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FED FUNDS3.63%+0bp
2-YR4.15%-5bp
10-YR4.63%-5bp
30-YR5.21%-3bp
INFLATION3.5%+0.0pp
HOME PRICES+1.1%+0.2pp
AFFORDABILITY103+1.5
Updated Aug 14, 2026
ART LOERANMLS #367308
CALL ART775-404-0006
THE ART OF LENDING
FED FUNDS3.63%+0bp
2-YR4.15%-5bp
10-YR4.63%-5bp
30-YR5.21%-3bp
INFLATION3.5%+0.0pp
HOME PRICES+1.1%+0.2pp
AFFORDABILITY103+1.5
Updated Aug 14, 2026
ART LOERANMLS #367308
CALL ART775-404-0006
THE ART OF LENDING
Real Answers • Since 1999

Ask Art:
Real Answers When Your Loan Officer Goes Quiet

🇲🇽  Hablamos Español.

Stuck, confused, or waiting on a callback that is not coming? Art Loera, NMLS #367308, answers the real-life mortgage questions, straight and with no runaround.

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Your Mortgage Question Desk

Real situations buyers and homeowners actually face

Pick the situation that sounds like yours. Every answer is written by Art Loera, NMLS #367308, a Reno mortgage specialist since 1999, and every one ends with a direct way to reach a real person who picks up.

Tools and EligibilityBuying a HomeQualifyingAppraisal & ClosingRefinance & Cash-OutWhen Something Goes WrongVeteransFirst-Time Buyer Education
Tools and Eligibility

Check eligibility and get your certificate

Two questions come up constantly. Is this specific house USDA eligible, and where do I get the homebuyer education certificate my loan requires. Both have official answers, and both links are below.

USDA: check whether an address is eligibleFannie Mae HomeView, free certificate for HomeReadyFreddie Mac Homebuyer U, free, also in SpanishFind a HUD-approved housing counselorNevada Housing Division: Home Is Possible

Is this house eligible for a USDA loan?

USDA is decided parcel by parcel, not by town, so check the address itself on the official map above. In Nevada the rule excludes cities and urbanized areas, which takes out Las Vegas, Henderson, North Las Vegas, Reno, Sparks and the Carson City core, while leaving most of the rest of the state eligible. Fernley, Fallon, Yerington, Silver Springs, Elko and Winnemucca are where these loans actually close. Two things trip people up. Location is only half of it, because USDA also caps household income, so a home can sit inside the eligible boundary while the household is over the limit. And map eligibility is a location estimate only, until USDA Rural Development, the appraisal and underwriting confirm it. Send Art the address and he checks the parcel before you write an offer.

Art Loera • NMLS #367308 • PRMG

Where do I get the first-time buyer education certificate?

Both of the big ones are free and online, but take the one your program accepts, because the certificate is not interchangeable. Fannie Mae HomeView satisfies HomeReady. Freddie Mac CreditSmart Homebuyer U satisfies Home Possible and HomeOne, and it is offered in Spanish. A course from a HUD-approved counseling agency is accepted broadly and meets the National Industry Standards. Nevada Housing Division keeps its own approved list for Home Is Possible, so finishing the wrong course can mean taking a second one. Budget roughly eight hours, and know that your lender needs the certificate in the file before closing, not after. Ask Art which course your specific loan needs before you start it.

Art Loera • NMLS #367308 • PRMG

What income limits apply to these programs?

Three programs, three different measuring sticks, and mixing them up is the most common mistake. USDA caps household income at 115 percent of area median. HomeReady and Home Possible cap qualifying income at 80 percent of area median and have no rural map at all. Nevada Home Is Possible uses hard dollar caps set county by county. For scale, HUD puts the 2026 area median family income for the Reno metro, meaning Washoe and Storey counties, at $116,800, with a four-person low-income figure of $93,450. Two warnings worth more than the numbers. USDA counts every adult in the household, not only the borrowers, so a working adult child at home counts against the cap. And the low-income figure is not simply 80 percent of your county median, because HUD applies floors that push several rural Nevada counties higher than the arithmetic would suggest. Art pulls your county and household size before you plan around any number.

Art Loera • NMLS #367308 • PRMG

Buying a Home

Buying a home

Can I back out after I sign the purchase contract?

