Mortgage questions, answered straight.

It depends on the loan program, and several options need far less than the 20 percent many buyers assume. An FHA loan allows as little as 3.5 percent down when your credit score is 580 or higher. Conventional loans can start around 3 to 5 percent down for many buyers.

Two programs let qualified buyers put zero down: VA loans for eligible veterans and service members, and USDA loans for homes in eligible rural areas. Gift funds from family are widely accepted on most programs.

The right number for you depends on your credit, income, the home price, and your goals. That is exactly the kind of thing I map out with you before you shop.

There is no single magic number, because each loan program sets its own floor and lenders can add stricter standards on top of that. FHA allows a 3.5 percent down payment with a score of 580 or higher, and scores from 500 to 579 may still qualify with 10 percent down, per HUD Handbook 4000.1.

Conventional loans typically look for higher scores. Your debt to income ratio, savings, and payment history all weigh in alongside the score, so strength in one area can sometimes offset a weaker score.

If your score is not where you want it yet, there are concrete steps to move it. I am glad to look at your full picture and tell you honestly where you stand.

Private mortgage insurance, or PMI, is usually required on a conventional loan when you put down less than 20 percent. It protects the lender, not you, and it is added to your monthly payment.

On a conventional loan, federal law gives you real rights. Under the Homeowners Protection Act of 1998, you can request PMI cancellation once your balance reaches 80 percent of the home original value, and your servicer must automatically remove it at 78 percent, as long as you are current. The CFPB enforces these rules.

FHA mortgage insurance works differently. On most FHA loans it stays for the life of the loan unless you put 10 percent or more down, in which case it can end after 11 years. VA and USDA loans use their own fee structures instead of monthly PMI.

An FHA loan is insured by the Federal Housing Administration and is built for buyers with lower credit scores or smaller down payments. It allows 3.5 percent down at a 580 score, but it carries an upfront mortgage insurance premium of 1.75 percent plus an annual premium, and on most FHA loans that insurance stays for the life of the loan.

A conventional loan is not government insured. It often calls for a stronger credit profile, but its PMI can be removed once you reach 20 to 22 percent equity, and a strong borrower may pay less over the life of the loan.

Which one wins depends entirely on your numbers. I run both side by side so you can see the real cost difference for your situation, not a generic rule of thumb.

Yes. If you are an eligible veteran, active duty service member, or qualifying surviving spouse, a VA loan lets you buy a primary residence in Nevada with zero down payment and no monthly mortgage insurance. The loan is made by a private lender and guaranteed by the Department of Veterans Affairs.

You will need a Certificate of Eligibility, which confirms your service and entitlement. Most VA loans carry a one time funding fee, commonly 2.15 percent for first time use, which can be financed into the loan. Veterans receiving VA disability compensation of 10 percent or more are generally exempt from that fee.

Northern Nevada has a strong veteran community, and the VA loan is one of the most powerful benefits earned through service. I will help you use it the right way.

Many do. The USDA Single Family Housing Guaranteed Loan Program offers 100 percent financing, no down payment, for primary homes in eligible rural areas. In Nevada, towns such as Fernley, Fallon, and Dayton commonly fall inside the eligible map, while the Reno, Sparks, Las Vegas, Henderson, and North Las Vegas urban cores generally do not.

USDA also sets household income limits, generally tied to 115 percent of the area median income, and the home must be your primary residence. The program charges a 1 percent upfront guarantee fee and a 0.35 percent annual fee in place of traditional mortgage insurance.

Eligibility comes down to the exact address and your household income. I can check a specific property against the USDA map for you in minutes.

Pre-qualification is a quick, informal estimate based on numbers you tell me. It is a useful starting point, but it is not a commitment and it does not carry much weight with sellers.

Pre-approval is the real thing. I review your actual income, assets, and credit, then issue a letter showing what you can borrow. In a competitive market, a strong pre-approval letter is what gets your offer taken seriously.

Getting pre-approved before you shop tells you your true budget and puts you in a position to move fast when you find the right home.

For most applications you will gather recent pay stubs, the last two years of W-2s or tax returns, two months of bank statements, and a government issued ID. Self employed buyers usually add business returns and profit and loss detail.

If you are using a gift for the down payment, we document it with a signed gift letter. VA buyers add a Certificate of Eligibility, and certain programs ask for a few extra items.

Do not worry about having everything perfect before you reach out. Part of my job is telling you exactly what applies to your situation so you are not chasing paper you do not need.

Closing costs are the fees to finalize your loan and purchase, such as the appraisal, title insurance, lender fees, and prepaid taxes and insurance. They commonly run a few percent of the purchase price, separate from your down payment.

Who pays them is negotiable. Buyers often cover their own, but seller credits, lender credits, and certain assistance programs can reduce or even eliminate your out of pocket cost at the table.

Before you ever sign, you receive a Loan Estimate and later a Closing Disclosure that lay out every figure. I walk through both with you line by line so there are no surprises.

A typical purchase runs about three to five weeks from a complete application to closing, though it varies with the property, the program, and how quickly documents come in. A well prepared file moves faster.

The biggest delays usually come from missing paperwork, appraisal scheduling, or last minute changes to a buyer finances. Getting pre-approved early removes most of that friction.

I keep you and your real estate agent updated at every milestone, so you always know what is happening and what comes next.