Mortgage Loan Options

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Click on the links below to instantly scroll to your loan of interest.Mortgage Loan Options offered by The Casas Team

Down Payment Assistance

We all need a little help from time to time, and when it comes to the biggest investment of your life, that’sCG_FILLERS_DownPaymentAssistance
certainly no exception!

We want to see you in the ideal home for you and your family, so we’ll do everything we can to help you make that happen, including finding a down payment assistance option for you if you need it. The down payment is often the most difficult part of home buying, since saving enough funds may take years. But it doesn’t have to hold you back!

The state of Nevada has various DPA offerings to help first-time homebuyers in the Las Vegas area receive up to $15k in assistance, plus closing costs! Here are a few of the basic qualifiers to consider first:

  • You earn 120% of median area income or less
  • Home location is flexible or in a qualifying area
  • You need help with down payment and/or closing costs
  • You’re looking to buy a foreclosed home
  • You’re a first-time homebuyer
  • The home costs $162k or less (or $195k or less for construction)
  • You can contribute ½ of total down payment

For more on buying your first home, see first time homebuyer loans. These are simply the basic qualifying necessities, but other stipulations may apply. To learn if you qualify for down payment assistance in Las Vegas, see the form below, or contact us today!

Yes! Start my Application

First Time Home Buyer

Buying your first home can be a daunting process, but it doesn’t have to be! We know that it can seem like all the choices, protocols, fees, and requirementsCG_FILLERS_FirstTimeHomebuyer can seem overwhelming, so we’re here to make sure that all the logistics of buying a home are covered, leaving you to the more important – and enjoyable – work of finding a home you’ll love.

The first step to obtaining a first time homebuyer loan is determining if you are ready to buy a home. Only you can truly make that decision based on various factors:

  • Your career
  • Income
  • Family situation
  • Recent financial history

Once you’re ready, we’ll handle things from there. You will need to be prequalified for your home loan, allowing us to show you what your loan options are and the total purchase price you qualify for. Loan officers are always the best at gauging your eligibility with the type of loan that’s best for you.

Once we’ve got the numbers down, you can start looking for the type of home in the right neighborhood – based on your prequalification amounts.

First-time homebuyers with certain income and housing stipulations may also want to consider down payment assistance, as well, to get help with a substantial portion of the initial down payment.

Want to know more about first-time homebuyer loans or prequalification? We have loan professionals who will develop the best loan packages fit for you and your family. See the form below, or contact us today!

Yes! Start my Application

30-Year Fixed Mortgage

By far the most popular mortgage type out there, a 30-year fixed-rate mortgage gives homebuyers options to keep the interestCG_FILLERS_30YEAR rate stable throughout the duration of the loan.

While some homebuyers want to see if their interest rate will get better throughout its course, most would choose a steady rate if they’re eligible. The 30-year mortgage has some major advantages for most homebuyers:

  • A fixed interest rate that remains stable over 30 years
  • Relatively low monthly payment amounts
  • Possible qualification for a higher overall loan amount
  • Larger tax deductions over first 23 years
  • Few stipulations over selling or refinancing before the loan has matured

Though other loan types, like the 15-year loan option or VA home loan, may be better options for some homebuyers, there’s a good chance a 30-year FRM is your best bet.

Your loan experience depends on your own financial background. Whatever loan you think is fit for you, loan professionals will shed light on your best options. This equips you to know your options and choose the best type of loan for your family.

To learn more about prequalification, the loan process, or your loan options, you can learn more on our mortgage blog, research loan options and familiarize yourself with mortgage terms and conditions.

To learn more about prequalification, the loan process, or your loan options, you can learn more on our mortgage blog, research loan options and familiarize yourself with mortgage terms and conditions.

To “lock in” today’s low rates over the course of your loan, now is a great time to look into this option! Contact us today or see the form below to move forward!