It depends on your contingencies. Your inspection, appraisal, and financing contingencies are your exit ramps, and inside those windows they protect your earnest money. Once those deadlines pass, walking away can cost the deposit. Art coordinates with your agent so financing never becomes the reason a deal falls apart.

Art Loera • NMLS #367308 • PRMG

The inspection found problems. What are my options?

Within your inspection window you can ask the seller for repairs, a price reduction, or a closing-cost credit, or you can walk away with your earnest money. A repair credit often keeps the deal moving without delaying your closing. Send Art the findings and he will help you weigh which path keeps your loan on track.

Art Loera • NMLS #367308 • PRMG

Qualifying

Qualifying for your loan

I do not qualify on my own. Can my parents cosign?

Often yes, usually as a non-occupant co-borrower. On FHA loans and on Fannie Mae HomeReady, a parent who will not live in the home can add their income and credit to help you qualify, while going on the note and the credit with you. A true cosigner and a co-borrower are treated differently, and Art will show you which structure fits your file.

Art Loera • NMLS #367308 • PRMG

I have little or no credit score. Can I still buy?

Yes. Manual underwriting and nontraditional credit, such as rent, utilities, and insurance payments, can build a usable file when you do not have a traditional score. The steps you take now matter, so talk to Art before opening or closing anything. See the Credit page for the full playbook.

Art Loera • NMLS #367308 • PRMG

I am self-employed or 1099. How is my income counted?

Lenders typically average your income from two years of tax returns. When your returns understate your real cash flow, bank-statement and other non-QM options can qualify you on deposits instead. Art reviews your returns first so there are no surprises in underwriting.

Art Loera • NMLS #367308 • PRMG

I have a collection, charge-off, or judgment. Does it block me?

Not automatically. How it is treated depends on the type, the age, and the loan program, and some items do not need to be paid to close. Do not pay or dispute anything in the middle of your loan before asking Art, because the wrong move can reset scores or stall underwriting.

Art Loera • NMLS #367308 • PRMG

My student loans are hurting my debt-to-income ratio.

How a deferred or income-driven student loan payment is counted varies by program, from the actual payment to a percentage of the balance. The right program can lower how that debt counts against you. Art runs your file across programs to find the calculation that helps you most.

Art Loera • NMLS #367308 • PRMG

Can my down payment be a gift?

On most programs, yes. Gift funds are allowed with a signed gift letter and a clear paper trail showing where the money came from, and family members are the common donors. Sourcing and seasoning rules apply, so loop Art in before the money moves so it is documented correctly.

Art Loera • NMLS #367308 • PRMG

I had a bankruptcy or foreclosure. When can I buy again?

Typical waiting periods apply and they differ by event and program, for example Chapter 7 versus Chapter 13, and FHA versus conventional versus VA. The clock often starts at discharge or sale, not at filing. Give Art the dates and he will map the exact day you become eligible.

Art Loera • NMLS #367308 • PRMG

Preapproval or prequalification. What is the difference?

A prequalification is a conversation. You tell a lender your income, debts and rough credit picture, and you get an estimate. Nothing was verified. A preapproval means the lender actually pulled your credit and reviewed documents such as pay stubs, W-2s, tax returns and bank statements, then issued a letter for a specific amount. In a competitive Reno or Sparks offer, listing agents read a prequalification as a maybe and a preapproval as a buyer who can perform. Neither one is a commitment to lend, because the property and the final underwriting still have to clear. Art issues a verified preapproval letter you can attach to an offer the same day.

Art Loera • NMLS #367308 • PRMG

How much house can I actually afford?

Underwriting answers a narrower question than you are asking. It looks at debt to income, meaning your total monthly obligations including the new payment divided by your gross monthly income. Many programs run comfortably in the low to mid 40s and some go to 50 percent with strong compensating factors. What that calculation never sees is your childcare, your commute over the hill, your savings rate, or the repair fund a 1970s Reno roof is going to need. The maximum approval and the right number are rarely the same number. Art shows you both, then builds the payment around the life you actually have.

Art Loera • NMLS #367308 • PRMG

Does shopping several lenders hurt my credit score?

