john le francois: www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports. - 04/29/12 07:32 AM
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 … (0 comments)

john le francois: www.lasvegasmtg.com Report: Help for FHA underwater home borrowers in Las Vegas Nevada - 03/17/12 08:05 AM
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 … (0 comments)

john le francois: www.lasvegasmtg.com Report: Republicans target increasing FHA Down Payment Part 2 - 05/26/11 07:45 AM
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. … (0 comments)

john le francois: www.lasvegasmtg.com Report: Republican Politicians want FHA To Increase Down Payment - 05/24/11 09:05 AM
www.lasvegasmtg.com Report: Republican Politician want FHA To Increase Down Payment
by John Le Francois
 
www.lasvegasmtg.com Report: Republican Politicians want FHA To Increase Down Payment from the current 3.5% to 5% and are proposing this through discussion on Wednesday Housing Financial Services Committee hearing led by Judy Biggert (R-Ill.) Last year Congress tried to increase the FHA Down Payment required, but it was removed from the bill when the President Obama threatened to veto the bill if left in.
The Republican led proposed increase to the down payment is based on the argument that FHA would not be in jeopardy of … (3 comments)

john le francois: www.lasvegasmtg.com report: $400 Billion Adjustable Rate Mortgages to reset. - 05/15/11 11:12 AM
www.lasvegasmtg.com Report: $400 Billion Adjustable Rate Mortgages to reset.
by John Le Francois
Linda Sterns a Journalist for Rueters this weekend reported that $400 Billion, that's Right $400 Billion in Adjustable rate Mortgages will be starting to reset. In 2006 at the height of home purchases the adjustable rate mortgage was the loan of choice and the most widely used ARMS were the two, three and five year ARM. In the last five years since the housing bubble started we have seen over 5 million homes foreclosed on across the United States. The next round may start when the five year … (0 comments)

john le francois: www.lasvegasmtg.com Report: Scam to Defraud Las Vegas Home Buyers - 04/28/11 12:54 PM
www.lasvegasmtg.com Report: Scam to Defraud Las Vegas Home Buyers
By John Le Francois
www.lasvegasmtg.com Report: Scam to Defraud Las Vegas Home Buyers with an ominous letter they receive in the mail that looks and reads like a government letter from the recording office. It includes a payment coupon for $87.00 and states if you do not return within the required date (see the calender on the letter) there will be additional charge of $35.00 will be required before processing.

What do you get for the $87.00? You get a copy of the recorded Grant Deed that was recorded on your current property you … (1 comments)

john le francois: www.lasvegasmtg.com Report: Las Vegas Home Facts No One Is Talking About - 04/28/11 07:30 AM
www.lasvegasmtg.com Report: Las Vegas Home Facts No One Is Talking About
By John Le Francois
 
www.lasvegasmtg.com Report: Las Vegas Home Facts No One Is Talking About. What are the facts that are being lost in the world of doom in gloom on the Las Vegas, Nevada housing landscape? It is the fact that 2010 "Existing Home Median Prices" are at the same level as the 1996 "Existing Median Home Price". 
In 1996 the gap between "New Home Median Prices" and "Existing Home Prices" was only $7,000.00. In 2003 the gap between "New Home Median Prices" and "Existing Home Prices" increased … (0 comments)

john le francois: www.lasvegasmtg.com Report: Preserving Calico Basin, Nevada - 04/24/11 05:57 AM
www.lasvegasmtg.com Report: Preserving Calico Basin, Nevada
by John Le Francois
 
www.lasvegasmtg.com Report: Preserving Calico Basin, Nevada a sanctuary for Las Vegans for hiking, rock climbers and nature enthusiast may be in jeopardy with Nevada budget crisis. Our current deficits will create a hardship for state legislature to fund state parks when they are seeking 1 billion dollar cut from the school district.
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
The Calico Basin area has been a sanctuary for mankind … (4 comments)

john le francois: www.lasvegasmtg.com Report: The new standard for Mortgages QRM Part 2 - 04/17/11 07:45 AM
www.lasvegasmtg.com Report: The New Standard for Mortgages QRM Part 2
By John Le Francois
Last week I wrote an article regarding the new proposal for QRM "The Qualified Residential Mortgage" proposal that is supposed to eliminate the risks of Toxic Mortgages held by banks by setting standards on what constitutes a risk free Mortgage. To read the previous article click here. 
Last week testimony at House Capital Markets Sub Committee that the proposed QRM guidelines are so  restricitve that the unintentional result would be to put millions of qualified homeowners out of the housing markets and it would stall any hopes of stabilizing the housing recovery.
Industry … (2 comments)

