Obtaining A Mortgage

Mortgage rates are currently very low, allowing prospective buyers what may well be the opportunity of their lifetime to purchase a home, or move up into a larger home. 

Procuring a mortgage can be a daunting task full of unknowns and misrepresentations. Most important is the choice you make of the company and loan officer that will present your case to the loan underwriter. Trust, knowledge and diligence are a must! 

Below are some of the basic guidelines that are used by underwriters to approve or deny a loan: 


1. A 5% minimum down payment. 

2. A down payment of 20% may be gifted from a family member but any downpayment amount less than 20% must be traced from your own funds. That said, funds can be “seasoned.” If you wish to “season” some funds, call us and we’ll advise you as to a methodology.

3. A mortgage insurance premium will be additional to your payment with down payment of less than 20%. If you can put 20% down, it is significantly better financially that you do!

4. Closing costs can add another 3 to 4 per cent of the purchase price to your costs. Mortgage companies that offer “no closing cost’ loans add these costs to their interest rate. 

5. Total closing costs or any portion of them can be paid by the seller.

6. There is a mandatory appraisal that shields you from overpaying for your home.

7. A portion of the closing costs are paid to a licensed and bonded title company that provides title insurance which guarantees that all previous liens have been retired and you truly own the home that has been sold to you.


1. 3.5% down payment.

2. A mortgage insurance premium is always a portion of the mortgage payment irregardless of the down payment.
3. The total down payment and any portion of the buyer’s closing costs can be gifted by a family member.

4. A member of the family can cosign if necessary, subject to FHA guidelines.

5.The closing costs, appraisal and title company duties are all identical with FHA. 


1.No money down. 

2. No mortgage insurance required.

3. Buyer must be a veteran, have a DD214, or be on active duty.

4. Interest rates are identical to FHA rates.

5. Closing costs are commonly paid by the seller, but it’s not required.

6. A veterans spouse can be on the mortgage, but no other cosigner is acceptable.

7. The appraisal and title company duties are all identical with VA.

If you wish to buy a home, let’s find out how much house you can qualify for and we’ll do a prequalification interview and credit report. Additionally, we’ll provide a prequalification letter with any offer, which makes your purchase offer much stronger. 

Often times, a future buyer is not financially ready to purchase a home due to lack of funds for a down payment, credit issues or employment issues, etc. If that’s the case, we at the Roy Cooke Real Estate team will present a path forward so you can obtain a mortgage in the quickest time frame possible.. 

If you have any further questions about Las Vegas Real Estate or mortgages, Please feel free to contact the Las Vegas Real Estate offices or Roy and Misty Cooke at 702-376-1515 or e-mail us at RealtyAce@aol.com