Far less than most people fear, and the scoring models are built to protect you here. FICO ignores mortgage inquiries less than 30 days old outright. Beyond that window the models group repeated mortgage shopping into a single inquiry: newer FICO versions dedupe across 45 days, while older FICO versions and VantageScore use 14 days. The models mortgage lenders actually pull differ by bureau, with Equifax Beacon 5.0 and TransUnion FICO Classic 04 at 45 days but Experian FICO v2 at 14. So the practical rule is simple. Do your shopping inside 14 days and you are safe under every model. A single hard inquiry costs the average consumer fewer than 5 points. Note this grouping covers mortgage, auto and student loans only. Credit cards get no such treatment.

Art Loera • NMLS #367308 • PRMG

Soft pull or hard pull. Which one is this?

A soft pull is a look. It happens when you check your own credit, when a card issuer prescreens you, or when a lender runs a preliminary review with your permission, and it never affects your score. A hard pull is a formal application for credit. It shows on the report other lenders see and it can move your score a few points. On a mortgage the hard pull comes when you apply, and it is what makes a preapproval an actual preapproval rather than an estimate. Since mortgage inquiries under 30 days are ignored and the rest are deduped inside a short window, one honest hard pull is not the risk people think it is. Opening a new credit card in the middle of your escrow is.

Art Loera • NMLS #367308 • PRMG

Appraisal & Closing

Appraisal and closing

The appraisal came in low. What do I do?

You have four real moves. You can request a Reconsideration of Value with stronger comparable sales, which since 2024 is a formal borrower right your lender must disclose. You can renegotiate the price with the seller, cover the gap with extra cash, or use your appraisal contingency to step back. Art builds the comp package and works the file so a low number does not end the deal.

Art Loera • NMLS #367308 • PRMG

I changed jobs, quit, or got laid off before closing.

Lenders re-verify your employment in the days right before funding, so a change can pause or end the loan. A salaried move within the same field is often survivable, while switching to self-employment or commission mid-process usually is not. Tell Art the moment anything shifts, before it shows up at the closing table.

Art Loera • NMLS #367308 • PRMG

The market or my rate moved before closing.

Without quoting numbers, your process options are to lock, to float, or to use a float-down where the program allows it. A lock protects your terms for a set window, and closing delays are the usual reason a lock gets tight. Tell Art early so the lock and the closing date stay aligned.

Art Loera • NMLS #367308 • PRMG

What is a prepayment penalty, and does my loan have one?

Most mortgages today have none, and government loans like FHA, VA, and USDA never carry one. Under federal rules a penalty is only possible on certain fixed-rate qualified mortgages and is capped, then disappears after a few years. Check the prepayment box on your Loan Estimate and Closing Disclosure, or send Art your note and he will read it for you.

Art Loera • NMLS #367308 • PRMG

My rate lock is about to expire, or it already did.

You are not out of options. Depending on timing you can extend the lock, which may carry a cost, re-lock at current terms, or use a float-down where available. Closing delays are the usual culprit, so the fix is to get Art on it early and keep the lock and the closing date in sync.

Art Loera • NMLS #367308 • PRMG

What are closing costs and who pays them?

Closing costs generally run about 2 to 5 percent of the loan amount and they are not one fee, they are a stack. Lender charges such as origination and underwriting, third party charges such as appraisal, credit report, title insurance and escrow, government charges such as recording, and prepaid items such as the first year of homeowners insurance plus the property tax and insurance dollars that start your escrow account. Who pays is negotiable and it is written into the purchase contract. A seller credit toward buyer closing costs is common in Reno and Sparks, and programs cap how large that credit can be. Art gives you the full itemized number before you write the offer, not at the signing table.

Art Loera • NMLS #367308 • PRMG

Loan Estimate or Closing Disclosure. Which is which?

The Loan Estimate arrives near the front. It is a standardized three page form that lays out your rate, your projected payment and your estimated closing costs in a format designed so you can lay two lenders side by side and compare them honestly. The Closing Disclosure arrives near the end with the final numbers, and federal law requires you to receive it at least three business days before you sign. That waiting period is yours, so use it. Read the Closing Disclosure against the Loan Estimate line by line and ask about anything that moved. Certain changes restart the three day clock. Art walks both documents with you and flags every line that shifted and why.

Art Loera • NMLS #367308 • PRMG

Refinance & Cash-Out

Refinance and cash-out

I bought 8 months ago and want cash out. Can I?

