loans: 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)

loans: 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)

loans: www.lasvegasmtg.com Report: Open House 03/20/2010 in North Las Vegas, Nevada 89031 - 03/18/10 02:09 PM
Open House 03/20/2010 5912 MAGIC OAK ST, N. Las Vegas, NV. 89031   View Larger Map 5912 MAGIC OAK ST
North Las Vegas, NV
89031
3 Bed, 2.5 Bath, 2 Story
2 Car Garage
2146 Sq. Ft.
Built in 2007
136,500.00
Type: Single Family Residence
MLS #: 1012644
Status: Active-Exclusive Right
Open House Hours
10 AM to 2 PM 03/20/2010
      ML #: 1012644 Status: Active-Exclusive Right List Price: 136,500 Public Address: 5912 MAGIC OAK ST Bedrooms: 3 SqFt: 2146 Subdivision Name XP: SIERRA RANCH-VILLAGE 3 UNIT 1 Year Built: 2007 Zip Code: 89031
  Faces West Lot Sq. … (0 comments)

loans: www.lasvegasmtg.com Report: FHA the Truth or Fiction Game - 03/16/10 10:01 AM
www.lasvegasmtg.com Report: FHA the Truth or Fiction Game is based on Mortgagee Letters everyone has heard about, but until you try to implement them you do not know if they are true or fiction in the real world of lending. So lets begin with an easy one alright?

 
 
1) FHA now has implemented a minimum FICO Score set at 580. If you do not have a minimum FICO score of 580 you will need 10% down? Is this Fact or Fiction? This is Fact based on FHA guidelines, but Fiction in the real world of lending! Lenders have … (2 comments)

loans: www.lasvegasmtg.com Report: Rebuttal to FHA changes designed to reduce buyer pool - 01/31/10 04:09 AM
www.lasvegasmtg.com Report: Rebuttal to FHA changes designed to reduce buyer pool written by Lenn Harley today featured article in Activerain. I agree that this will leave some out of the market but not because of the raised FICO score. Most of the lenders already had their own matrix's with a minimum FICO score higher then the new FHA minimum FICO Score. Lenders that advertised doing loans at 580 which was the lowest FICO any lender would do was next to impossible to close with them with only 1 in 7 actually closing. Most of the secondary market had already imposed the … (0 comments)

loans: lasvegasmtg.com Report: Las Vegas, Nevada's Future Credit Challenge - 12/24/09 07:52 AM
lasvegasmtg.com Report: Las Vegas, Nevada's Future Credit Challenge due to the number of Foreclosures and the number of Bankruptcy filings, and the high unemployment rates, Las Vegas, Nevada may see a large percentage of people unable to get any form of reasonable credit for many years to come. Nevada's Future Credit challenge will affect more then just the ability to purchase a home, but will make it harder to find suitable housing, and work that both rely on credit scores here in Las Vegas, Nevada.
Nevada's Future Credit challenge 1. Foreclosure in Nevada
First lets look at the Foreclosure status in … (2 comments)

loans: New FHA Proposed Changes already being announced from Lenders! - 12/05/09 05:12 AM
On December 3, 2009 I wrote an article about FHA Secretary Shaun Donovan testimony on current FHA changes that are now in place and new FHA proposed changes being announced by lenders in advance of any FHA changes. Yesterday three lenders announced the following changes in their Underwriting approval Policy for all loans immediately regardless of DU approval. These lenders have traditionally have had the most aggressive Underwriting approvals with a 620 Mid Fico Score and a DTI up to 55%. It must be noted that in the last three months most of all the lenders we use have already had … (7 comments)

loans: Just Announced First Time Buyer $8,000.00 has Been extended! - 11/04/09 10:06 AM
November 4, 2009

Washington, D.C. – Led by Nevada Senator Harry Reid, the U.S. Senate today passed a bill that will extend unemployment benefits, the Homebuyer Tax Credit, and tax relief for struggling businesses.The Senate vote was 98 to 0 .
Homebuyer Credit• Extends the $8,000 credit through June 30, 2010 (must have binding contract by April 30, 2010).• Expands the credit (capped at $6,500) beyond first-time homebuyers to those who have owned a home for five consecutive years within the previous eight years.• Increases the dollar limits for eligibility for both credits from $75,000 for singles and $150,000 for married couples … (7 comments)