Local Area Index

Contact David Hughes

If you have any questions or need more detailed information, please feel free to contact me via phone at 1-800-692-1193 or fill out the form to let us know how we can help with your real estate needs.

Office Location Dickson Realty
1030 Caughlin Crossing
Reno, NV 89519
Toll Free: 1-800-692-1193
Fax: 775-201-0995

Types of Loans

Adjustable Rate Mortgage: Adjustable rate mortgages have an interest rate that is adjusted at certain intervals based on a specific index during the life of the loan.

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Balloon Payment Loan: A fixed rate loan that is amortized over 30 years but becomes due and payable at the end of a certain term. May be extendable or may roll-over into another type of loan.

Buy-Down Loan: Buy-down loans are fixed rate loans where the interest rate and the payment are reduced for a specific period of time by paying the interest up front to subsidize the lower payment.

Community Homebuyer's Program: A fixed rate loan for first-time buyers with a low down payment, usually 3-5%, no cash reserve requirement and easier qualifying ratios. Subject to borrower meeting income limits and attendance of a four hour training course on home ownership.

Conventional Loan: Conventional loans are sometimes more lenient with the appraisal and condition of the property. When you are buying a "fixer upper" you may need to use a conventional loan. Home purchased above the FHA loan limit of $252,700 are usually financed with conventional loans.

FHA Loan: FHA loans are insured by the Federal Housing Administration under H.U.D. They offer a low down payment and are easier to qualify for than conventional loans.

Fixed Rate Loan: A fixed rate loan has one interest rate that remains constant throughout the life of the loan.

Graduated Payment Mortgage: A fixed rate loan that has payments starting lower than a standard fixed rate loan, which then increases by a predetermined amount each year for a set number of years.

Non-Qualifying Loan: Non-qualifying loans are preexisting loans that can be assumed by a buyer from the seller of a property without going through the qualifying process. The buyer pays the seller for their equity and then starts making payments.


*Information provided by California Title Company

 

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