On a conventional cash-out you generally need to have owned the home for six months, which you have met, but if a first mortgage is being paid off it must usually be twelve months old measured note to note. So with a loan on the property you often wait until month twelve, while a cash purchase may use delayed financing sooner. Art maps your exact dates and the program that fits.

Art Loera • NMLS #367308 • PRMG

How do I get rid of PMI or mortgage insurance?

On a conventional loan with borrower-paid PMI you can request cancellation at 80 percent loan-to-value, and it automatically ends at 78 percent under federal law, based on your original value or a new appraisal showing equity. FHA mortgage insurance usually stays for the life of the loan when you put less than ten percent down, so removing it means refinancing out of FHA. Art runs the numbers on which path actually wins.

Art Loera • NMLS #367308 • PRMG

Can I pay my own taxes and insurance instead of escrow?

Sometimes, and it is called an escrow waiver. It is generally a conventional loan feature and generally needs meaningful equity, commonly around 20 percent, and clean credit. Many lenders charge a small pricing adjustment for the privilege. FHA, VA and USDA loans essentially do not waive escrow. Before you ask for one, be honest about the mechanics. Nevada bills property tax in four installments across a fiscal year that runs July 1 to June 30, and homeowners insurance is due annually. Waiving escrow means you are now the one who never misses those dates, and a missed tax installment is a lien problem, not a late fee problem. Art tells you whether the waiver is worth the pricing hit in your specific case.

Art Loera • NMLS #367308 • PRMG

When Something Goes Wrong

When something goes wrong

My loan officer said I was approved, and now will not call back.

You are not stuck. Know the ladder: prequalification is an estimate, preapproval is verified but still conditional, conditional approval means an underwriter reviewed it with conditions left, and clear to close is final. A preapproval is not a commitment to lend. You can request a copy of your appraisal and you can move your file to another lender any time before closing, so get a free second opinion from Art.

Art Loera • NMLS #367308 • PRMG

My co-borrower has weaker credit. Should we both be on the loan?

Underwriters use the middle of three scores for each person, and for a couple they use the lower of the two middle scores. That means a lower-scoring co-borrower can raise your rate or even block approval, and sometimes one borrower alone qualifies better. Art compares both ways before you apply so you choose the stronger path. See the Credit page for more.

Art Loera • NMLS #367308 • PRMG

My payment went up and my rate is fixed.

Your rate did not move. Your escrow did. About 65 percent of escrow accounts are projected short in 2026, with an average shortage near $2,157, which lands as roughly $175 to $180 more per month. Escrow amounts are up about 45 percent since 2019 while overall inflation over the same span ran closer to 30 percent. When LERETA surveyed borrowers, 62 percent pointed at property taxes and 48 percent at homeowners insurance. You can pay a shortage as a lump sum, and your servicer has to allow up to 30 days for that, or let it spread over 12 months, which is the default. Art reads your escrow analysis line by line and tells you which choice actually costs less.

Art Loera • NMLS #367308 • PRMG

My Washoe County assessment jumped. Can I appeal?

Yes, and the calendar is short. The County Board of Equalization deadline is January 15 and the State Board is March 10. Both are set by statute, so missing one forfeits the appeal until the next tax year. Two things to know first. Under NRS 361.4723 Nevada caps the annual property tax increase at 3 percent on an owner primary residence and 8 percent on everything else. That cap is a filed claim, not automatic. Title usually submits the Property Tax Cap Claim Form at closing, but not always, so if your first bill shows the 8 percent cap, file with the Assessor right away at (775) 328-2277. The honest caveat: an appeal argues taxable value, not the size of your bill, and because of the cap a win often saves a long-tenured owner very little. It matters most for recent buyers and new construction.

Art Loera • NMLS #367308 • PRMG

The mail after closing is full of official-looking offers.

Almost all of it is junk and some of it is a scam. Your deed and your mortgage become public record the day you close, so mailing lists pick you up within days. The usual ones are built to look like a bill: mortgage protection insurance dressed up as a lender notice, a demand for $89 to send you a copy of your own deed, and a refinance pitch printed to look like it came from your servicer. Three things stay true. Your servicer never asks for wire instructions by email or text. A copy of your deed costs a few dollars from the Washoe County Recorder. And nobody who actually holds your loan needs to warn you in capital letters. When something looks official, send Art a photo before you send anyone money.

