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Las vegas, NV. Reverse Mortgages non borrower spouse court challenge

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 12 Jan 2013 15:05:51 -0800

www.lasvegasmtg.com report: Reverse Mortgage non borrower spouse court challenge by AARP for 3 non borrowing spouses back in 2011 has been revived with a court of appeals reversal of Washington D.C. district court dismissal. This is already affecting new Reverse Mortgage application in Las Vegas, NV.

A lawsuit concerning the non-borrowing spouses of reverse mortgage borrowers was revived again by the decision of a court of appeals after having been dismissed earlier by a Washington D.C. District Court.

Determined that there were still issues that need be resolved regarding the the liability of the non-borrowing spouse upon the death of the the borrower to keep the house. The suit was brought on behalf of the 3 non borrowing spouses by the AARP when it was challenged that Department Housing of Urban Development had defaulted on the protection that was set in 1989 that stated the borrowers would never owe more than what the property was worth at the time of the borrower death.
In 2008 the Department of Housing and Urban Development issued the mortgagee letter required the surviving spouse regardless of them being a borrower or non-borrowing spouse was required to pay the full loan balance in order to keep the house or face foreclosure even if the house was now worth less.
Department of Housing and Urban Development later revised the mortgagee letter guidance following the allegations that HUD had abandoned the original protection that was set in place in 1989 by clarifying that the surviving heir was able to purchase the property at the appraised value. This was the reason the Washington D.C. case was dismissed as the court determined it was resolved by the HUD new letter.

With the ambiguity of liability for the heirs or non-borrowing surviving spouses to keep the house of a reverse mortgage is now going to be decided in court of appeals. What is the effect with new reverse mortgages that has a non-borrowing spouse? Two of the largest reverse mortgage lenders have already issued statements they will not take on any new reverse mortgage applications with non-borrowing spouses. This would affect all reverse mortgage refinances and reverse mortgage purchases.

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@allwestern.com

http://www.lasvegasmtg.com

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www.lasvegasmtg.com Report: Great News for Las Vegas Home Owners

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Thu, 03 Jan 2013 13:02:17 -0800

By John Le Francois

www.lasvegasmtg.com Report: Great News for Las Vegas Home Owners. Tucked away in the fiscal cliff deal were some extensions that will give Las Vegas homeowners some relief for at least one more year. When the fiscal cliff was ratified by Congress on January 1 and signed into law on January 2 by Pres. Obama was the reinstatement of the Mortgage Debt Relief Act and the Deductibility of Mortgage Insurance.

Mortgage Debt Relief Act

The mortgage debt relief act was originally instated in 2007 to assist homeowners avoid paying income tax on the difference of the house that was sold versus what was owed. When an owner occupied house is short sold it is negotiated that there would be a principal reduction upon the short sale agreement between the existing lender and the owner. The IRS considered the principal amount forgiven as income causing the seller more financial harm in the process of the short sale. The law was set to expire on December 31, 2012. The mortgage debt relief act will now extend to January 1, 2014 and only applies to first homes.

Mortgage insurance deductibility extension

Congress also passed the extension to continue the tax deductibility for mortgage insurance premiums through the year 2013 that was established in the American taxpayer relief act of 2012.
Mortgage insurance premium will be deductible for those owners that have an adjusted gross income of hundred thousand dollars. There is a provision to decrease by 10% for each additional $1000 in the adjusted gross income calculation. Once income reaches $110,000 and the deduction will be phased out completely. Current loan program types that have a monthly mortgage insurance premium are conventional loans greater than 80% loan to value and FHA home loans. VA home loans have an upfront funding fee but no monthly recurring mortgage insurance.

Both of these new extensions will greatly ease the concerns of homeowners and will assist in stabilizing the home market in Las Vegas Nevada.

If you are looking for help or answers regarding a purchase or for refinance of an existing home please feel free to contact me.