Yes! Start my Application

15-Year Fixed Mortgage

Every homebuyer has different needs and characteristics. The Casas Team and every lender wants to find the best fit for you andCG_FILLERS_15YEARF your family. A 15-year fixed mortgage might be just the right option for you. Like the 30-year fixed mortgage, these offer stable interest amounts over the entirety of the mortgage.

A 15-year fixed will ensure that your interest rate stays stable throughout the loan. The length of the loan is different, however, and means that the 15-year mortgage may offer other options fit for specific homebuyers. The 15-year fixed comes with several distinct advantages:

  • Predictable, stable monthly payments
  • 15 years of maximum loan time for faster repayment
  • Lower total loan amount than longer options
  • Faster repayment

Though the total loan amount may be much less than other options, the 15-year timespan will generally mean higher monthly payments than longer loan types. For homebuyers who can afford them, however, this is a great choice that comes with significant savings and the comfort of knowing your home will be paid for in just 15 years!

Many homebuyers find a great advantage in the shorter length of the loan versus the 30-year fixed. The faster repayment on a mortgage is always good news.

If you think you may be interested in this type of loan, consider your finances, your recent financial history, and your family’s needs in a new home. We also offer down payment assistance programs that may lower that interest rate even more!

To learn more about this loan type and lock in today’s low interest rates for the entirety of your mortgage, see the form below or contact us here.

And for more mortgage tips, be sure to see The Casas Team blog!

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FHA Program

FHA loans are exceptional options for many homebuyers, with lots of incredible benefits that help you qualify, pay for, and pay off your home for less. FHACG_FILLERS_fha loans have become increasingly important for mortgage borrowers. Since the housing bubble collapse, the FHA loan created options for homebuyers and provide added safety to the loan process.

Here are just a few of the benefits of an FHA home loan:

  • Just 3.5% down payment required
  • Easier qualification than many loan programs
  • Highly competitive interest rates for lower total mortgage amount
  • Available even to those with past credit issues
  • Flexible qualification requirements
  • Added safety for both lenders and borrowers

How does it work? An FHA loan is a mortgage that’s insured by the FHA (Federal Housing Administration). This government agency is part of the US Department of Housing and Urban Development, putting them in a crucial place for helping the housing crisis.

The protection a lender receives from this insurance means that borrowers who were at high risk before may now be eligible for a mortgage.

The Casas Team is FHA-certified, meaning that we can help you get an FHA home loan to purchase your house, condo, or other unit. To see if you qualify for an FHA loan – which many homebuyers do – contact us to learn more about prequalification, or see below to get your application started!

Yes! Start my Application

How to Get a Loan after Bankruptcy

The recent recession hit many of us hard – some harder than others. Times still aren’t ideal, but they are certainly better thanCG_FILLERS_AfterBankruptcy they once were for many.

If an extenuating circumstance beyond your control resulted in significant financial hardships for you, even resulting in bankruptcy, you may have damaged your credit and left you less viable for loan approval, but there is help available. You could be eligible if you have some or all of these qualifications:

  • You’ve taken steps toward regaining your credit with small finances
  • You’re still working steadily
  • You have a record of paid bills
  • 1-4 years past your initial bankruptcy
  • You’ve kept a clean credit record since the bankruptcy

The type of loan greatly changes based on when and how you apply for a new loan. The conventional loan requires typically about 4 years of credit history between your bankruptcy and your new loan application.

The FHA loan, however, is by far the easiest option, as early as a year after your bankruptcy. The FHA loan adds insurance on your loan so that a lender will allow higher risk borrowers to attempt new qualification… as early as 12 months after.

The Casas Team is an approved FHA lender and offers the FHA’s “Back to Work” program for borrowers like you.

To learn more about qualifying for the Back to Work program, contact The Casas Team to see if we can help you get the home you truly deserve.

Yes! Start my Application

580 FICO Loan

As you likely know, your credit score has a major effect on your ability to get a home loan. FHA home loansCG_FILLERS_580FICO are renowned for their great benefits and low qualification requirements, but in the last few years they have passed a FICO score stipulation that could have a big impact on your ability to pursue an FHA loan.