john le francois: www.lasvegasmtg.com Report: The new standard for Mortgages QRM - 04/10/11 07:49 AM
www.lasvegasmtg.com Report: The new standard for Mortgages QRM
by John Le Francois
www.lasvegasmtg.com Report: The new standard for Mortgages QRM. What does QRM stand for? It stands for Qualified Residential Mortgage, and it  is the product of the banks, Housing and Urban Development, and Securities and Housing regulators release of recommended changes to reduce the risk of toxic loans. This panel was created by the legislation Financial Reform Act in 2010 by Congress to create low risk loans. The legislation gave broad powers to the group and only expressed concerns about negative amortization and balloon payments and were silent on the minimum down payment requirements. Why are … (0 comments)

john le francois: www.lasvegasmtg.com Report: New Lender guidelines! Say it ain't so! - 04/02/11 09:08 AM
www.lasvegasmtg.com Report: New Lender guidelines! Say it ain't so!
by John Le Francois
www.lasvegasmtg.com Report: New Lender guidelines! Say it ain't so! Recently I experienced a new rule that has slowed down the loan process for some very qualified buyers and is not even disclosed  as a lender overlay. The delay is over any borrower that has a dispute on their credit report. A dispute with the borrower and the creditor no matter if the account is open or closed, balance or 0.00 balance, has to be removed before the lender will give the borrower approval for a home loan.
The delay is caused by … (0 comments)

john le francois: www.lasvegasmtg.com Report: FHA Annual Mortgage Insurance Increase - 03/29/11 07:02 AM
www.lasvegasmtg.com Report: FHA Annual Mortgage Insurance Increase
by John Le Francois
www.lasvegasmtg.com Report: FHA Annual Mortgage Insurance Increase will be enacted on 04/18/2011 and will increase from .90 (current rate) to 1.15%. In 2010 Congress provide FHA the ability to raise the annual monthly premium from .55% to 1.25% of the loan amount. This was to cover the required mandate that there be a 2% reserves of all existing FHA home loans to cover any losses due to Foreclosures or Short Sales. This will be the third increase in less then 12 months and it may reach the maximum allowed fee set by … (0 comments)

john le francois: www.lasvegasmtg.com Report: Major Banks approve FHA Short refinances! Oh Really? - 03/27/11 10:40 AM
www.lasvegasmtg.com Report: Major Banks approve FHA Short refinances! Oh Really?
by John Le Francois
www.lasvegasmtg.com Report: Major Banks approve FHA Short refinances! Oh Really? This was the the big news from the banking industry giants, Bank of America, Citi, Wells Fargo, GMAC, JP Morgan Chase and 24 other banks that they are NOW on board to use the FHA Short Refinance Loan Program.
The timing of this announcement is extremely suspect since the House of Representatives are giving the Big Banks a get out of jail pass again with the vote to repeal funding for the FHA Short Refinance Loan Program. Without the government … (0 comments)

john le francois: www.lasvegasmtg.com Report: How did we get to the new Mortgage Compensation for L. O.'s? - 03/27/11 05:58 AM
www.lasvegasmtg.com Report: How did we get to the new Mortgage Compensation for L. O.'s?
by John Le Francois
www.lasvegasmtg.com Report: There is a lot of discussions about the New Mortgage Compensations for Loan Officers that will be enacted starting 04/01/2011. Many lenders have been providing different interpretation on the rules and how it will be enacted with continual webinars addressing these changes. Some Loan Officers are abandoning the ship and looking for other forms of work for fear of a loss of income. We will see who is left standing after 04/01/2011 and are still willing to work in this industry.
(0 comments)

john le francois: www.lasvegasmtg.com Report: Las Vegas FHA Home Loans with 530 FICO Scores - 03/13/11 06:30 AM
Las Vegas FHA Home  Loans for 530 to 619 FICO Score
by John Le francois
www.lasvegasmtg.com Report: Many borrowers in this economic downturn are experiencing derogatory credit reports that require special lending options that alllows them to still purchase a Las Vegas FHA Home Loans with 530 FICO Scores or higher.All Western Mortgage now has Investors that will provide Mortgages to Credit Challanged Borrowers. There are strict guidelines for these type of FHA  Home Loans in Las Vegas, Nevada.