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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

John Le Francois Selected By Kudzu Best in 2012 in Las Vegas Mortgage

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 22 Dec 2012 11:48:30 -0800

www.lasvegasmtg.com report:

John Le Francois Awarded Best of 2012 on Kudzu

Voted by Kudzu users as a top company in Las Vegas Mortgage Brokers & Lenders

[Las Vegas, NV] – Dec. 23, 2012 – John Le Francois was named a Best of 2012 winner in Las Vegas Mortgage Brokers & Lenders on Kudzu, the leading source of local business information and consumer reviews. Over 5 million businesses competed across 30 categories, and winners were awarded based on the highest number of votes received on Kudzu.com.

John Le François has consistently provided the services and products that the consumer needs in today's market for home loans. John Le Francois is able to offer FHA, VA, Reverse Mortgage, Conventional and hard money loans. John Le Francois offers bank lines as well as brokered loans depending on consumers needs and qualifications whether it's for a purchase or home refinance loan.

"I am very proud and it is an honor to have been selected by Kudzu best in 2012 for most trusted mortgage broker and lender in Las Vegas, Nevada." "Winning this honor will only strengthen my commitment to my customers and provide them with the best products and service they deserve.” stated John Le Francois.

“Consumers value companies who appreciate their business and provide superior service. We wanted to create an open forum where the best companies could be recognized by Kudzu users,” said Fran Wills, General Manager of Kudzu.

For a full list of Best of 2012 winners, visit: http://www.kudzu.com/best.

John Le Francois is a Senior Loan Oficer for All Western Mortgage with over 8 years in the mortgage industry and a resident in Las Vegas, Nevada for 43 years. John Le Francois is a graduate of Palmdale High School, and graduated from Electronic Technical Institute in San Diego, California with Associate Degree in Electronics. John is married to Anna and they have 3 children and two grand children.

About Kudzu:

Kudzu helps consumers research and evaluate services and choose highly rated providers in their area. Kudzu.com features expert videos, business profiles, consumer reviews and 30,500 money-saving deals for homeowners in every major U.S. city. Kudzu.com is owned by Cox Search Inc., a subsidiary of Cox Enterprises, a leading communications, media and automotive services company. Cox's businesses include Cox Communications, Manheim, AutoTrader.com and Cox Media Group. For more information, visit http://www.kudzu.com

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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

wwww.lasvegasmtg.com Report: Refinances are King in Las Vegas NV.

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Mon, 08 Oct 2012 12:44:39 -0700

wwww.lasvegasmtg.com Report: Refinances are King in Las Vegas NV.

wwww.lasvegasmtg.com Report: Refinances are King in Las Vegas NV. With little in inventory for the last several months for consumers looking to buy a home in Las Vegas this is a welcome market to keep the mortgage business active. For the last 20 months Refinances have been king for loan officers for a number of loan types.

HARP 2.0 has been the dominating product since the HARP 2.0 Release in April 2012. With the HARP 2.0 changes that allow unlimited LTV for Fannie Mae and Freddie Mac loans that were written prior to June 2009. By doing this has allowed more people who have demonstrated they have been responsible by being current on their home loan can now take advantage of the current historically low payments. HARP 2.0 requires very little in documentation and does not need an appraisal when Desktop Underwriter or Loan Prospect gives a Property inspection Waiver. Click here for HARP 2.0 questionnaire.

FHA Streamline loans are the second most refinance product especially since the new FHA guidelines for FHA loans that were insured by FHA prior to June 2009 have received reduced Upfront MIP and a reduced Annual MIP payments to take advantage of the new low current rates. With very few documents needed and no appraisal required this is a no brain-er to lower monthly mortgage payments. Click here for FHA Streamline questionnaire.

VA IRRRL is a very powerful loan option for existing VA home loans to reduce the monthly mortgage payments the veteran is currently paying. The VA IRRRL was designed to create a program for veterans so little documentation is needed and a low VA funding fee of .5% and VA non allowed closing cost fees to help the veteran refinance their existing VA home loan. By the VA IRRRL was created so a veteran can lower their current interest rate without having a large out of pocket expenses.

