nevada mortgage loan: Stated Income Loans In Nevada - 10/22/07 12:04 PM
Many people have inquired about the ability to do Stated Income Loans in Nevada due to the recent Assembly Bill 440 that was passed and went into effect on October 1, 2007.
The answer is Yes I can still Stated Income Loans in Henderson, Las Vegas, and all of Nevada!
Just to clarify, Five … (5 comments)
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nevada mortgage loan: Thank You Active Rain: Another Success Story! - 10/11/07 06:18 PM
I just wanted to share with everyone another Active Rain success story. About six weeks ago Active Rain delivered a wonderful client to me while I was fast asleep. She had found one of my blog posts, which I believe was Another 100% Financing Program Available: The Community Accomodation Loan. After reading … (13 comments)
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nevada mortgage loan: Fast Mortgage Refinance Quote's & Home Purchase Pre-Approval's - 10/11/07 02:56 PM
Homeowners and Potential Homeowners:
Contact me right away for a Mortgage Refinance Quote's & Home Purchase Pre-Approval's from your Las Vegas, NV Mortgage Loan Officer, Rey "Steak Dinner" Gallegos. Approved in NV, NM, UT, CA, FL, & AK! Currently the mortgage industry is in transition so you need an experienced, trusted Loan Officer … (0 comments)
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nevada mortgage loan: September Foreclosures FALL: Mortgage Industry - 10/11/07 01:58 PM
September Foreclosures FALL: Mortgage Industry
More foreclosure news to publicize but this time it is positive! According to RealtyTrac in September 2007, all foreclosure categories were down, which include default notices, auction sale notices and bank repossessions, with 39 states reporting decreased activity. What exactly does this mean? Well in my opinion … (5 comments)
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nevada mortgage loan: Home Lending Direction "Flight to Quality": Mortgage Industry - 10/09/07 05:21 PM
Home Lending Direction "Flight to Quality": Mortgage Industry
I have to say that I have never heard anyone say that an Industry has taken a "Flight to Quality". In the following story, from bloomberg.com Bank of America is said to gaining strong market share in the mortgage industry. It is no secret … (0 comments)
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nevada mortgage loan: Ventana Canyon Communitywide Garage Sale a huge success! - 10/08/07 02:51 PM
Ventana Canyon Communitywide Garage Sale a huge success!
I just wanted let everyone know that our Ventana Canyon Communitywide Garage Sale was a huge success this past weekend! We started around 7 am and the sreets were packed with garage sale enthusiasts! We had upwards around 150 homes participate with sales, which … (5 comments)
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nevada mortgage loan: More Alternatives to Foreclosure - 10/05/07 02:43 PM
More Alternatives to Foreclosure: Mortgage Industry
I am passionately searching for options for people that are in danger of losing their homes. I beleive it is important for Mortgage and Real Estate Professionals to reach out in any way we can to help these people. Here are a couple more programs that I … (0 comments)
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nevada mortgage loan: Mortgage Brokers to Blame? Yeah Right!: Mortgage Industry - 10/04/07 11:38 AM
Mortgage Brokers to Blame? Yeah Right!: Mortgage Industry
OK folks, the following story from the Los Angeles Times cracks me up and makes me sick to my stomach at the same time!
U.S. Taking Aim at Brokers by Los Angeles Times (10/04/07); Peterson, JonathanSeveral pieces of legislation that addresses the problems in the mortgage … (1 comments)
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nevada mortgage loan: Manhattan Housing Boom: Real Estate Industry - 10/04/07 10:33 AM
Manhattan Housing Boom: Real Estate Industry
This is a great story from CNNMoney.com that shows the Real Estate Industry is not quite as dire as the media would like for us to believe. Aside from some troubled pockets in the US there are MANY, MANY strong markets. Manhattan is one of the … (0 comments)
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nevada mortgage loan: Why are Builders & Their "In House" Lenders Free From Regulation: Mortgage Industry - 10/03/07 01:55 PM
Why are Builders & Their "In House" Lenders Free From Regulation
This is something that really gets my blood boiling. New home builders and their "In House" lenders don't seem to have to follow the same rules as the rest of us!
