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www.lasvegasmtg.com report: HARP 2.0 for Las Vegas, Nevada

By John Le Francois

www.lasvegasmtg.com report: HARP 2.0 for Las Vegas, Nevada as reported in an earlier article HARP 2.0 has created a  large interests from borrowers that were shut out of refinancing to lower rates due the home in Las Vegas, Nevada being underwater. While HARP 2.0 was originally approved last year it was not available until this April, 2012 due to Fannie Mae and Freddie MAC updating software to allow for the PIW which stands for Property Inspection Waiver. When HARP 2.0 or the Expanded Home Affordable Refinance Program became available there were few investors that were willing to take the added risk of taking on underwater mortgages. There was little competition and rates were a little higher then a normal conventional loan. Recently that has changed and we now have 3 new investors within the last two weeks Fannie Mae.

While this is a good news for borrowers if their loan is being serviced by Fannie Mae, it is just the opposite for Freddie MAC with only one investor doing unlimited Loan to Value. Freddie MAC has also limited the amount of the closing cost that can be include with the principal payoff to $5,000 which has to include origination, processing, underwriting, title fees and the last 30 days of interest that will be required to be paid to the old servicer.    

Examples of current borrowers savings:

1.  Condo balance owed is $140,000 at 6.75% for 30 years with a value at $85,000 and the borrower has paid on the property for 6 years. New loan at 4.00% for 15 year loan and is only paying $19 more per month the the previous 30 year mortgage. This allows the borrower to shave 9 years of the loan and to quickly to build equity that was not possible before.

2. Single Family Home balanced owed $449,000 with 6.75% for 30 years and have paid on the loan for 4 years with a value at $290,000. New loan for 30 years at 4.25% will save $704.00 a month.

3. Single Family home balanced owed is $268,500 at 6.25% for 30 years and paid for 4 years. New loan 4.5% for 30 years will save $293.00 a month.

If you think your loan is with Fannie Mae or Freddie Mac feel free to talk with my associate Kenny Salame or myself to see what your loan options are. We are a full service lender that provides the following loans: FHA Las Vegas Home Loans, VA Las Vegas Home Loans, HECM Las Vegas Home Loans, Portfolio Las Vegas Home Loans, Conventional Las Vegas Home Loans and HARP 2.0 Las Vegas Home Loans. To get a personal reply for HARP 2.0 scenario click here. For more information on purchases click here.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports.

by John Le Francois

www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports were to take affect on April 1,2012 but has now been delayed till July 1, 2012. The proposed changes are addressing disputes, collections and judgments that show on a credit report. FHA released mortgagee letter 2012-3 refers to the following: 

• Requires borrowers with collections with a combined total greater then $1,000 must be paid off including medical collections if the accounts are less then 2 years old activity date.
• Disputed accounts must be removed except for identity theft and or unauthorized use of account.
• Borrower must repay the debt off or enter in to a repayment plan and consistently made three consecutive payments.
• Judgments must be paid off but a repayment plan and three consecutive payments can acceptable.

Why the changes on disputed, collections and judgments to obtain a FHA loan?

”We found that many borrowers with mortgage payment delinquencies had prior credit deficiencies, including unpaid collections and unresolved disputed debts prior to the approval of their loan,” an FHA spokesperson said. “This change was made to eliminate this layer of risk to FHA-insured loans and help protect our insurance fund.”

With FHA under pressure from increases in claims due to mortgage defaults and foreclosures, it has become apparent to FHA regulators that increasing UFMIP and the Annual Mortgage Insurance Premium can not be the only answer to keep FHA loan guarantees being insolvent.

Collection companies and judgments being reported on credit reports has been shown to be inaccurate at least 76% of the time. This was the reason that FCRA (Fair Credit Report Act) was implemented so the consumer had the right to challenge inaccurate information that was being reported. With many unscrupulous collection companies re-aging old collection accounts in violation of the Fair and Accurate Credit Transactions Act of 2003 (FACTA) will the abuse only become more prevalent as a form of extortion to collect old debt? 24 states now allow collection companies to have arrest warants issued to collect debt owed to them. Recently a woman who survived breast cancer was falsely arrested for a $280 medical bill that was billed in error. 

Will this impact some consumers? The answer is yes, most definitely. Will this be a problem for FHA buyers in Las Vegas? Yes.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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www.lasvegasmtg.com Report: Recent FHA changes impacting Las Vegas, NV.

By John Le Francois

www.lasvegasmtg.com Report: Recent FHA changes impacting Las Vegas, NV. has caused some home buyers to scale back their purchasing power due to increases in FHA Upfront Mortgage Insurance Premium (UPFMIP) going up from 1.00% to 1.75% and the annual mortgage insurance going up from 1.10 to 1.25% with a 3.5% down for a 30 year loan. This increase was implemented for all case numbers issued after April 12th, 2012.

