lasvegasmtgblog: 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)

lasvegasmtgblog: 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)

lasvegasmtgblog: 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)

lasvegasmtgblog: 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)

lasvegasmtgblog: 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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lasvegasmtgblog: 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)

lasvegasmtgblog: 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)

lasvegasmtgblog: www.lasvegasmtg.com Report: December 2010 Single Family Residence sold in Las Vegas, NV. - 01/31/11 11:58 AM
www.lasvegasmtg.com Report: December 2010 Single Family Residence sold in Las Vegas, NV.
Here is a list of Single Family Residences that were sold in the month of December 2010 in Las Vegas, NV. The list is broken down by zip code, the lowest price, maximum price and the average price per Sq./FT and the number of homes closed.
There are a number of zip code in Las Vegas, North Las Vegas, and Henderson areas that are far more  active then other areas with investors and first time home buyers as well as move up buyers. With bargain basement prices and rates that are expecting to go up soon … (0 comments)

lasvegasmtgblog: www.lasvegasmtg.com Report: FHA 90 Day Flipping Rule is set to Expire - 01/16/11 11:03 AM
www.lasvegasmtg.com Report: FHA 90 Day Flipping Rule is set to Expire
www.lasvegasmtg.com Report: FHA 90 Day Flipping Rule is set to Expire at the end of this month. The 90 Day Flipping rule was instituted to help prevent Fraud on FHA Loans by setting certain guidelines on homes that have been purchased and renovated within the 90 day period. The FHA Waiver for the last year was in recognition this policy was actually hurting the recovery as investors who renovated the houses as well as buyers that were purchasing the renovated properties were limited on how to finance the new loan.The waiver was … (1 comments)

lasvegasmtgblog: www.lasvegasmtg.com Report: Is Robo Signing good for the housing Market? - 01/16/11 07:34 AM
www.lasvegasmtg.com Report: Is Robo Signing good for the housing Market?
www.lasvegasmtg.com Report: Is Robo Signing good for the housing Market? Everyone in the Real Estate or Mortgage business has heard about Banks and Servicer have been engaged in Robo Signing documents without any verification off the documents they sign as being valid. It has been reported in the press that some banks have signed up to 1,000 foreclosure documents in one day. It has also been reported that some Judges in 23 states that require to review the foreclosure documents that are being presented before them have approved up to 200 foreclosures in … (1 comments)

lasvegasmtgblog: www.lasvegasmtg.com Report: Do you use Google Alerts? - 01/14/11 06:53 AM
www.lasvegasmtg.com Report: Do you use Google Alerts?
www.lasvegasmtg.comReport: Do you use Google Alerts was inspired from a article written by Fred Carver asking if you have Google your name?
This article is for using one of the most powerful tools that you have available at your fingertips and its called Google Alerts to help to develop your business and to save hours of time researching on the Internet. 
 To use Google Alerts you must first open an account with Google and provide basic information about you and create a user name and password. Once you have a Google Account you are ready to start … (2 comments)

lasvegasmtgblog: www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"? - 01/01/11 06:11 AM
www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"?
www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"? This is the argument that has been filed by National Community Reinvestment Coalition to FHA, The National Community Reinvestment Coalition has filed complaints against 22 lenders for having credit overlays that deny home loans to the poor and minorities. There are 17 other lenders that were not included in the complaint because they have agreed to meet with National Community Reinvestment Coalition.
It should be noted that the banks not named in this complaint are Bank Of America, JP Morgan Chase & … (0 comments)

lasvegasmtgblog: www.lasvegasmtg.com Report: Walking for Goodie Two Shoes in Las Vegas - 10/17/10 12:48 PM
www.lasvegasmtg.com Report: Walking for Goodie Two Shoes in Las Vegas
www.lasvegasmtg.com Report: Walking for Goodie Two Shoes in Las Vegas for the first annual 1, 2.5 and 5 Mile walk raised a large amount of funds and shoes for children of Clark County. With many sponsors and co sponsors bringing shoes and cash donations from children of $20 and $35 for adults for the walk, helped this non profit foundation provide much needed shoes for children. The crowds were estimated at 500 to 750 people walking the various distances today at the TPC Golf Course in Summerlin.
 