A Reverse Mortgage or HECM is also a refinance program that is especially designed for seniors 62 and over. The HECM allows seniors to refinance their existing home with equity or allows the senior to bring money to the table to refinance and not having to repay the loan while still retaining the home as their primary home. This frees up monthly mortgage expenses that seniors currently would be paying and at the same time increasing the quality of the senior life.

To find out more about specific loan program please 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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com Report: Escrow Workflow Process

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Mon, 06 Aug 2012 11:30:14 -0700

www.lasvegasmtg.com Report: Escrow Workflow Process

www.lasvegasmtg.com Report: When escrow is opened with a title there is a process that the escrow officer will follow from start to finish. Linzy Turner is my Las Vegas, NV. Account Executive for Old Republic Title and she has given me permission to share the Escrow Work-flow Sheet.

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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com report: Remembering our Las Vegas Nevada Veterans on Memorial Day.

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sun, 27 May 2012 10:38:25 -0700

www.lasvegasmtg.com report: Remembering our Las Vegas Nevada Veterans on Memorial Day.

By John Le Francois

www.lasvegasmtg.com report: Remembering our Las Vegas Nevada Veterans on Memorial Day is more then an excuse to have an extra day off. It is a time to remember those that have sacrificed so much for the freedoms we take for granted. Without their sacrifices the veterans and their families have made what would America be today? Most Americans are removed from the impact that the families experience daily when their loved ones are separated for long periods of time in war time or deployed in foreign countries.

National and Las Vegas Nevada Veteran Facts

GI Bill was enacted on June 22, 1944. Originally set to expire in 1956 it has been successfully re-instated without any break in coverage.
Since 1944 over 23.4 million GI's are eligible for benefits from the GI bill.
1973 the draft was replaced with an all volunteer military.
339,000 active and retired veterans reside in Nevada.
Less then 10% of eligible veterans use their Las Vegas Nevada VA Home Loans.

Useful links for Nevada Veterans

University of Reno Nevada,

VA Southern Nevada Healthcare System

VA Sierra Nevada Health Care System

VA Plot/Gravesite Locator

Troops to Teachers

Veterans History Project

U.S. Department of Veterans Affairs

Veterans Employment Services

Veterans Upward Bound

Veterans Services links by State

Project Compassion

Nevada Veterans Assistance League

Veterans Employment Services

National Association of State Veterans Homes

National Association of State Directors of Veteran Affairs

U.S. Dept. of Veteran Affairs

Veterans Affairs Interactive Map

POW-MIA Families

Stars and Stripes

Vietnam Veterans of America

Veterans of Foreign Wars

Disabled American Veterans

Veterans Upward Bound Program at Truckee Meadows Community College

National Resource Directory NRD

National Native American Veterans

So tomorrow thank a veteran for their service for their country and for you. Tell your children why we celebrate Memorial Day and lets take a moment out of our lives to give thanks. Let's have a moment of remembrance for those brave servicemen and woman that cannot celebrate Memorial Day with us.

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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

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

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 12 May 2012 14:25:13 -0700

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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com Report: Recent FHA changes impacting Las Vegas, NV.

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 28 Apr 2012 12:47:47 -0700

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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports.

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sun, 29 Apr 2012 14:32:46 -0700

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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com Report: HARP 2.0 for Las Vegas, NV.

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sun, 08 Apr 2012 09:30:29 -0700

www.lasvegasmtg.com Report: HARP 2.0 for Las Vegas, NV.

Home Affordable Refinance Program or as it is known today as HARP was first introduced in 2009 and was supposed to help responsible homeowners that were current on their mortgage to refinance their underwater homes that were owned by Fannie Mae and Freddie MAC. While the first program was a good start the limitations of the loan to value could not be more then 125% of the current value eliminated most home owners who were severely underwater in Clark County, Nevada.

Introducing HARP 2.0

HARP 2.0 is designed to eliminate the barriers that limited the original program's success.