To start with how can they require a buyer to use … (9 comments)
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nevada mortgage loan: Stated Income Documentation: Nevada Mortgage Industry - 10/02/07 11:02 AM
Stated Income Documentation: Nevada Mortgage Industry
For those of you that do not know, the State of Nevada has severely crippled Banks, Lenders, and Brokers ability to do Stated Income and Low or No Doc Loans with Assembly Bill 440. This bill has actually prompted banks like Credit Suisse to threaten to … (0 comments)
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nevada mortgage loan: FHA Bans Gift Down Payments with One Exception: Mortgage Industry - 10/02/07 01:11 AM
FHA bans Gift Down Payments: Mortgage Industry
According to the following story, FHA has decided to no longer allow Down Payment Assistance (DAP) programs. This basically requires borrowers to have the 3% down payment required for FHA loans. Before, you could use one of several DAP programs to subsidize the 3%, which … (38 comments)
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nevada mortgage loan: More Help to Avoid Foreclosure: Mortgage Industry - 10/01/07 02:27 PM
More Help to Avoid Foreclosure: Mortgage Industry
Below you will find two more resources to help you or people you know that are at risk of losing their homes due to ARM Adjustments or for any other reason. It is important that we get this information out to everyone we can so … (2 comments)
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nevada mortgage loan: Things you NEED to know about Mortgage Loans and the Mortgage Industry! - 09/28/07 10:48 AM
Hello everyone! I just wanted to notify everyone that I have launched a new Mortgage Resource!
Mortgage Loans on the Million Dollar Wiki!
http://www.milliondollarwiki.com/Mortgageloans
I have designed this site as a FREE resource for Consumers, Real Estate and Mortgage Professionals alike. I focus on the nuts and bolts of the Mortgage Industry as well … (1 comments)
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nevada mortgage loan: 10 Cities Ready to Bounce Back: Real Estate - 09/26/07 05:51 PM
I knew I liked http://www.cnnmoney.com/ for a reason. They have done their share of doom and gloom stories so I won't give them a complete free pass, but I will say that they have contributed some positive stories recently in the midst of our current Mortgage and Real Estate market debacle. … (2 comments)
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nevada mortgage loan: 8 Most Dangerous Trends Facing Mortgage Brokers: Mortgage Industry - 09/25/07 09:42 AM
Since the Mortgage Market turned sour, many people have said that Mortgage Brokers may become a thing of the past. Their reasoning is that most loans are going to fall in the conforming i.e. Freddie Mac and Fannie Mae category. Because most of the loans will be conforming why do we … (16 comments)
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nevada mortgage loan: FHA Modernization Bill Passed: Mortgage Industry - 09/19/07 07:32 PM
FHA Modernization Bill Passed: Mortgage Industry
Although some of these items may make you wonder why it was passed overall I think this is another chip off of the block of reform. I continue to get posts saying that items like this, FHA Secure, Interest Rate Reductions, etc. are not enough to … (0 comments)
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nevada mortgage loan: Your Home Equity Payment may go down: Mortgage Industry - 09/18/07 04:16 PM
Although the Fed cut of 1/2 point in the Fed Funds rate does not directly affect Mortgage rates, the 1/2 point cut in the Prime Rate may make your HELOC payment go down! Most Home Equity Lines of Credit or HELOC's are based on the Prime Rate plus a margin! So … (6 comments)
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nevada mortgage loan: Real Estate Investors See Opportunity in the Wake of a Meltdown: Las Vegas, NV Mortgage Industry - 09/17/07 12:21 PM
What a terrific story to come out after my post on Friday, Vegas Boom 2.0! The story below from Fortune on CNNMoney.com talks about investors eyeing opportunities to pick up land cheap. In all honesty, I am surprised to see this type of story this soon. I know it is land and … (0 comments)
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nevada mortgage loan: Las Vegas Market a Bust! DON'T BET ON IT! Bet on Vegas Boom 2.0: Las Vegas, NV Mortgage Industry - 09/14/07 02:51 PM
Vegas Boom 2.0!
Being from Las Vegas, I keep hearing over and over that the market is a bust! Well, our market may be going through a correction but you can bet that when it is corrected it will be back in a big way!