All Western Mortgage the company that I work for, … (3 comments)

lasvegasmtgblog: www.lasvegasmtg.com report: Wells Fargo will not bother extending close of escrow - 09/17/10 03:28 PM
www.lasvegasmtg.com report: Wells Fargo will not bother extending close of escrow date starting now. Yesterday I received notice that Wells Fargo will institute a new policy that they will not extend any close of escrow once the approval has been issued. Will other banks follow as well? It is too early to tell, but I have talked with a small group of Realtors and the consensus is they will. As a mortgage professional I have instituted the following guidelines to try alleviate any possibility of not closing on time.
No big deal, right?
I just need to adopt the following steps.
Immediately upon receipt … (2 comments)

lasvegasmtgblog: www.lasvegasmtg.com Report: FHA Loans for Underwater Home Owners - 09/06/10 04:32 AM
www.lasvegasmtg.com Report: FHA Loans for Underwater Home Owners will be available to home owners that are current on their mortgages and their home is underwater starting September 7th, 2010. In Las Vegas, NV. that would be about everyone that bought before 2003. Interest in this new FHA program from underwater home owners has been keeping my phone off of the hook with home owners wanting more information on this new loan product.
Requirements to qualify for this new FHA Home Loan for Underwater Home Owners:
The existing loan can not be an FHA insured loan, it must be a conventional loan only. In … (2 comments)

lasvegasmtgblog: www.lasvegasmtg.com Report: Is Las Vegas housing inventory rising due to declining sales? - 09/04/10 05:34 AM
www.lasvegasmtg.com Report: Is Las Vegas housing inventory rising due to declining sales? The Greater Las Vegas Realtors and Applied Science has reported that Las Vegas housing inventory has been increasing weekly at a pace of 280 homes per week since late April. The housing inventory in Las Vegas has increased to 14,854 a 4,800 increase in four months.
Current housing inventory has increased by 20% over last year withvacant or tenant occupied properties representing 80% of the standing inventory.  Contingent sales that are currently pending, 80% are short sales that require the banks approval. The Short Sale process is slow and tedious with a success rate of only 25% in  actual closing.

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lasvegasmtgblog: www.lasvegasmtg.com Report: Hud Secretary Shaun Donovan is worried on the decline in July housing numbers - 08/29/10 07:27 AM
www.lasvegasmtg.comReport: HUD Secretary Shaun  Donovan is worried on the decline in July housing numbers during an interview on CNN today.  Shaun Donovan stated on the State of the Union interview " the July housing numbers were worse then expected, and we are concerned." Shaun Donovan stated " The Administration will be taking immediate action to move forward."
The Administration will implement two new FHA (Federal Housing Authority) refinance programs to help struggling home owners to pay their mortgage and to help the unemployed home owners stay in their homes. With a firm commitment from Shaun Donovan " We are going to continue to make sure folks … (4 comments)

lasvegasmtgblog: www.lasvegasmtg.com Report: Monthly Newsletter - 08/16/10 08:02 AM
 
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lasvegasmtgblog: www.lasvegasmtg.com Blog: The ABC's on how to use the power of Yelp! - 08/04/10 10:20 AM
www.lasvegasmtg.com Blog: Why you need to know about the power of Yelp and how to use it!
http://www.lasvegasmtg.com The ABC's on how to use the power of Yelp!
Webster Dictionary defines Yelp as a verb.
1.) To give a quick, sharp shrill cry as a dog, or fox.
2.) To cry or cry out sharply.
3.) To utter or express by or as by yelping.
Yelp was the brainchild of David Galbraith, who worked with Jeremy Stoppelman to provide a local services market reviews. The name Yelp is a contractions from the Yellow Pages. It started in October 2004 in San Fransisco and has developed … (0 comments)

lasvegasmtgblog: www.lasvegasmtg.com Report: HUD want to hear from you on proposed changes! - 07/20/10 03:34 PM
www.lasvegasmtg.com Report: HUD want to hear from you on proposed changes!

www.lasvegasmtg.com Report: HUD want to hear from you on proposed changes to help shore up FHA balance sheet. While everyone is familiar with the recent changes in Upfront Mortgage Insurance from 1.75% to 2.25% we will see the next wave of changes outlined here.
Las Vegas, Nevada home loans for purchases and refinances in the last two years are underwritten with FHA loans nearly 67% of the time for loans under $400,000.00. With the proposed changes that FHA is seeking, this could have a negative impact in Las Vegas housing industry and … (0 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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