My New Outside Blog: Report: Las Vegas, Nevada FHA Refinance Loans important facts! Report: Las Vegas, Nevada FHA Refinance Loans important facts! Report: Las Vegas, Nevada FHA Refinance Loans important facts!

Las Vegas, Nevada FHA Refinance Report: Las Vegas, Nevada FHA Refinance Loans important facts! With Las Vegas, Nevada experiencing declining home values many FHA borrowers are under the mistaken believe they cannot Refinanced their FHA home loans to get a better rate. Borrowers that have FHA loans from 2007 or before, typically have 6% or higher loan rates, and with rates now at historic lows, now is the time to refinance to reduce the payment amount or shorten the time to payoff.

Las Vegas, Nevada FHA Refinance Loan Important Facts:

FHA Refinance Loans will provide benefits that are not allowed with Conventional Home Loan Refinances or even VA loan Refinances.

Las Vegas, Nevada FHA Streamlined Refinance allows any existing FHA Home Loan borrowers to do an FHA Streamline Home Loan if the following criteria is met:

  1. The FHA Home Loan Refinance must either reduce the overall monthly payments or shorten the payment terms to show a benefit to the borrowers.
  2. You must have an existing FHA Home Loan and must be current in the last 12 months with no 30 day or greater late payments showing on the mortgage rating.

Saving MoneyWhat is a Las Vegas, Nevada FHA Streamline Home Loan?

  1. Las Vegas, Nevada FHA Streamline Home Loan means there is limited documentation needed to complete a FHA Refinance Home Loan.
  2. On a FHA Streamline Home Loan there is no credit report run, but there is a mortgage rating that is done to ensure the mortgage is current and has not had any late payments for the last 12 months.
  3. There is no income qualifications needed for FHA Streamline Home Loans, so borrowers will not need to prove income with tax returns or pay stubs.
  4. A FHA Refinance Streamline loan does not need a new Appraisal, but total cost cannot exceed the 96.5% LTV before the FHA Upfront Mortgage Insurance is added in to the loan. With Las Vegas, Nevada home values declining, allowing no appraisal for qualifying makes this option a huge benefit to FHA Home Loan borrowers to save time and money with little documentation from the borrowers. 

To learn more about the FHA Streamine Home Loan in Las Vegas, Nevada please contact me. If you know of past clients that have a FHA Home Loan let them know they may be able to reduce their monthly payments and save Hundreds of dollars monthly or reduce the time to payoff their mortgage. They will not forget who helped them to save their money.

         Kenny Salame                                                                                                  Equal Housing

Kenny Salame
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 380
Las Vegas, NV, 89113
Mobile: 702--506-3301
Direct: 702-947-0609
Office: 702-369-0905
Fax: 702-952-0887
Comment balloon 0 commentsKenny Salame • July 25 2010 04:22PM