Las Vegas Nevada FHA Home Mortgage Loan

FHA Loans are governmentally insured so that in case the borrower defaults, the lender will be repaid through government insurance.

An upside to the FHA loan is a small 3% down requirement & no reserves are required.  Meaning, you won’t need to prove that sufficient funds have been seasoning in your bank account for at least 60 days.  The 2006 loan limit for a single unit property is $304,000 for Clark County - Las Vegas, Nevada FHA. 

In February 2008, a bill was passed into law allowing a temporary increase of the FHA loan limits.  Being an FHA Mortgage Specialist, I have access to the loan limits that apply to your area.  For additional loan limits and qualifying debt ratios, please contact me in Las Vegas at (702) 271-1274.  I am local to the valley for over 21 years.

In cases of no credit history or not enough, FHA will accept non-traditional credit lines.  Examples of non-traditional credit lines are payments made to: utility companies (television, power, water, gas, home phone), auto insurance, cell phone companies, furniture companies, etc.  Another benefit to FHA loans is that the seller is allowed to contribute up to 6% of the purchase price which can go towards closing costs, down payment or both.

FHA requires that upfront mortgage insurance be paid which can be financed in with your loan amount.  The mortgage insurance covers a period of 5 years, so in the event that you refinance your FHA loan into another FHA Streamline loan, then you will receive a mortgage insurance rebate on your refinanced closing costs.  FHA also requires monthly mortgage insurance payments.  Both these fees help FHA remain in business since FHA is not federally funded.  A major upside is the rates are very favorable no matter what your credit score is.  FHA is not credit score driven, however, the lender will be looking for compensating factors if your credit report has a bad history.  You will also need to make sure that you don't have any derrogotories or late payments reported on your credit report within the last 12 months. 

Another thing to consider before setting an FHA loan in your sites is that the lender will have to adhere to strict debt – to – income ratios.  You must be able to prove that your income can pay for all of your existing debts plus the new house payment and stay within a strict ratio.  To discuss your scenario more or find out what your debt to income ratio’s are, call me and I can calculate this ratio for you.

If you are ready to discover the opportunities out there for having an FHA mortgage, call me to Compare different lenders.  As a Las Vegas Mortgage Broker, I have access to over 170.

Contact me today to find out what shows up on your credit report,
Go over the FHA mortgage rates and
Pre-Qualify you for a Las Vegas Nevada FHA Home Mortgage
Casey Moseman
702-271-1274