An FHA Loan, Nevada, is a Good Option if You Qualify
Qualifying for a Federal Housing Authority, or FHA loan, is now easier in Nevada since the guidelines and restrictions were eased. A Las Vegas FHA mortgage, is more lenient in the approval process and how the property itself must qualify for minimum standards, allows a low down payment of 3.5% and a baseline credit score of 550.
FHA Loan in Las Vegas
This makes being granted a mortgage even more achievable for many homebuyers. Current FHA Mortgage Rates Las Vegas lenders post are highly competitive. The mortgage total that can be borrowed and set by county, with FHA loan limits in Clark County NV capping the allowable loan value at $322,000 for a single-family dwelling. The advantage of a low interest FHA loan is really noticed when you are looking at multiplex property, as you can receive an FHA loan for a duplex, four-plex, or other configurations as long as the property itself qualifies by FHA standards and you plan to live in part of the property as a primary residence.
FHA Loan Requirements Las Vegas
Applying for an FHA loan is more practical and requires a bit more documentation than some other loan types, as there are specific requirements for being able to obtain the loan (proof of income, W2s, Bank Statements ect.) as well as any other outstanding debts. Your debt-to-income ratio must be within a certain range, and a minimum of two years of steady employment with verifiable check stubs or W-2’s are required. Minimum credit scores may be higher for particular lenders, but if you have a 10% down payment you may qualify for an FHA loan Las Vegas based with as low a credit score as 550. While a bankruptcy does not disqualify you, it is highly suggested that all credit accounts be paid on time for at least 12 months prior to applying for an FHA loan. You will need to verify how you obtained your down payment, and the home you purchase cannot exceed the price limits set for the FHA loan. While applying for an FHA loan is more flexible, you will be required to carry mortgage insurance even if your down payment is a larger percentage of the total purchase price for the property.
A FHA Loan Las Vegas Is One of the Easier Mortgages to Obtain
A big advantage for FHA loans in Las Vegas are the guidelines the property is required to meet in order to qualify for an FHA loan. These include inspections that protect the buyer from basic issues like insect damage, leaks, and major component problems, such as a non-working HVAC system. Your Mortgage Broker can match you up with top FHA lenders Las Vegas who will loan on local properties at competitive interest rates. Call us or send in the contact form so we can set up a consultation with you about your desire to purchase a property through an FHA loan. We can also assist with an FHA streamline refinance Las Vegas mortgage program, so give us a call and let’s start working on your FHA Home Mortgage.
Ready to Get Started?
Call now or submit an application below and let’s get started on finding funding that works with your needs so you can start looking for your new home.