580 to 619 FICO Scores   3.5% down payment for FICO Scores with no Scores or >=580  No open or active trade lines will need three alternative … (0 comments)

john le francois: www.lasvegasmtg.com Report: The Untold Truth About Par Rate - 03/07/11 12:00 PM
www.lasvegasmtg.com Report: The Untold Truth About Par Rate
By John Le Francois
www.lasvegasmtg.com Report: The Untold Truth About Par Rate is different for each individual borrower! Investopedia.com defines Mortgage Par Rate as: An interest rate used as the reference point for which a Mortgage Lender will neither pay a rebate ( Yield Spread Premium or Negative Points ) or require discount points for a Mortgage.
With the definition from Investopedia.com we have as the basis that a Par Rate would be a zero YSP and a zero cost to the borrower. In today's market a Par Rate is as unique to each borrower … (2 comments)

john le francois: www.lasvegasmtg.com Report: FHA Loans will be costing more starting April 18, 2011 - 02/21/11 08:16 AM
www.lasvegasmtg.com Report: FHA Loans will be costing more starting April 18, 2011
by John Le Francois

www.lasvegasmtg.com Report: FHA Loans will be costing more starting April 18, 2011 in Las Vegas, Nevada. FHA Mortgagee Letter 2011-10 dated February 14, 2011 details the new Annual Premium for Mortgage Insurance. Effective with all new FHA case numbers issued after April 18, 2011 the Annual Premium will go up based on the following criteria.
The purpose of the new changes is based on the legislative mandate 202 of the National Housing Act to make FHA financially sound and to insure the FHA loan … (0 comments)

john le francois: www.lasvegasmtg.com Report: Life after Bankruptcy, Foreclosure, or Short Sale in Las Vegas - 02/20/11 10:24 AM
www.lasvegasmtg.com Report: Life after Bankruptcy, Foreclosure, or Short Sale in Las Vegas.
By John Le Francois

www.lasvegasmtg.comReport: In May 21, 2010 I reported about the new rules were being implemented by Fannie Mae that created large barriers for borrowers that recently had a Bankruptcy, Short Sale or Foreclosures from getting a home loan. 

With Las Vegas, Nevada being #1 in Foreclosures and Short Sales for several years and #14 for unemployment for Metropolitan Areas in the country it was no wonder that Bankruptcy filings are almost double of the national average. In 2010 Las Vegas, Nevada had 15,000 Bankruptcy fillings per 1 million residents while the national average was … (2 comments)

john le francois: www.lasvegasmtg.com Report: Las Vegas Portfolio Lending for High-Rise Condo Financing - 02/19/11 06:36 AM
www.lasvegasmtg.com Report: Las Vegas Portfolio Lending for High-Rise Condo Financing
By John Le Francois
www.lasvegasmtg.com Report: Las Vegas Portfolio Lending for High-Rise Condo Financing is now available for High-Rise Condos and Condo/tels at All Western Mortgage in Las Vegas, NV.
A Portfolio Lender is a lender that Underwrites their own loans based on the lenders guidelines and not Fannie Mae guidelines or overlays. A Portfolio Lender then will service the loan and will not sell on the secondary market that is so common in toady's market.
The Portfolio Lenders have created Niche Markets that service clients that big banks cannot market too.  
One of … (2 comments)

john le francois: www.lasvegasmtg.com Report: Las Vegas Highrise Condo Financing now available - 02/06/11 09:45 AM
www.lasvegasmtg.com Report: Las Vegas High-rise Condo Financing now available
By John Le Francois
www.lasvegasmtg.com Report: Las Vegas High-rise Condo Financing now available. Everyone that has been in Real Estate for any length of time knows that trying to get financing for a Condo in Las Vegas, NV. is next to impossible. Getting a High-Rise Condo would take an act of Congress and would be inclined to be a futile effort. 
At All Western Mortgage we now have several new programs that are available to clients to buy owner occupied and 2nd home Condos and High-Rise units.
Fannie Mae owned Condo and High Rise Condo properties that are … (2 comments)

 
Kenny Salame, NMLS ID 313873 (All Western Mortgage Broker # 14210)

Kenny Salame

NMLS ID 313873

Las Vegas, NV

More about me…

All Western Mortgage Broker # 14210

Address: 8345 W. Sunset Rd., Suite #380, Las Vegas, NV, 89113

Office: 702-369-0905 Ex. 609

Mobile: 702-506-3301

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