Archive for the ‘FHA’ Category
Tuesday, August 1st, 2017
Let’s talk about lending:
The best way to explain what a conventional loan means is that a home buyer’s mortgage is not backed or insured by a government agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA). Buyers can use a conventional mortgage to purchase a one- to four-unit home, a condominium, modular or manufactured home as a primary, secondary or investment property.
A loan that conforms to conditions and terms of the government-sponsored enterprises Fannie Mae and Freddie Mac is called a “conventional loan.” The down payment of a conventional purchase loan is generally higher than that of a government-insured loan, such as an FHA loan, which is 3.5%. Conventional borrowers generally must pay between 5% to 20% percent of a home’s purchase price for a down payment. On a refinance a conventional loan can go up to the Loan to Value (LTV) of 95% with the addition of PMI or LPMI factors.
On a conventional loan the lender will consider a buyer’s debt-to-income ratio, which he/she determines by calculating the projected housing costs and actual recurring monthly expenses. A buyer/buyer’s home expenses. Which include the monthly loan payment applied toward principal and interest, property taxes, mortgage and homeowners insurance as well as total of all monthly expenses, including housing, must not exceed 43% of the buyer’s income. Do you fit that criteria?
A FICO credit score of 640 and higher increases a borrower’s rate of approval and may reduce the loan’s interest rate. FICO is an abbreviation for the Fair Isaac Corporation, the first company to offer a credit-risk model with a score. The story would be more interesting if “Fair Isaac” refers to some wise, above board person. Here’s the deal: Bill Fair and Earl Isaac are the founders.
Borrowers who have filed a Chapter 7 bankruptcy case can apply for a conventional mortgage after four years from discharge date, and those who have filed a Chapter 13 may apply two years after the re-establishment of an active credit profile.
The current market and the borrower’s FICO credit score influence the interest rate he’ll receive on a conventional loan. Conventional loan programs at a fixed rate, where the interest rate stays consistently the same throughout the term of the loan, or as an ARM, an adjustable-rate mortgage, where interest rates initiate at a below-market rate and change on a designated schedule, which ranges from monthly to annually or longer.
Conforming conventional loans: have a maximum loan limit set by Fannie Mae at the county level.
In the case of non-conforming loans, banks ususally set the limit at 80 to 90 percent of the home’s appraised value.
Call Penny O’Brien @ 702.321.9383
Monday, March 6th, 2017
Are you in the market to purchase a condo? Are you a FHA buyer? Do you want to know which condo complexes are FHA ready?
Feel free to give me a text, call or email for more information or if you have questions. Do you have questions about HUD homes and how it all works? Call me, let’s talk Real Estate.
Enjoy your day, Penny O’Brien 702.321.9383 GowithPenny@yahoo.com
Thursday, February 9th, 2017
Hi there everyone,
Are you currently with the Military? Are you a Veteran? Please let me begin with, THANK YOU FOR YOUR SERVICE. My son is with the Marines and I see the Honor and Sacrifice that goes along with being in the Military. I am so grateful that there are People out there that care so much for our country and are willing to be there in times of need. With that said, I can help you with your Real Estate needs, I am the perfect Realtor for you. I have over 16 years of helping families buy and sell here in the Las Vegas Valley. I moved to Las Vegas from Iowa almost 20 years ago. As of right now I have clients who are Military. They are purchasing a 2 bedroom condo near Summerlin. They are having USAA do their loan. I am very familiar with all types of loans and how to help you through the loan process too. Some types of loans are FHA, Conventional, VA, HUD loan, so many different types. There is also down payment assistant programs available. There’s so much and I have the knowledge in what available for you. Let’s get together and figure out what type of loan is best for you. Or, perhaps you’re paying Cash.
I really do hope to hear from you. I love helping and it’s the least I can do to help you in return for all you do. You can reach me at 702.321.9383, text or call me. I always respond very quickly. Or email me at GowithPenny@yahoo.com And, please understand there are no silly questions that you maybe afraid to ask. I’m a REALTOR with your best interest at hand. My buyers are buying condos, townhomes and Single Family Residences. I look forward to hearing from you. I have Happy Clients. NOW, let’s get moving.
Have fun and Enjoy your life. Penny
Monday, February 6th, 2017
I am working on putting together a give-a-way to any buyers and sellers who are or become my client/clients. I am asking what they’d like to receive. Of course, it needs to be within reason.
Do you have any suggestions? I look forward to hearing from you and really Excited to get it started.
Thank you and let’s get moving.
Penny O’Brien 702.321.9383
I work with all buyers, Cash, Conventional, FHA, VA And many HUD programs. I work with all buyers and sellers within the whole Las Vegas Valley. Call me @ 702.321.9383
Monday, February 6th, 2017
Happy Day to you. Are you interested in knowing a lot more about townhomes in Las Vegas that are for sale? In the past 3 months I have sold several. They are a fine way of owning a home without all the extra responsibility of owning a detached home. Here’s what is usually included in within the HOA when buying a townhome. Usually water and trash are included. Most of the time the landscaping in the front is covered too. Are you looking for a condo to buy or sell. I can Help. I work in all areas of the Las Vegas Valley and have clients who are cash buyers, FHA buyers, VA buyers, Conventional buyers and any other programs that may be used in the purchase of a home. Many of my clients have a tribal card and they qualify for the HUD 184 program. There’s so much out there for buyers to use for purchasing a home and coming in with very little down payment.
You can reach me, Penny @ 702.321.9383. I am a professional Realtor, we will have a good experience working together.
I really enjoy helping people with the purchase or sale of homes. I have over 16 years of full-time experience in Las Vegas. ENJOY your day. Penny
Sunday, January 22nd, 2017
Let’s be honest, shall we? If you don’t have a pre-approval letter from a lender when you are ready to buy do you really think that a seller will take you seriously? Think of it this way, let’s turn the situation around. You are the seller, I put your house on the market and offers start flooding in. Any one can offer any amount, someone could offer you a million dollars on a home valued at $200k. It does not mean that the lender/bank/financial company is going to loan you a million dollars for the house. They will loan you the appraised value, minus down payment amount depending on your loan type. You’re probably not going to go to the market and pay $20 a pound for apples, unless they are gold plated. Back to the pre-approval letter and buyers.
For the sack of being simple let’s say 2 offers come in. One offer is at list price, we believe after doing our investigation on the property that it will appraise for list. The second offer is at list and the buyer is willing to pay out of pocket an additional $20k cause it’s right next to their family and they have to have the house. The first offer came with a pre-approval letter and is a sound buyer. The second offer has no approval letter, you have no idea if this buyer is capable of purchasing your home or not. There’s no evidence of funds. NOW WHAT? Obviously, we ask for the letter of approval but they tell us, don’t worry we are good for the loan, we have good jobs, have money in our savings, we’ve bought before, the bank will give us the money. Are you going to believe them? I hope not. You have to be able to know at least at the time of their loan application that they were qualified for the loan. Things can change between then and the time of purchase.
So, the moral of the blog is, if we are going to go out there and start looking for a home for you, FIRST things FIRST, let’s talk with a lender. It’s important also to feel comfortable with the payment you will be making. You may fall in love with a house that is totally out of your price range. It’s all about preparing yourself for what is right for you.
What kind of loan will you be getting? FHA? VA? Conventional, HUD or paying CASH.
Now, are you ready? Let’s go see a lender and see what best for you. You can reach me at: 702.321.9383 Text, call or email: GoWithPenny@yahoo.com
ENJOY LIFE, Penny
Las Vegas | Henderson | Summerlin Realtor/Real Estate Agent
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