An FHA loan is a government-insured mortgage designed to make homeownership more accessible. Qualifying generally involves meeting FHA's credit standards, making a minimum down payment set by the program, documenting stable income, and buying a home that meets FHA property requirements. Exact terms depend on the borrower, the property, and current guidelines.
Mortgage questions, answered plainly.
Each guide leads with the direct answer, then explains the details. Written by Bryan Bowman, NMLS #1473913, licensed in Nevada, Texas, and Utah.
VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, and certain surviving spouses. Qualifying starts with VA eligibility, confirmed by a Certificate of Eligibility, followed by a standard lender review of credit, income, and the property.
The core difference: FHA loans are government-insured and built for accessibility, with more flexible credit standards. Conventional loans are not government-insured and generally reward stronger credit profiles, including mortgage insurance that can be removed once you reach sufficient equity. The right choice depends on your credit, savings, and how long you plan to keep the loan.
A reverse mortgage lets eligible homeowners age 62 or older borrow against available home equity without making monthly principal and interest payments. Instead, interest and fees are added to the loan balance over time, and the loan generally becomes due when the last borrower sells, permanently moves out, or dies. Title stays in the homeowner's name.
The main advantages of a reverse mortgage: access to home equity without monthly principal and interest payments, flexible payout options, non-recourse protection, and continued ownership of your home. The main drawbacks: the loan balance grows over time, home equity generally decreases, ongoing homeowner obligations continue, and the loan affects what you leave to heirs.
Mortgage pre-approval is a lender's review of your credit, income, assets, and debts to establish what you can realistically borrow. You provide documentation, the lender verifies it, and you receive a pre-approval letter you can shop with. It's more substantive than pre-qualification, which is typically an estimate based on unverified information.
A bank offers you its own mortgage products. A mortgage broker works with multiple lenders and shops your scenario across them. The practical difference is breadth: a broker can match an unusual or specific situation against many programs, while a bank's answer is limited to its own shelf. Service quality varies individual by individual in both models.
Nevada first-time buyers have more support available than most realize: state-sponsored programs through the Nevada Housing Division, down payment assistance options for eligible buyers, and loan programs like FHA, VA, USDA, and low-down-payment conventional structures. Eligibility depends on income, location, and the specific program's requirements.
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