No more LTV restrictions. The 125% loan-to-value limit has been eliminated under HARP 2.0 for borrowers who have fixed-rate mortgages.
No more 'Big 4' bank requirement. HARP 2.0 is open to all participating mortgage lenders. Borrowers can now use the mortgage professional of their choice for HARP refinances.
No more Owner Occupant requirement. HARP 2.0 is available to all homeowners, not just Owner Occupants. Second homes, investors, and people that have relocated can now take advantage of today’s low rates.
Reduced refinance fees. Whereas refinance charges could easily climb to 2% of the loan amount under HARP, the fees are reduced to 0% on loans for 20 years or fewer, and 0.75% for mortgages for more than 20 years and for ARMs under HARP 2.0.

The elimination of the loan-to-value limit might be the biggest change under HARP 2.0, but it isn't the only change. Here is a rundown of HARP 2.0's eligibility guidelines, courtesy of the FHFA:

The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. Both Fannie Maeand Freddie Mac have provided online lookup tools to determine if a loan is owned by either institution.
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.

The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio must be greater than 80%.
The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.

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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com Report: Can a Veteran stop paying property taxes in Clark County, NV??

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Thu, 22 Mar 2012 16:49:32 -0700

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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com Report: Help for FHA underwater home borrowers in Las Vegas Nevada

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 17 Mar 2012 15:05:56 -0700

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.

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.
You cannot have been late for the last 12 months or you will not qualify for this FHA Streamline program.
You must currently have a FHA loan, It cannot be a Fannie Mae, Freddie Mac, or VA loan.
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.

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.
No Credit reports or FICO scores. Will run a mortgage rating only to verify current payments.
No New Appraisals. Will use the appraised value at the time of original loan.
No verification of assets unless it is needed to close the loan.

FHA sweetens the deal with Concessions.

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%.
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 - NMLS#333903

All Western Mortgage - NMLS#14210

8345 W. Sunset Rd. #200

Las Vegas, NV. 89113

Office: 702-369-0905 Ex. 648

Cell: 702-271-2659

Direct: 702-947-0648

Fax: 702-541-9901

E-mail: jlefrancois@awmlv.com

Web Site: www.lasvegasmtg.com

Blog: www.lasvegasmtgblog.com

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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"?

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 01 Jan 2011 14:11:03 -0800

www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"?

www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"? This is the argument that has been filed by National Community Reinvestment Coalition to FHA, The National Community Reinvestment Coalition has filed complaints against 22 lenders for having credit overlays that deny home loans to the poor and minorities. There are 17 other lenders that were not included in the complaint because they have agreed to meet with National Community Reinvestment Coalition.

It should be noted that the banks not named in this complaint are Bank Of America, JP Morgan Chase & Co, and Wells Fargo Bank. These banks have a lower credit score requirements for their institutions and higher requirements for their wholesale division. Wells Fargo Bank is part of the National Community Reinvestment Coalition Banker/Community Collaborative Counsel. Wells Fargo participation with the Council and not being named in the complaint is an interesting coincidence.

Redlining is the practice of arbitrarily denying or limiting financial services to specific neighborhoods, generally because its residents are people of color or are poor. The Government passed laws to eliminate this practice specifically The Fair Housing Act, Equal Credit Opportunity Act, and Community Reinvestment Act.

Credit Overlays are implemented by lenders to lower the risk of defaults that are shown to exist with lower credit scores. FHA minimum FICO scores is 580 and most lenders require a minimum of 620 or 640 minimum FICO scores. Even with the higher requirements by the lenders with credit overlays, there still will be hits to the rate based on FICO scores below 680 to 720 depending on the lenders overlay.

National Community Reinvestment Coalition argue that Credit Overlays are discriminatory against minorities and the poor. They argue that FHA loans are insured by the government so how can the lenders justify the overlays?

Lenders argue to lower the FICO score to FHA minimum of 580 the lenders will be incurring more costs and risks in underwriting the loans. FHA can also require the lender to buyback the loan when the borrower defaults if the review of the underwriting process has determined an error in any part of the application.

Redlining practices were wrong. Are Credit Overlays Redlining? I do not think so as it does not target certain geographical areas to deny access to financial resources. Poor Credit is not based on race or income level and can be caused from bad financial habits to circumstances beyond ones control.