As seen on CNBC this morning, commercial … (5 comments)
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nevada mortgage loan: More Strong Mortgage Banks Than You Think: Las Vegas, NV Mortgage Industry - 09/14/07 12:18 PM
With troubled Mortgage Banks like Countrywide, First Magnus and Greenpoint all over the news, many people are only seeing the negative press on the Mortgage Industry. While I understand that negative items sell more papers and get more hits on websites, there is still some good news that gets passed by … (9 comments)
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nevada mortgage loan: National Association of Mortgage Brokers Code of Ethics: Las Vegas, NV Mortgage Industry - 09/13/07 11:33 AM
As a proud member of the National Association of Mortgage Brokers, I wanted to point out that this organization has always had a Code of Ethics that they require their members to maintain. Recently in news stories I have seen more and more Mortgage Related groups adopting these types of conduct guidelines. My … (0 comments)
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nevada mortgage loan: Homebuyer Education a Welcome Change: Las Vegas, NV Mortgage - 09/12/07 02:01 PM
Homebuyer Education a Welcome Change: Las Vegas, NV Mortgage
I think that Homebuyer Education will become more popular as time progresses and more foreclosures cycle through. It is a necessary change to our industry that should help educate even the savvy of consumers. I have just put a First Time Home Buyer … (0 comments)
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nevada mortgage loan: Mortgage Lender's Bankruptcy May Threaten Thousands of Homeowners: Mortgage Industry - 09/12/07 11:49 AM
If you or your borrowers have Mortgages being serviced by American Home Mortgage Investmet Corp. please take note:
Prior to AHM's bankruptcy filing several large companies seized back mortgages they had backed for AHM. The reason they did this was to avoid problems through the bankruptcy proceedings. The only problem with this is … (0 comments)
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nevada mortgage loan: Deceptive Mortgage Advertising Must Stop: Las Vegas, NV Mortgage - 09/11/07 04:52 PM
Deceptive Mortgage Advertising Must Stop: Las Vegas, NV Mortgage
Here in Nevada, our Mortgage Lending Division has set very strict standards on Mortgage Advertising. So strict in fact that every piece of advertising that goes out weather it is, print, Internet, mail, radio, etc. MUST GET PRE-APPROVED or we as Mortgage … (4 comments)
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nevada mortgage loan: Investment Properties almost 1 of 3 Foreclosures: Las Vegas, NV Mortgage Industry - 09/11/07 12:55 PM
Investment Properties almost 1 of 3 Foreclosures: Las Vegas, NV Mortgage Industry
In reading the story below from The National Mortgage News one can surmise that roughly 1 in 3 defaults in Nevada are classified as Investment Properties. In my opinion, these are investors or probably in most cases Arm Chair Investors that … (0 comments)
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nevada mortgage loan: 100% Home Loans Purchase & Refinance : Las Vegas, NV Mortgages - 09/10/07 12:56 PM
100% Home Loans Purchase & Refinance : Las Vegas, NV Mortgages
I just want to make sure that there are still several 100% Mortgage Financing Opportunities at very competitive rates. The key to making 100% financing a comfortable option is a FIXED RATE Mortgage. A fixed rate will allow the borrower to know … (2 comments)
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nevada mortgage loan: Mortgage Industry: Who is to blame for the mess we are in? - 09/06/07 12:10 PM
I saw this article, by FORTUNE WRITER Peter Eavis, and had to post it so everyone can see who all of the players are in the great mess we call the Mortgage Market. I don't really think that most people understand how everything trickles down. Although I don't agree with every … (14 comments)
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nevada mortgage loan: Nevada Mortgage Industry: Nevada names new Mortgage Lending Division Commissioner - 09/05/07 05:12 PM
Nevada Mortgage Industry: Nevada names new Mortgage Lending Division Commissioner
Nevada has named a successor to Scott Bice, Joe Waltuch, formerly with New Century as VP of Government Relations.
It will be interesting to see how the New Commissioner will help to get the Nevada Mortgage Industry back on track!
Your mortgage partner … (0 comments)
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nevada mortgage loan: Mortgage Industry: MGIC and Radian call off merger - 09/05/07 01:52 PM
Mortgage Industry: MGIC and Radian call off merger
I had previously posted, MGIC and Radian Square Off, about the two largest Mortgage Insurance companies getting into litigation regarding a potential merger between the two. I have been closely watching this because Mortgage Insurance is what is keeping the Mortgage Industry from tanking … (0 comments)
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nevada mortgage loan: Mortgage Industry: Mortgage Applications rise, but what does this mean? - 09/05/07 01:26 PM
Mortgage Industry: Mortgage Applications rise, but what does this mean?
