Rey Gallegos Mortgage Loan Officer Las Vegas, NV

It seems as though every day the number of viable refinance programs for Las Vegas homeowners decreases. So it is up to us as Loan Officers, to help home owners reconnect with great refinance programs that were not considered before BUT have always been around.

A prime example of this is the 85% FHA Cash Out Refinance. You may be asking, 85% Cash Out in Las Vegas? Yes, in Las Vegas!

For those of you that don't know, Las Vegas has been classified as a "Soft Market". In not so many words, Mortgage Banks are more conservative with their guidelines in "Soft Markets". Meaning if the maximum guidelines for a loan program are 100% Loan-to-Value (Amount of the Mortgage Loan versus the Value of the Home in Terms of a Percentage), in a "Soft Market" they would be reduced by 5% for a Maximum of 85%.

FHA Loans are not affected by the soft market policy. So FHA will allow a Cash Out Refinance up to 85% of the homes value even in Las Vegas. With interest rates being so low these days, FHA Loans offer a tremendous savings in your monthly mortgage payment. The key items that determine eligibility for an FHA Cash Out Refinance are as follows:

FHA will allow a cash-out refinance of up to 85% of the appraiser's estimate of value subject to meeting all of the following eligibility conditions:

• You must be able to qualify for an FHA Mortgage
• The subject property must have been owned by the borrower as his or her principal residence for at least 12 months preceding the date of the loan application.
• No 30 day late payments in the last twelve months
• 1- or 2-unit homes only
• Existing Second Mortgages may remain in place, but subordinate to the FHA first mortgage, regardless of the total indebtedness or combined loan-to-value ratio, provided the homeowner qualifies for making scheduled payments on all liens.
• Any co-borrower or cosigner being added to the note must be an occupant of the property. Non-occupant owners may not be added in order to meet FHA's credit underwriting guidelines for the mortgage.

As I said before this loan has been around for quite a while but has not been used. This FHA Refinance Loan could help many Las Vegas homeowners. Should you have any questions about this or any other refinance, please feel free to contact me directly.

Your Mortgage Partner for Life,

Rey Gallegos
Mortgage Loan Officer

Las Vegas, NV

I have always been a big fan of VA Loans. In the Las Vegas area, VA Loans have become extremely popular for many reasons. First, the VA has not instituted a 5% Soft Market Policy in Distressed markets. What that means is that it is becoming increasingly more difficult to buy a home with no money down. Unfortunately, Fannie Mae AND Freddie Mac have put Las Vegas into this category.

However, with your VA Loan benefit you can still use a purchase a property with NO Down Payment. This is exciting for the Men and Women that have served our country.

So many people know about buying a home with your VA Benefit BUT most people don't know that they can refinance their home into a VA Loan weather or not their current loan is through the VA. Some outstanding key options for a VA Refinance are:

• 100% Rate and Term Refinance available if you currently have a Non VA Loan
• 90% Cash Out Refinance Available
• Interest Rate Reduction Refinance Loan (IRRRL) available that will lower the rate of your current VA Loan with very little qualifying

I have been a huge advocate of government loans for Las Vegas properties in recent months. If you have any questions please feel free to contact me directly.

It is no secret that the state of the current housing market is flat out terrible. Many people that need to refinance are unable to do so because they owe more than their Las Vegas properties are worth. There are still many homeowners that would like to refinance for a variety of reasons such as:

• Take advantage of historically low interest rates
• Position themselves better to ride out the stom with a fixed rate mortgage
• Pull cash out or consolidate debt

Because of the low interest rates now is a terrific time to refi as long as you can qualify. If you are one of those Las Vegas homeowners that needs to refinance, I would keep a couple of things in mind going into the transaction:

• Expect the process to take a bit longer
• Make sure your credit is in shape
• Don't be shocked when your home comes in at a lower value than you expect
• Find an experienced Las Vegas Loan Officer

If you have any questions about your Las Vegas or Nevada Refinance feel free to contact me directly.

Your mortgage partner for life,