FHA Low Rate At 3%

October 17th, 2012 Author:

FHA Mortgage Rates : Approaching 3.00 Percent

The Federal Housing Administration is a government agency, created in 1934. It serves three primary purposes : (1) That is, to improve housing standards related to home-loans, (2) To stabilize the mortgage market, whatever that means and (3) To insure mortgage loans, which means actually backed by the taxpayer.

It is important to remember that the FHA claims that they do not make loans directly. For example, it doesn’t lend money to home buyers or give money for a refinance type of loan. Rather, the FHA insures the loans that mortgage lenders make, again remember the tax payer exemption, so long as those loans meet the FHA’s minimal mortgage home loan guidelines.

FHA purchase mortgage guidelines are similar to conventional mortgage guidelines :

Annual income is verified with W-2 statements and tax returns. Remember, no more STATED or NINA loans
Monthly debts are verified via a credit report and personal statements. No more bank account statements showing cash flow deposits
Employment and assets are verified prior to closing

However, the FHA tends to be more easy with respect to who gets approved. The FHA will often insure the reason-ability test on loans that Fannie Mae or Freddie Mac turn down as a matter of policy, and it does so without charging high mortgage rates.

FHA mortgage rates have been under 4 percent since January 2012.

Las Vegas, Nevada Real Estate Update

December 10th, 2008 Author:
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Nevada Housing Boom becomes Bust in Las Vegas

August 8th, 2008 Author:

                 The real estate party in the state of Nevada looks finally to be over. Party guests that joined the crowds of real estate speculators earlier in the decade are exiting in droves. Like the next day after a drunken orgy of excess, the furniture is broken. The door is unhinghed. The windows are broken. And the carpet is stained. That is, the place is a mess.  The hung over are just beginning to wake up and survey the extent of the damage. Real estate speculators that purchased multiple investment properties in fast growing Las Vegas are already upside down on their purchase prices. Those investors that put down 5% or less financing on these investment properties are probably starting to consider turning their backs and leaving their real estate binders (if they even had one) behind. Las Vegas, Nevada saw home prices appreciate almost faster than any other state with the exception perhaps of cities in Florida. As such, expect to see inventory start to pile up and put downward pressure on property throughout the state. Carson City which is in Lyon County has seen home price appreciation in recent years already is starting to slow down noticably. Other counties such as, Lincoln County, Nye County, Clark County and Esmeralda County all in the southern portion of the state are feeling similar effect.

Las Vegas – Buy and Bail – New Type of Mortgage Fraud

June 14th, 2008 Author:
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