According to the story below from cnnmoney.com Mortgage Applications rose in the past week. In my opinion, I don't believe this is an accurate reflection of an increase of the number of people trying to get a new mortgage loan. I believe … (0 comments)
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nevada mortgage loan: Las Vegas, NV Mortgage Industry: Can you say Buyers Market - 09/04/07 05:29 PM
Las Vegas, NV Mortgage Industry: Can you say Buyers Market
I have said it before and I will say it again, if you are looking to buy a home right now, you are are in great position! With the combination of prices declining, inventory sitting on the market and rates still attractively … (0 comments)
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nevada mortgage loan: Las Vegas, NV Mortgage Industry: FHA Qualifies Many Borrowers - 08/31/07 03:49 PM
Las Vegas, NV Mortgage FHA SECURE PROGRAM
Bush decides to get into the game with an opportunity for some borrowers to avoid foreclosure. This program can help a lot of Las Vegas FHA Loan seekers but most of these same people can already qualify for an FHA Loan right now. Let's not … (2 comments)
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nevada mortgage loan: Las Vegas, NV Mortgage Industry: Lake Las Vegas September Events - 08/31/07 03:21 PM
As I have posted before, Lake Las Vegas is an outstanding getaway here in Las Vegas. Here is a list of September's activities.
Your mortgage partner for life,
Rey "Steak Dinner" GallegosSenior Loan OfficerFive Star Mortgage Website: http://www.steak-dinner.com/Your complete community mortgage broker Approved in NV, CA, UT, NM, AK, and FLProud member … (0 comments)
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nevada mortgage loan: Las Vegas, NV Mortgage Industry: VA to do JUMBO Loans - 08/30/07 03:09 PM
Las Vegas, NV Mortgage Industry: VA to do JUMBO Loans
The Market will find a way! When one Lender takes a Loan Program away another will step in a decide there is money to be made in funding the loan. The market bedrocks Fannie Mae, Freddie Mac and Ginnie Mae know what … (1 comments)
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nevada mortgage loan: Hedge Funds: From the people who brought you the Implode-o-Meter! - 08/14/07 10:42 AM
Hedge Funds: From the people who brought you http://www.mortgageimplode.com/
Well folks, in my occasional look at http://www.mortgageimplode.com/ to see what other Mortgage Lenders/Banks are ailing or in fact have gone under, I noticed there is a new website from the same people called http://www.hf-implode.com/. Yes, that would be the Hedge Fund Implode-o-meter! "11 … (2 comments)
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nevada mortgage loan: Mortgage Industry: Accredited Home Lenders V. Lone Star Fund - 08/14/07 10:33 AM
Mortgage Industry: Accredited Home Lenders V. Lone Star Fund
The last time I posted a Battle of the titans, LandAmerica V. Amtrust, all heck broke lose and I was on the receiving end of some pretty harsh words. Oh well, I guess I am a glutton for punishment.
This seems pretty transparent … (0 comments)
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nevada mortgage loan: Mortgage Industry: Letter of Explanation, your new best friend! - 08/09/07 10:12 AM
Mortgage Industry: Mortgage Underwriting Letter of Explanation (LOE)
I have always been a huge fan of the Letter of Explanation. For those of you that are not familiar with the term, a Letter of Explanation or LOE, is quite simply a letter explaining something to an underwriter (UW) that is reviewing a … (7 comments)
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nevada mortgage loan: Mortgage Industry: What to do if your Mortgage Note holder goes under - 08/09/07 09:44 AM
Uncertainty is a major emotion right now among anyone that has any ties to the Mortgage Industry. I am not just talking about Industry Professionals, I am talking about homeowners and potential homeowners as well. I have always said that education is the best way to calm uncertainty. I didn't say eliminate, but calm. If … (2 comments)
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nevada mortgage loan: Nevada Mortgage Industry: Mortgage Agents Update - 08/08/07 10:40 AM
I have decided to make this a monthly post to keep everone abreast in the decreasing number of licensed Nevada Mortgage Agents.