For the first time HUD has implemented a two tier Annual Mortgage Insurance Premium that is dependent on the loan amount, LTV and the terms of repayment. On June 11th, 2012 there will be additional increases for counties that exceed greater then $625,000.00 purchase price.

When does the FHA Annual Mortgage Insurance Premium Decrease?

FHA's monthly mortgage insurance payments will be automatically terminated when these conditions occur:

• Mortgages with terms 15 years and less and with LTV ratios 90%>, annual premiums will be canceled when the LTV ratio reaches 78% regardless of the amount of time the mortgagor has paid the premiums.

• Mortgages with terms > 15 years, the annual mortgage insurance premiums will be canceled when the LTV ratio reaches 78%, provided the mortgagor has paid the annual premium for at least 5 years.

• Mortgages with terms 15 years < and with loan to value ratios of 89.99% and less will not be charged annual mortgage insurance premiums.

In the next addition ofwww.lasvegasmtg.com  Report: FHA proposed changes for collections and disputes on credit reports.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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www.lasvegasmtg,com Report: Can a Veteran stop paying property taxes in Clark County, Nevada? The answer is yes if they can qualify and meet the requirements. This is available for all active and retired Veterans and servicemen that own property in Nevada.

How is this possible?

NRS 361.090 Veteran's exemptions.

1. The property, to the extent of $2,000 assessed valuation, of any actual bona fide resident of the State of Nevada who:

(a) Has served a minimum of 90 continuous days on active duty, who was assigned to active duty at some time between April 21, 1898, and June 15, 1903, or between April 6, 1917, and November 11, 1918, or between December 7, 1941, and December 31, 1946, or between June 25, 1950, and May 7, 1975, or between September 26, 1982, and December 1, 1987, or between October 23, 1983, and November 21, 1983, or between December 20, 1989, and January 31, 1990, or between August 2, 1990, and April 11, 1991, or between December 5, 1992, and March 31, 1994, or between November 20, 1995, and December 20, 1996;

(b) Has served on active duty in connection with carrying out the authorization granted to the President of the United States in Public Law 102-1; or

(c) Has served on active duty in connection with a campaign or expedition for service in which a medal has been authorized by the Government of the United States, regardless of the number of days served on active duty,

Ê and who received, upon severance from service, an honorable discharge or certificate of satisfactory service from the Armed Forces of the United States, or who, having so served, is still serving in the Armed Forces of the United States, is exempt from taxation.

2. For the purpose of this section, the first $2,000 assessed valuation of property in which an applicant has any interest shall be deemed the property of the applicant.

3. The exemption may be allowed only to a claimant who files an affidavit with his or her claim for exemption on real property pursuant to NRS 361.155. The affidavit may be filed at any time by a person claiming exemption from taxation on personal property.

4. The affidavit must be made before the county assessor or a notary public and filed with the county assessor. It must state that the affiant is a bona fide resident of the State of Nevada who meets all the other requirements of subsection 1 and that the exemption is not claimed in any other county in this State. After the filing of the original affidavit, the county assessor shall, except as otherwise provided in this subsection, mail a form for:

(a) The renewal of the exemption; and

(b) The designation of any amount to be credited to the Gift Account for Veteran's Homes established pursuant to NRS 417.145,

Ê to the person each year following a year in which the exemption was allowed for that person. The form must be designed to facilitate its return by mail by the person claiming the exemption. If so requested by the person claiming the exemption, the county assessor may provide the form to the person by electronic means in lieu of by mail. The county assessor may authorize the return of the form by electronic means in accordance with the provisions of chapter 719 of NRS.

5. Persons in actual military service are exempt during the period of such service from filing the annual forms for renewal of the exemption, and the county assessors shall continue to grant the exemption to such persons on the basis of the original affidavits filed. In the case of any person who has entered the military service without having previously made and filed an affidavit of exemption, the affidavit may be filed in his or her behalf during the period of such service by any person having knowledge of the facts.

6. Before allowing any veteran’s exemption pursuant to the provisions of this chapter, the county assessor shall require proof of status of the veteran, and for that purpose shall require production of an honorable discharge or certificate of satisfactory service or a certified copy thereof, or such other proof of status as may be necessary.

7. If any person files a false affidavit or produces false proof to the county assessor or a notary public and, as a result of the false affidavit or false proof, the person is allowed a tax exemption to which the person is not entitled, the person is guilty of a gross misdemeanor.

8. Beginning with the 2005-2006 Fiscal Year, the monetary amounts in subsections 1 and 2 must be adjusted for each fiscal year by adding to the amount the product of the amount multiplied by the percentage increase in the Consumer Price Index (All Items) from July 2003 to the July preceding the fiscal year for which the adjustment is calculated. The Department shall provide to each county assessor the adjusted amount, in writing, on or before September 30 of each year. Currently the adjusted amount is $2,340.00.

When must you file for VA tax Exemption? You must submit the application no later the June 15th of each year to qualify for the exemption for the new fiscal year.

