Las Vegas Down Payment Assistance
Las Vegas mortgage down payment assistance programs have officially been removed as an option per the new “Hope For Home Ownership Act” went into effect Oct. 1 2008.
Currently, the minimum down payments to secure mortgages are $1 for VA, 3.5% for FHA loans, and 10 - 15% for conventional loans. Down payments for jumbo [...]
Who Pays For the Appraisal?
This is a common question that I’m generally asked with each new purchase or refinance transaction.
On a purchase - the buyer generally has to pay for the appraisal upfront and then sometimes the seller gives the buyer a credit for the appraisal at closing.
Our appraisers request a check directly from the borrower, which we can [...]
Mortgage Application Questions
There is no need to be scared of the mortgage application process.
It is simply a time where the mortgage client and loan officer can go over some basic questions to get a feel for what everyone’s objectives are.
I like to start with a general discussion about what your opinions, needs, and expectations are.
Basically, just tell [...]
FHA Short Refinance
An FHA Short Refinance is designed for people who owe more than their home is worth.
There are three main options which are determined by the process of negotiating with your current mortgage lender:
1. FHA Secure Refinance - This is typically the case when the borrower has two separate mortgages that total more than [...]
The Las Vegas Mortgage Funding Process
There are a few steps involved in getting a new Las Vegas mortgage approved and funded.
While things may seem a little overwhelming at first, I’ll be communicating with you through the entire process.
1. Mortgage Application -
The mortgage application is where we go over your personal information and mortgage game plan. I can take [...]
3 Components of a Las Vegas Mortgage Approval
There are three components of a Las Vegas mortgage approval:
Loan-to-Value Ratio (LTV)
This is the difference between the loan amount and the lesser of the purchase price or appraised value. Most Las Vegas mortgage loans require a minimum of 10% down for conventional mortgage and 3.5% for a Las Vegas FHA loan. VA still has [...]