Does it make sense to make FHA the new subprime loan as this will clearly be the case if we lower the FICO score to 580 to get a home loan? If Credit Overlays are going to be considered Redlining, then by what standards will be equitable to determine the ability to repay the loan? What do you think? Should we eliminate Credit Overlays? Will this increase the risk of more defaults on FHA loans? Will this create another sub prime product if enacted? I look forward to your opinions.

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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

Economic Conditions for the Las Vegas Valley (includes Henderson & North Las Vegas)

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Tue, 12 Jul 2011 17:29:45 -0700

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.

Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):

Foreclosure/Short Sale Listings (6/15/2011): Total Listings 13926; Short Sales: 6401, 46% of all listings; Bank Owned Listings: 3365, 24% of all listings. Short sale and REO listings consume 70% of total listings

New Home Sales (May 2011, units sold): 282 Year Change -33.8% (excl condo conversions, highrises)

New Home Sales (May 2011, median price): $190,468 Year Change +2.0% (excl condo conversions, highrises)

Existing Home Sales (May 2011, units sold): 3841 Year Change +9.0%

Existing Home Sales (May 2011, median price): $111,000 Year Change: -11.2%

New Home Permits (May 2011): 435 Year Change +10.1%

Rental Rate (MLS Monthly Average May 2011): $1257/month

My analysis: Distressed listings (foreclosures and short sales) are 70% of total listings. Units of homes sold is impressive. Credit markets must be watched as underwriting guidelines continue to tighten. Condos are barely financeable. Inventory stopped it's slow increase in December and now spring time buyers are gobbling up inventory. The rental market is softening due to all the investor/first time buyer combination of activity. This adds more supply and creates less demand. I do believe the rental prices being pressured downward is also causing the resale prices to be pressured downward.

New Residents/Employment Conditions:

New Residents (May 2011): 4676, Year Change +24.5%

Total Employment (May 2011): 805,300 Year Change -0.7%

Unemployment Rate (May 2011) 12.4%, Year Change -2.5%

My analysis: This sector is FINALLY seeing stabilization thus improvement. It is VERY encouraging to seem these numbers improve - even if slightly! Unemployment rate is still painful however the total employed numbers have remained stable for a year.

Tourism/Gaming Conditions:

McCarran Airport Total Passengers (April 2011): 3,462,134 Year Change +2.3%

Gaming Revenue (April 2011): $682,945,076, Year Change -1.0%

Visitor Volume (April 2011): 3,462,134, Year Change +2.3%

Convention Attendance (April 2011): 435,934, Year Change +2.2%

Hotel/Motel Occupancy (April 2011): 87.7% Year Change +3.7%

My analysis: This sector (tourism) needs to see some serious price corrections before we see a comeback. Corporate credit is not coming back any time soon. It will be hard to get convention attendance back up without corporate credit. Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers. Visitor Volume, Gaming Revenue & Convention Attendance are encouraging and hopefully sustainable.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation. Information deemed reliable but not guaranteed. My analysis is my humble opinion

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty 702-966-2494

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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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

Las Vegas NV Area Short Sale Real Estate Market Report & Homes for Sale May 2011

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Thu, 16 Jun 2011 11:31:07 -0700

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.

Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):

The absorption rate for Las Vegas Valley Area Short Sales has swung from a buyer's market back to a stable market. Inventory has DECREASED by -259 units. Under Contract has INCREASED by +104 units. Sold units have INCREASED by +16 units.

There are many reasons for the lack of closings in this market and it is outlined in this post .

Short Sale Synopsis:

Listings 6/15/2011: 6401

Pending 6/15/2011: 8329

Closed May 2011: 916

Short Sales Currently Account for:

46% of All Las Vegas Valley Listings

24% of All Las Vegas Valley Sales

Read here for last month's report on Las Vegas Area Short Sales.

Most Current Market Report For Short Sales

Information About the Short Sale Process for Las Vegas Area Short Sale Buyers & Sellers

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

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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@allwestern.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!