Patrick Winchell, Mortgage Loan Officer Serving Reno, NV

A 30 year fixed mortgage locks the same interest rate and principal and interest payment for the life of the loan, so your housing cost stays predictable while only taxes and insurance may change. It is the most common choice for buyers who want the lowest monthly payment and plan to stay put for years.

A 15 year fixed mortgage carries a higher monthly payment than a 30 year loan but builds equity faster and usually comes with a lower rate, so you pay far less interest overall. It suits buyers with steady income who want to own their home outright sooner.

Conventional loans are not backed by a government agency and follow Fannie Mae and Freddie Mac guidelines. Down payments can start as low as 3% for qualified buyers, and mortgage insurance can be removed once you reach 20% equity, which keeps the long term cost down.

FHA loans are insured by the Federal Housing Administration, which lets lenders accept smaller down payments (as low as 3.5%) and more flexible credit histories. They are a common path for first time buyers and anyone rebuilding credit, with mortgage insurance built into the payment.

VA loans are guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, active duty service members and surviving spouses. There is no down payment requirement and no monthly mortgage insurance, which makes it one of the most affordable ways to buy a home.

First time buyer programs combine low down payment loans with flexible credit guidelines and, in many areas, grants or assistance toward the down payment and closing costs. Patrick can walk you through which programs you qualify for and how much you need to bring to closing.

Down payment assistance comes from local, state and national programs and can take the form of grants, forgivable loans or low interest second mortgages. Eligibility usually depends on income, location and the home price, and the assistance can be paired with FHA, VA, USDA or conventional loans.

Jumbo loans finance homes priced above the conforming loan limits set for your county. They typically call for stronger credit, larger reserves and a bigger down payment, but competitive rates are available for well qualified buyers of luxury and high cost market homes.

USDA loans are backed by the U.S. Department of Agriculture for homes in eligible rural and suburban areas. They offer zero down payment, competitive rates and lower mortgage insurance costs for buyers who meet the income limits for their area.

The Cash Advantage Program lets you make a cash backed offer even when you are financing the purchase, so sellers see a stronger offer and a faster, more certain close. Powered by Zavvie, it helps you compete in a multiple offer market without bringing all the cash yourself.

An adjustable rate mortgage starts with a fixed rate for a set period, often 5, 7 or 10 years, then adjusts with the market at set intervals. The lower starting rate can save money if you plan to move, refinance or pay the loan down before the fixed period ends.

Refinancing replaces your current mortgage with a new one. Depending on your goal, it may lower your rate or monthly payment, shorten your term so you pay the home off sooner, move you from an adjustable rate to a fixed rate, or remove mortgage insurance once you have enough equity.

A cash out refinance replaces your mortgage with a larger loan and pays you the difference in cash at closing. Homeowners use it for renovations, debt consolidation, college costs or investments, often at a lower rate than credit cards or personal loans.

A home equity line of credit lets you borrow against your equity as you need it, up to an approved limit, and pay interest only on what you use. It works like a flexible credit line secured by your home, which makes it a fit for ongoing projects or a financial safety net.

A reverse mortgage lets homeowners 62 and older convert part of their home equity into cash with no required monthly mortgage payment, while they continue to own and live in the home. The loan is repaid when the home is sold or the last borrower leaves, and property taxes, insurance and upkeep must be kept current.

Self employed borrowers can qualify with bank statements, 1099s, profit and loss statements or asset based documentation instead of tax returns that may understate real income. Patrick can match your business structure to the program that reads your income most accurately.

Bank statement loans verify income with 12 to 24 months of personal or business bank deposits instead of tax returns. They suit business owners and freelancers whose write offs lower their taxable income but whose cash flow comfortably supports the payment.

1099 mortgage loans use your 1099 forms and bank statements to document income instead of W-2s and full tax returns. They are designed for independent contractors, commissioned professionals and gig workers with consistent earnings.

Non QM loans sit outside standard agency guidelines and allow alternative documentation, recent credit events or unusual property types. They give borrowers who can clearly afford a payment a path to approval when a conventional loan does not fit.

Investment property loans finance rental homes and small multi unit properties, with expected rental income that may help you qualify. Down payment and reserve requirements are higher than for a primary residence, and Patrick can compare conventional, DSCR and portfolio options for you.

DSCR loans qualify an investment property on its own rental cash flow, the debt service coverage ratio, rather than your personal income, with no tax returns or employment verification. They are popular with investors building a portfolio of rentals.

Fix and flip loans are short term loans with fast funding to buy and renovate a property for resale. They are structured around the purchase price and renovation budget, with terms that fit a project timeline rather than a 30 year mortgage.

Renovation and construction loans roll the cost of building a new home or updating your current one into a single mortgage, with funds released as the work is completed. Options include FHA 203(k), conventional renovation loans and construction to permanent financing.

ITIN and foreign national loans let borrowers without a U.S. Social Security number qualify using an Individual Taxpayer Identification Number or foreign documentation, along with alternative proof of income and credit. They open a path to ownership for many buyers who are turned away elsewhere.