Art Loera • NMLS #367308 • PRMG

Veterans

Veterans and VA loans

VA.gov: request your recordsNational Archives eVetRecsmilConnect (fastest if recently separated)

I am a veteran. Where do I get my DD-214 and Certificate of Eligibility?

Your DD-214 is your discharge record, and every official way to request it is free, through milConnect, the National Archives eVetRecs system, VA.gov, or a mailed SF-180. Be careful of websites that charge a fee, because the real process costs nothing. For the loan you need a Certificate of Eligibility, which you can pull at VA.gov or Art can request for you, and rush handling exists for closing deadlines.

Art Loera • NMLS #367308 • PRMG

First-Time Buyer Education

First-time buyer education

Fannie Mae HomeView (free, EN/ES)Freddie Mac CreditSmart Homebuyer U (free, EN/ES)

What homebuyer education do I need, and where do I take it?

Two free courses meet the requirement for low down payment loans. Fannie Mae HomeView has six modules and a final assessment, you pass at 80 percent, and it is used for HomeReady. Freddie Mac CreditSmart Homebuyer U is six modules with a certificate good for one year, used for HomeOne and Home Possible. Both are offered in English and Spanish, and one tip matters: enroll with the exact name on your loan application.

Art Loera • NMLS #367308 • PRMG

Is there help with the down payment in Nevada?

Yes. Nevada offers down payment assistance through the Home Is Possible programs, which pair with FHA, VA, USDA, and conventional loans, and currently look for a credit score around 640, or 660 for manufactured homes. Program details and minimums change, so Art confirms what is current the moment you apply and matches you to the right one.

Art Loera • NMLS #367308 • PRMG

Do not have your question here? Just ask Art.

Real situations rarely fit a template. Send Art the details and get a straight answer from a Reno mortgage specialist who has helped buyers since 1999, in English or Spanish.

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Quick Answers

Frequently asked questions

Can I back out after signing a purchase contract?

Inside your inspection, appraisal, and financing contingency windows you can cancel and keep your earnest money. After those deadlines, walking away can cost the deposit.

Can my parents cosign my mortgage?

Often yes, as a non-occupant co-borrower on FHA or Fannie Mae HomeReady, adding their income and credit while joining the note with you.

The appraisal came in low. What can I do?

Request a Reconsideration of Value with better comparable sales, renegotiate the price, cover the gap with cash, or use your appraisal contingency. The Reconsideration of Value is a borrower right your lender must disclose.

What happens if I change jobs before closing?

Lenders re-verify employment just before funding, so a change can pause or end the loan. Tell your loan officer immediately, especially if moving to self-employment or commission.

Does my loan have a prepayment penalty?

Most modern mortgages do not, and FHA, VA, and USDA loans never do. Check the prepayment box on your Loan Estimate and Closing Disclosure to confirm.

I bought my home recently. Can I do a cash-out refinance?

Conventional cash-out generally needs six months of ownership, but if a first mortgage is being paid off it usually must be twelve months old. A cash purchase may use delayed financing sooner.

How do I remove PMI?

On conventional loans you can request cancellation at 80 percent loan-to-value and it ends automatically at 78 percent. FHA mortgage insurance usually requires refinancing out of FHA to remove.

My loan officer is not responding. What can I do?

You can move your loan file to another lender any time before closing, and you can request a copy of your appraisal. A preapproval is not a commitment to lend, so a free second opinion is always your right.

Where do I get my DD-214 for a VA loan?

Request it free through milConnect, the National Archives eVetRecs system, VA.gov, or a mailed SF-180. Avoid sites that charge a fee, because the official process is free.

What free homebuyer education courses are accepted?

Fannie Mae HomeView and Freddie Mac CreditSmart Homebuyer U are both free, available in English and Spanish, and satisfy the education requirement for low down payment loans.

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Areas we serve

Nearby markets across Nevada and Lake Tahoe

Art Loera serves homebuyers and homeowners across Nevada and the Lake Tahoe region. Explore mortgage guidance for these nearby communities:

Reno MortgagesSparks MortgagesCarson City MortgagesLake Tahoe MortgagesFernley MortgagesGardnerville MortgagesLas Vegas MortgagesHenderson MortgagesNorth Las Vegas MortgagesElko Mortgages
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