As of Current as of: 8/8/2007 (Loss of 516 agents in 18 days)
Your mortgage partner for life,
Rey "Steak Dinner" GallegosSenior Loan OfficerFive Star Mortgage Website: http://www.steak-dinner.com/Your complete community mortgage … (7 comments)
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nevada mortgage loan: Mortgage Industry: Fannie mae wants to help. Will the Fed let them? - 08/08/07 09:59 AM
Folks, this is a very interesting situation to watch. Fannie Mae, FNMA is a congressionally chartered corporation which buys mortgages on the secondary market, pools them and sells them as mortgage-backed securities to investors on the open market. Currently they have limits on the size of their portfolio. At Fannie Mae's request they basically … (6 comments)
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nevada mortgage loan: Mortgage Industry: If Mortgage Insurance Companies falter then what? - 08/08/07 09:46 AM
Well folks, we may rougher roads ahead. With all of the Sub-Prime and now Alt-A loan defaults, everyone has been focusing on foreclosures and homeowners not being able to make there adjusted payments. When a Mortgage Bank takes loss on a property do they really lose? Well, yes and no. Don't … (4 comments)
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nevada mortgage loan: Nevada Mortgage Industry: New Nevada Law as of October 1, 2007 - 08/07/07 04:42 PM
Please understand the following regarding NRS 598D.040, which is new Nevada law that goes into effect October 1st, and which pertains to mortgage loans: There is no truth to the rumor that we will no longer be able to originate "reduced-doc," "stated-income," or "no-doc" loans in Nevada. What the law … (3 comments)
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nevada mortgage loan: Mortgage Industry: Staying ahead of the curve with the new niche! - 08/03/07 06:11 PM
As a Mortgage Industry professional in Nevada, or in fact anywhere you hear a lot of mortgage bank representatives saying "our niche is this...and our niche is that!" I have been getting several emails from our banks, lenders and investors that we work with, that claim to have the lastest and … (10 comments)
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nevada mortgage loan: Henderson, NV: City of Henderson Homeowner Night - 08/03/07 02:34 PM
Henderson, NV: City of Henderson Homeowner Night
As a Henderson, NV homeowner, I know the nightmares that one can go through when trying to make additions or improvements that need permits from the City of Henderson. I want to pass on a notice regarding an extremely valuable resource from the city.
Wednesday, August … (4 comments)
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nevada mortgage loan: Las Vegas, NV: Could this be a new trend to get rid of inventory? - 08/03/07 12:26 PM
Las Vegas, NV: Could this be a new trend to get rid of inventory?
Auctions seem to be getting more and more attention across the country and more specifically in the Las Vegas NV market. Currently there are quite a few bank owned properties, and that number is rising. Also, Las Vegas … (6 comments)
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nevada mortgage loan: Mortgage Credit Scores Still Mystery to Most - 08/02/07 11:51 AM
Mortgage Credit Scores Still Mystery to Most
After reading the article below I realized that, although the media is publicizing the Doom and Gloom of the Mortgage Industry, they are not giving equal time to the impact it is having on the average US homeowner or potential homeowner. The majority of people … (5 comments)
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nevada mortgage loan: Henderson, NV Safekey Registration - 08/01/07 03:07 PM
Attn: Clark County School District Parents
Safekey Registration
Henderson, NV Safekey Registration
This program is a recreational enrichment program for children, designed to meet the needs of the working parent. Safekey is staffed by trained recreation leaders. The program consists of an activity or game period, sports, arts and crafts, and special events. In … (2 comments)
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nevada mortgage loan: Henderson, Nevada: Poolside Concert with Equinox - 08/01/07 10:02 AM
Henderson, Nevada: Poolside Concert with Equinox
This is a great summer activity for everyone that The City of Henderson, NV sponsors. The popular local band Equinox performs live.
Black Mountain Activity Pool 599 Greenway Road Henderson, NV
$5 Adults $Children
http://www.cityofhenderson.com/
Should you need Henderson or Las Vegas, Nevada mortgage advice, or have questions pertaining to … (0 comments)
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nevada mortgage loan: Henderson, NV Low-Rise Condo: Construction under way - 07/31/07 12:51 PM
Henderson, Nevada - With all of the Low, Mid, and High Rise condo projects in Henderson and Las Vegas, Nevada scheduled to be built one has to wonder how many will actually go up?
One in particular that I have been keeping an eye on is Stephanie Village in Henderson. This … (7 comments)
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nevada mortgage loan: Blog Comments are like Flair! Some people choose to do more! - 07/30/07 02:05 PM
Well everyone, I came to the realization the other night that Blog Comments on Active Rain are like Flair. If any of you have seen the movie Office Space(clip included below) you know what I am talking about.
10 comments are the minimum, now its up to you wether you want … (43 comments)
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nevada mortgage loan: Another 100% Financing Program Available: The Community Accomodation Loan - 07/27/07 04:36 PM
Because of many and many requests for 100% financing I have continued to search out the best 100% programs to offer our borrowers while still keeping them in a fixed rate loan to weather the current market correction. Bank of America is offering The Community Accommodation Loan for Low-to-moderate income borrowers … (11 comments)
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nevada mortgage loan: My Website: www.steak-dinner.com is back! - 07/23/07 03:54 PM
Hello everyone,
I just wanted to let you know that I have launched my new mortgage website, www.steak-dinner.com. My site has a clean new look and feel and many new resources including a state of the art Mortgage Calculator page. This page includes several calculators to help homeowners and potential homeowners crunch numbers like a pro! If you … (10 comments)
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