The FHA Loan Expansion bill is expected to be passed in the Senate soon.  The new bill would reduce the required down payment on FHA Loans from 3% by half down to 1.5%.  The bill would also increase the FHA Loan Limit in some areas up to $417,000. 

This bill would help potential Las Vegas FHA Loan candidates, particularly because many Las Vegas area home loans exceed the current FHA Loan limit of $304,000.

FHA Loans are currently the most affordable option for many Las Vegas residents as Fannie Mae and Freddie Mac are making it increasingly harder for people to get a conforming loan which in the past have offered the best rates.  New loan level pricing hits have made conforming loans increasingly more costly.  Below I have outlined some of the key features of an FHA Loan.

Key FHA Home Loan Features:

• Lower Interest Rates: FHA loans have competitive interest rates because the Federal government insures the loans
• Smaller Down Payment: FHA Loans currently require a 3% down Payment (This can come from a family member, employer, or a charitable organization as a gift)
• Easier qualification: Because the mortgage loan is insured by FHA it is easier to qualify if you have blemishes on your credit or there are exceptions on your loan application
• Less than perfect credit: You may even qualify with a bankruptcy in the past

More and more of my Las Vegas clients are inquiring to learn more about FHA Loans.  I believe that currently the FHA Home Loan is the best way to Purchase or Refinance a home.  Feel free to contact me directly if you have any questions about FHA Home Loans.

Your mortgage partner for life,