las vegas: Why the Slump in New Home Sales In Las Vegas, NV.? - 07/26/14 01:25 PM
www.lasvegasmtg.com Report: Recently Las Vegas Inc.  had a article written by Eli Segall titled "New Home Sales Slowing, But Prices Still Up"  stating that new home construction market in Las Vegas has softened compared to last year.
 
Based on data provide from the article Las Vegas home builders sold 433 new homes last month, which is down 15 percent from a year earlier, according to a new report from Las Vegas-based Home Builders Research.
Fewer permits have been pulled and reported to be 22% lower then the year prior.
The article reports that the median price for a new constructed … (0 comments)

las vegas: www.lasvegasmtg.com Report: Great News for Las Vegas Home Owners - 01/03/13 05:02 AM
By John Le Francois
www.lasvegasmtg.com Report: Great News for Las Vegas Home Owners. Tucked away in the fiscal cliff deal were some extensions that will give Las Vegas homeowners some relief for at least one more year. When the fiscal cliff was ratified by Congress on January 1 and signed into law on January 2 by Pres. Obama was the reinstatement of the Mortgage Debt Relief Act and the Deductibility of Mortgage Insurance.Mortgage Debt Relief ActThe mortgage debt relief act was originally instated in 2007 to assist homeowners avoid paying income tax on the difference of the house that was sold … (0 comments)

las vegas: www.lasvegasmtg.com Report: Escrow Workflow Process - 08/06/12 04:30 AM
www.lasvegasmtg.com Report: Escrow Workflow Process
 
www.lasvegasmtg.com Report: When escrow is opened with a title there is a process that the escrow officer will follow from start to finish. Linzy Turner is my Las Vegas, NV. Account Executive for Old Republic Title and she has given me permission to share the Escrow Work-flow Sheet.  

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las vegas: www.lasvegasmtg.com report: HARP 2.0 for Las Vegas, Nevada - 05/12/12 07:25 AM
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 … (0 comments)

las vegas: www.lasvegasmtg.com Report: Can a Veteran stop paying property taxes in Clark County, NV?? - 03/22/12 09:49 AM
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 … (0 comments)

las vegas: 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)

las vegas: 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)

las vegas: 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)

las vegas: 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)

las vegas: 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)

las vegas: 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)

las vegas: 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)

las vegas: 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)

las vegas: 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)

las vegas: 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.
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las vegas: 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)

las vegas: 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)

las vegas: 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)

las vegas: 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)

las vegas: 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)

 
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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