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Las Vegas FHA Home  Loans for 530 to 619 FICO Score

by John Le francois

www.lasvegasmtg.com Report: Many borrowers in this economic downturn are experiencing derogatory credit reports that require special lending options that alllows them to still purchase a Las Vegas FHA Home Loans with 530 FICO Scores or higher.

All Western Mortgage now has Investors that will provide Mortgages to Credit Challanged Borrowers. There are strict guidelines for these type of FHA  Home Loans in Las Vegas, Nevada.

580 to 619 FICO Scores  

1. 3.5% down payment for FICO Scores with no Scores or >=580 
2. No open or active trade lines will need three alternative trade lines. Car Insurance, Utilities, Cell phone for example.
3. Debt to income ratios cannot exceed 31/43.
4. Verifiable housing payments - no exceptions. Institutional Verification or 12 months cancelled checks.
5. No gift funds.
6. Non Ocupant Co - Borrowers not allowed.

530 to 580 FICO Scores  

1. 10% down payment for FICO Scores with  >=530 to 580 
2. No open or active trade lines will need three alternative trade lines. Car Insurance, Utilities, Cell phone.
3. Debt to income ratios cannot exceed 31/43.
4. Verifiable housing payments - no exceptions. Institutional Verification or 12 months cancelled checks.
5. No gift funds.
6. Non Ocupant Co - Borrowers not allowed.

To get more information complete the secured online application right now!. 

                                                                                                          

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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FHA Streamline Loans in Las Vegas, NV.

www.lasvegasmtg.com Report: FHA Streamline Loans in Las Vegas, NV. is seeing an increase in demand due to the lower interest rates that are currently available now that are close to historically lows. What makes the FHA Streamline refinance home loan a viable program with current properties in Las Vegas, NV. being underwater is there is no appraisal needed. I repeat FHA does not require an appraisal to qualify for the refinance loan to be approved. With home in Las Vegas, NV. underwater for even homes that were only purchased within the last two years this is a great benefit for FHA borrowers.

There are requirements to qualify for a FHA Streamline Home Loan that will be outlined here.

• Must have an existing FHA home loan and must have made payments for 6 months.
• There must be a net benefit to the borrowers of at least 5% reduction in housing payments. Example if the total housing expenses were $1,250.00 the reduction must be with the new payment of $1,187.50 or a savings of $62.50 a month.
• The exception to the rule is if you are decreasing the term of the loan, then this will reduce the overall savings in total interest paid.
• No income documentation needed lender will just have to verbally verify employment.
• No appraisals needed, but loan amount including Up Front Mortgage Insurance cannot exceed original loan amount.
• You do not need to show all debt only need a mortgage rating showing No more then 1x30 day late payments in the last 12 months and no 30 day  late payments within the last 3 months.
• No appraisal FHA Refinance loans are calculated at Original unpaid loan balance - minus the refund credit of the original MIP (if any) plus the new MIP if not paid at closing.
• No pay stubs, no w-2's or tax returns will be required.
• Closing costs can be included in the loan if it does not exceed the original loan amount or borrowers can get a no cost FHA Streamline home loan or pay the costs upfront.
• If closing costs are to be paid upfront then assets must be verified.
• Borrowers cannot receive any cash back above $500.00 at time of closing.
• Combined Loan to Value cannot exceed 125% of the original appraised value and the second lien holder must subordinate.
• FHA Refinance home loan cannot have the remaining loan term exceed more then 12 years to the new loan term. Example: going from a 15 year loan with a balance of 12 years remaining would only be available to refinance to a new loan term of 15 or 20 year terms.

If you are a Realtor that have past clients that have used an FHA loan product in the last three years then you could save your clients hundreds of dollars a month in savings and be their hero. Forward this to the them so they can calculate their monthly savings.

To calculate if refinancing is right for you please click on the Calculator.

Use the refinance tab and enter the information to calculate if this will save you money every month.

To get more information Please contact me 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 Loans for Underwater Home Owners will be available to home owners that are current on their mortgages and their home is underwater starting September 7th, 2010. In Las Vegas, NV. that would be about everyone that bought before 2003. Interest in this new FHA program from underwater home owners has been keeping my phone off of the hook with home owners wanting more information on this new loan product.

Requirements to qualify for this new FHA Home Loan for Underwater Home Owners:

The existing loan can not be an FHA insured loan, it must be a conventional loan only. In Las Vegas, Conventional Home Loans were the standard loan used fro 2003 to 2008.

The Value of the property must be less then the current existing mortgage. Again this will not be a problem in Las Vegas.

The home owner must be current with their mortgage payment with no late payments for the last 12 months. With home owners being told by their lenders there is nothing they can do for them if they are current on their mortgage while trying to get a loan modification , will eliminate a lot of home owners for this program. The strategic defaulter will be unable to qualify for this new FHA Loan as well.

FICO score has to be greater then 500 to be able to qualify for this loan program. With Lenders requiring minimum of 620 FICO scores this will eliminate even more home owners as well.

The current 1st mortgage lender or investor must write off at least 10% off of the principal balance to qualify for the loan. The new Loan cannot be higher then 98.75% with UFMIP. This is a voluntary requirement from the existing lender to do the write down, but as an incentive to do this the Federal Government has set aside $14 Billion to entice lenders to co-operate. At this time it has not been disclosed how much the lender will receive from the government to accept the Short Refinance.

If the home owner has a 1st and 2nd then the 2nd mortgage lender will have to re-subordinate the loan and the Combine Loan to Value cannot exceed 115%. This would require the 2nd note holder to also write off a portion of their lien to keep under the 115% CLTV level.

There is a side note that borrowers must be aware of if they are successful in getting a Short Refinance from their lender it will have a negative impact on their Credit Scores. This will be caused from the existing lender reporting Paid in full for less then amount due to the credit bureaus. This could reduce FICO scores by 50 to 100 points.

Income qualification's are more stringent as well, with total housing expenses that cannot exceed 31%, and the total debt cannot exceed 50%.

There is a lot of interest presently from the public based on the calls I have been receiving. It was the same for HOPE, Making Homes Affordable, HAMP and everyone knows how successful a voluntary approach from lenders to co-operate has been. We can always hope!

                                                                                                          

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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