require larger down payments around 25%. Jumbo loans can be up to $5,000,000. Very strong assets and income are required for this type of loan.
HOMEPATH PURCHASE LOAN
This loan can be used when purchasing a Fannie Mae bank owned property. Only 3% down is required for primary residence purchases when using the Homepath program. Another nice feature about this loan is that there is no Mortgage Insurance like you would see on a Conventional Standard Loan with 5% down. Homepath also allows for no appraisal when you purchase any of their properties. This can be a good thing or bad thing depending on how you look at it. You won’t know if you are overpaying for the property since no appraisal is ordered. Homepath also allows for investors to purchase their properties with 15% down instead of the standard 20% required on investment purchases.
REVERSE MORTGAGE PURCHASE
A reverse mortgage loan can be used to purchase a house. This is generally meant for someone who has cash in the bank but not quite enough to pay for the property in its entirety. You must be 65 or older to use this program. A rough guideline is that you can put down 40% and never have another payment in your life using this purchase option.