Things you must know about FHA Home Loans

The FHA Home Loan has made a serious comeback in the Las Vegas, NV market. Over the past couple of years quite a few Mortgage Brokers and Bankers were not renewing their Government Loan licenses, simply because they were not doing enough FHA loans in the Las Vegas Valley. Thankfully, Five Star Mortgage, a Nevada Mortgage Broker with locations in Las Vegas, NV continues to be an FHA approved lender. Below you will find some of the benefits of an FHA Loan.

FHA Home Loan Features:

• Lower Interest Rates: FHA loans have competitive interest rates because the Federal government insures the loans
• Smaller Down Payment: FHA Loans require a 3% down Payment (This can come from a family member, employer, or a charitable organization as a gift)
• Easier qualification: Because the mortgage loan is insured by FHA it is easier to qualify if you have blemishes on your credit or there are exceptions on your loan application
• Less than perfect credit: You may even qualify with a bankruptcy in the past

FHA Home Loan Requirements:

• Owner Occupied Properties Only
• Single Family Residences, 2-4 Unit Properties, Planned Unit Developments, Manufactured Homes and Condo's are eligible properties for an FHA Mortgage Loan
• Qualifying Debt-to-Income Ratios of 43% (Back End) or higher with Automated Underwriting approval
• Sellers & interested third parties may contribute up to 6% (Including Closing Costs& Down Payment Assistance)
• 2 Months Reserves (May come in the form as a gift)

REFINANCING your current mortgage into an FHA Loan. Many people think that FHA loans are for purchases only. This is completely false!

• Rate and Term Refinances
• Cash Out Refinances
• FHA Streamline Refinances
• Also, this is the best kept secret in FHA Home Loan Financing. Under certain circumstances, YOU CAN BE UPSIDE DOWN in your home (Meaning you owe more than the home is worth) and FHA will still refinance your mortgage. Learn more about this type of refinance here. This is an all to common scenario right now and may help many homeowners that think they can not refinance.

If you have any questions regarding FHA Mortgage Loans in the Las Vegas area, please feel free to contact me directly.

Your mortgage partner for life,