How do I get the form? You can down load your copy VA Tax Exemtion Form from here. Provide the DD214 copy of Driver License have your parcel number on the affidavit or leave and Earnings statement showing Nevada as your home on record.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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www.lasvegasmtg.com Report: Help for FHA underwater home borrowers in Las Vegas Nevada will be coming on June 11, 2012 that had taken out a FHA loan prior to May 31, 2009. President Obama Administration on March 16th, 2012 announced  the new FHA Streamline program to help current FHA home owners to be able to refinance to the currently historically low rates that wasn't possible until now. This was due to the increased current Upfront Mortgage Insurance Premium and the annual premium that are currently in place.  

Recently I had pulled a farm list of FHA Home Owners for loan amounts above $150,000 and interest rates higher then 5.5% prior to May 31,2009 broken down by state and by Clark County. The results were staggering. In the State of Nevada there are 7,992 FHA loans that meet this requirement and for Clark County there are 3,993.

So how does one qualify for getting a FHA Streamline loan? I will layout the requirements.

1. FHA has to Endorse the loan prior to May 31, 2009. Endorsement is not the same time as applying for a FHA loan nor when the loan closes. Endorsements can take place several days after and up to weeks later after the closing of a loan. You will have to contact your current lender to make sure when the endorsement had taken effect.
2. You cannot have been late for the last 12 months or you will not qualify for this FHA Streamline program.  
3. You must currently have a FHA loan, It cannot be a Fannie Mae, Freddie Mac, or VA loan. 
4. The borrower must see a net tangible benefit of 5% or more to be able to qualify for the FHA Streamline Loan. In most cases this was not possible until the reduced UFMIP and the Annual Premium had been reduced for this special program.  The start date will be June 11th, 2012.

If the borrower can meet these requirements then the rest of the process is pretty easy.

1. No Income qualifications or employment verification's. If you have made the payments on time it is assumed you have the sufficient income to make the lower payments. 
2. No Credit reports or FICO scores. Will run a mortgage rating only to verify current payments.
3. No New Appraisals. Will use the appraised value at the time of original loan.
4. No verification of assets unless it is needed to close the loan.

FHA sweetens the deal with Concessions.

1. Currently the Upfront Mortgage Insurance Premimum is 1% of the loan amount (will be going up to 1.75% on 04/01/2012) but FHA loans that qualify based on the above criteria the UFMIP will only be .01%.
2. Currently the Annual Premium is 1.15% (also going up on 04/01/2012 to 1.25%) will only be .55%. 

Please contact me by e-mail to see how much savings you could potentially see.  

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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www.lasvegasmtg.com Report: This small but very concise report from Renee Burrows providing an in depth market analysis of forces influencing Las Vegas and surronding cites housing market. The report covers Inventory, Residency and Employment outlook, tourist statistics, gaming revenue as well as rental properties saturation points.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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www.lasvegasmtg.com Report: Home buyers in Las Vegas, Nevada are seeing a small change in Real Estate Market conditions related to Short Sales. Just a few months ago with inventories high it was a buyers market but now it has stabilized for the time being. Renee Burrows has posted a concise assesment of market conditions that affect the Las Vegas Market.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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www.lasvegasmtg.com report: FHA Loan Limits will be drastically cut back for Clark County, Nevada (Las Vegas, Henderson, North Las Vegas, Boulder City) starting October 1, 2011. Currently FHA loan limits for Clark County, Nevada is $400,000.00, but this will be reduced to $271,050.00, a reduction of $128,950.00!

In previous changes with FHA Mortgage Insurance or loan limits the rule has been if the property was assigned a FHA case number prior to the FHA rule change date then it would fall under the old guidelines.

What does this all mean? Qualified home buyers that are seeking a FHA loan to purchase a home over the $271,050.00 loan limit set for October 1, 2011 will need to enter under contract and have the FHA Case Number  assigned to the property prior to the change date.

Many currently qualified FHA home buyers that are wanting to purchase higher priced home after October 1, 2011 will be required to have 20% down or a 720 or higher credit score for PMI to be able to have less down payment because FHA will not be available for there home loan option.

Currently FHA 30 year rates are a .5% better pricing then a conventional 30 year loans due all of the pricing hits that Conventional loans have. Read my blog regarding "The untold Truth about Par Rate" to see all of the factors that drives conventional loan rates up.

If you are a potential buyer in this market price range time is running out for you to use the FHA loan option. What would you want to do? Only need 3.5% down or have to pay 20% down and have higher interest rates? Call Me Now at 702-271-2659 to see what your options are now and what they will be after October 1, 2011.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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Are you an Empty Nester? Are you 55 and over and looking for a more quiet neighborhood without sacrificing activies or amenities? Then you need to look at Henderson, Nevada premiere age restricted adult communities that Sun City Anthem has to offer. Call me 702-27-2659 if you want to see if you can qualify for one these great deals in Sun City Anthem.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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