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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@awmlv.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@awmlv.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@awmlv.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@awmlv.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@awmlv.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@awmlv.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@awmlv.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@awmlv.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@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com report: FHA Loan Limits will be drastically cut back for Clark County, Nevada

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 11 Jun 2011 16:19:10 -0700

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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Sun City Anthem (Henderson NV) Real Estate Market Report & Homes for Sale April 2011

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 11 Jun 2011 11:48:54 -0700

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.

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

Age Restricted (55+) Communities are scattered throughout the valley. Many offer a variety community amenities for Seniors who enjoy active lifestyles.

Sun City Anthem is located in the Anthem Area of Henderson, NV (zip 89052 and 89044). There are 7312 Homes in Sun City Anthem ranging from 1080-4567 Square Feet. Community Amenities Include: Community Golf, Gym, Pool, Spa, Tennis, Clubhouse and Recroom

Sun City Anthem Market Report:

Listings (5/15/2011): 152

Under Contract (5/15/2011): 59

Sold April 2011: 23

Since Last Month's Report: Listings UP +13, Contracted Escrows UP +1, Solds DOWN -10. Sun City Anthem is currently enjoying a stable market.

For Current and Past Sun City Anthem Market Reports

View Sun City Anthem Homes For Sale Here (Updated Daily)

More Information on Sun City Anthem Real Estate Here

More Las Vegas Communities Here

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Las Vegas Realty News

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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Classic Rock Lovers: Here's a Cool Las Vegas Neighborhood for You!

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 11 Jun 2011 11:41:12 -0700

Springs Ranch is by far the coolest themed gated community in Las Vegas, Nevada. Why is it so cool? Every street is named after a Classic Rock Musician, If you really want to show you are a die hard fan for your favorite Classic Rock Star then you need to look at Springs Ranch. Thank you Renee Burrows for highlighting this community.

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

OK I usually title my neighborhood posts with "Welcome Home to Gated Community: Springs Ranch". Not this time. I don't know why I crack up whenever I go to this neighborhood. It seems almost all neighborhoods are themed here but this one just just extra cool with classic rock names for the streets: Borland, Burrell, Claption, Knopfler, Stills, Van Eps, Van Halen. I guess if you are a die hard fan of classic rock - this is the Las Vegas neighborhood for you!

To View Springs Ranch Newest Listings & Homes for Sale click here!

Welcome Home To Gated Southwest Las Vegas Community: Springs Ranch! (aka Springs on Post Road)

117 Single Family Detached Homes

Ranging from 1319-1792 Square Feet

Built in 2006-2011 by Distinctive Builders

Springs Ranch is Close to Southern Hills Hospital Retail, Restaurants, Professional Offices & Local Gaming. Also Close to the 215 Beltway & Summerlin Parkway for Easy Access to UNLV, McCarran Airport and South Strip Employment & Entertainment Centers!

Please take a moment to fill out our questionnaires if you would like to:

Sell a Springs Ranch Home

Buy a Springs Ranch Home

Rent a Springs Ranch Home

Blog Disclaimer Important Notice

Search Las Vegas Homes For Sale and Rental Homes Right Here!

Las Vegas Realty News

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

Visit MyBlogLog and get a signature like this!

Charleston Heights (Las Vegas NV) Real Estate Market Report & Homes for Sale April 2011

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Wed, 08 Jun 2011 16:01:38 -0700

www.lasvegasmtg.com Report: Are you looking to purchase a home or just curious on the home market for Charleston Heights? Then you need not look any further then Renee Burrows concise and yet very detailed market report for Charleston Heights, Las Vegas, NV.

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

Charleston Heights March 2011 Real Estate Resale Market Report:

Listings (5/15/2011): 181

Under Contract (5/15/2011): 147

Sold April 2011: 39

Since Last Month: Listings are UP +17 units, Pendings are DOWN -7 units, Solds are UP +2 units.

For Current and Past Charleston Heights Market Reports

View Charleston Heights Homes For Sale Here (Updated Daily)

More Information on Charleston Heights Real Estate Here

More Las Vegas Communities Here

Blog Disclaimer Important Notice

Search Las Vegas Homes For Sale and Rental Homes Right Here!

Las Vegas Realty News

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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Silverado Ranch (Las Vegas NV) Real Estate Market Report & Homes for Sale April 2011

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Wed, 01 Jun 2011 13:57:13 -0700

www.lasvegasmtg.com Report: Las Vegas a seller's market? Well certain areas are experiencing just that a seller's market. Silverado Ranch is experiencing the same demand as the previous month but the number of listing has decreased. This has created for the time being a sellers market. Thanks for the great information Renee Burrows.

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

Silverado Ranch April 2011 Real Estate Resale Market Report (Homes For Sale, Pending, Sold):

Listings (5/15/2011): 176

Under Contract (5/15/2011): 227

Sold April 2011: 67

Since last month: Listings are DOWN -11, Under Contract UP +15, Sales are DOWN -1. The Silverado Ranch Area is Currently Enjoying a Seller's Market.

For Current and Past Silverado Ranch Market Reports

View Silverado Ranch Homes For Sale Here (Updated Daily)

More Information on Silverado Ranch Real Estate Here

More Las Vegas Communities Here

Blog Disclaimer Important Notice

Search Las Vegas Homes For Sale and Rental Homes Right Here!

Las Vegas Realty News

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

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com Report: Republicans target increasing FHA Down Payment Part 2

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Thu, 26 May 2011 14:45:52 -0700

www.lasvegasmtg.com Report: Republicans target increasing FHA Down Payment Part 2

by John Le Francois

www.lasvegasmtg.com Report: Republicans target increasing FHA Down Payment was the main discussion held yesterday in the Republican led House Financial Services Committee. The Draft Legislation "FHA Rural Regulatory Improvement Act of 2011" Chairman Spencer Bachus (R) "This hearing is necessary to insure that government home loan programs do not expose taxpayers to significant losses."

In a previous article "Republican Politicians want FHA to Increase Down Payment" I wrote prior to the House Financial Service Committee hearing briefly outlined the increase from 3.5% to 5% for a FHA down Payment. It appears from testimony from the hearing there would a more restrictions being imposed with the new legislation if the proposal gets out of the Committee.

Micheal Berman Chairman of the Mortgage Banker Association and Ron Phillips President of National Realtors Association are strongly opposed to any increases in the required FHA down payment. Both Micheal Berman and Ron Phillips sited statistics that FHA default are considerably less then conventional loan defaults. What is more important then the amount of down payment is having strong underwriting requirements, which FHA does have.

The Cato Institute a Conservative Think Tank, disagrees and has provided a list of proposed changes that the House Financial Service Committee has eagerly endorsed.

Immediately increase to 5% Cash Down Payments on the part of the borrower.
Require FHA to only allow reasonable debt to income levels. (What that is has not been determined at time of this writing.)
Restrict borrowers eligibility to a credit history above a 600 FICO score.
Require pre purchase counseling for borrowers with FICO scores between 600 to 680.
Require a 10% down for all borrowers with a credit scores lower then 680.
Require income limits on borrowers eligibility to FHA loans to not exceed 115% of the Median Income for the Area.

Are these proposal going to make FHA immune to defaults? No! Will requiring 10% down for borrowers with a a credit score less the 680 protect the FHA loan Program? No! Will not allowing a borrowers ability to use a FHA loan program based on Income exceeding the median income limit strengthen the FHA loan program? No!

The good news is you would be more likely to put the fires of hell out with a squirt gun then this bill ever passing the Senate!

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

Visit MyBlogLog and get a signature like this!