If you have a FICO score of 580 or above, you may qualify for:

  • The FHA’s 3.5% down payment program
  • Lower qualification requirements

If your FICO score is below 580, however, you’ll expect some changes:

  • Down payment amount goes up to 10%
  • Other home loan types may not be available, but you’ll still be eligible for FHA
  • You may still qualify for down payment assistance
  • Available to first time home buyers or you’ve had a mortgage before

While maintaining your credit score is important, FHA loans are still possible and you may be eligible for the down payment assistant programs, which would require as little as half the total down payment amount on your part.

To learn more about qualifying for down payment assistance or how to prequalify for a home loan, you can start your loan application below or contact us directly at your convenience!

Yes! Start my Application

VA Loan

Are you a US Military veteran? First of all – we thank you sincerely for your service! Second, you may qualify for a VA homeCG_FILLERS_VALoan loan. Most US military vets are eligible for a VA loan, and you may still be eligible if you’re an active duty service personnel or serve in the National Guard or Army Reserve. Even surviving spouses of deceased veteran may be eligible.

VA loans have different stipulations which will entitle you to several stress-relieving and cost-saving benefits (pending qualification):

  • No down payment necessary
  • Negotiable interest rate
  • Refinancing available to lower interest rates on a currently owned home
  • Roll closing costs into the total loan
  • Roll land purchase into construction costs
  • Improve or repair an existing home

Additionally, you may want to consider other home loan types just to be aware of your options and what lenders offer such as:

To learn more about qualifying for a VA home loan as a US military veteran, use the Start my Application button to get started, or contact us here with any questions.

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HARP Refinance

Depending on when you purchased your home, the housing collapse may have left you with a higher mortgage than you can afford, meanwhile traditionalCG_FILLERS_HARp refinancing to take advantage of lower interest rates may not be available. That’s where the Home Affordable Refinance Program (HARP) comes in!

A HARP refinance can help you refinance a home loan on a home with a depreciated value if:

  • Your loan was purchased by Fannie Mae or Freddie Mac no later than 5/31/2009
  • Your current loan-to-value ratio is over 80%
  • You are still current on your mortgage with a solid payment history

A few questions to ask yourself when speaking with a lender:

  • What is your current credit score?
  • Have you made timely payments on your current mortgage?
  • What amendments and upgrades have you added to your home?

Refinancing is a great option to lower that monthly payment and possibly get a lower interest rate. The best thing to do before you refinance is spend some time remodeling a part of your home. This adds to its value and can mean the difference in approval or prequalification.

If you think you might qualify for a HARP refinance and want to get your process started, you can start your application below, or contact us here with any questions!

Yes! Start my Application

Reverse Mortgage

If you are a homeowner over 62 years of age and find yourself inCG_FILLERS_ReverseMortgage need of some extra cash, a reverse mortgage could be the perfect solution for you.

A reverse mortgage turns the equity you have built up over the years in your home into cash to use to buy a primary residence, supplement retirement or social security, pay medical expenses, etc. To qualify, you must:

  • Be at least 62 years of age
  • Be the owner of your home and reside in it
  • Have outside incomes or finance sources

It’s also helpful to have financial resources which help to continue the timely payment of ongoing property charges. This includes:

  • Property taxes
  • Insurance
  • Homeowner Association fees (HOA)
  • Other financial responsibilities

Some additional specific qualifications may apply as well. If the above all apply to you and you would like to know more about getting a reverse mortgage, look to the form below to get your application started, or contact us here at your convenience!

Yes! Start my Application

Compare All Loan TypesCG_FILLERS_Compare

Not sure which loan type is ideal for you? You have many options depending on your specific needs and situation, so be sure to compare them first before making a decision. If you have any further questions about any of these loan types that we don’t cover on our website, feel free to contact us here!