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
August 1st, 2017
what a reverse mortgage?
Let Your Home Take Care of You with a Reverse Mortgage: Home Equity Conversion Mortgage
Reverse mortgages were created specifically for senior home owners 62 plus, allowing them to make the most of the equity they have acquired in their homes.
With a reverse mortgage, you borrow against the equity you have built up in your home and do not need to repay the loan for as long as you live in the home as your primary residence, maintain your home in good condition, and pay property taxes and insurance. You can live in your home and continue enjoying making no monthly principal and interest mortgage payments.
Depending on your financial situation, a reverse mortgage has the ability to help you stay in your home and still meet your financial obligations. HOW does that sound? Would you like to know more?
Of course, reverse mortgages may not be right for everyone. If you’d like to know more, Call Me NOW, Penny O’Brien 702.321.9383
A little about me, I moved from Iowa to Vegas in 1998. take care yourself.
August 1st, 2017
Call me right now if you have questions about this wonderful Indian Home Loan Section 184 HUD program. Here is a small map for you. I have helped MANY happy BUYERS with this program. Contact me @ 702.321.9383. I have helped buyers move to Las Vegas from NM, Alaska and many other parts of the United States. I look forward to hearing from you. Penny
HUD 184 MAP
August 1st, 2017
The Section 184 Indian Home Loan program is a mortgage product specifically for American Indian and Alaska Native families, tribes, Alaska Villages or tribally designated housing buyers. Congress established this program in 1992 to facilitate home ownership in Native American communities. Using Section 184 financing you can get into a home with a low down payment, no mortgage insurance and flexible underwriting. If you are a potential home buyer, Section 184 is a wonderful product — thanks to the low down payment requirement of 2.25% for loans over $50,000. If your loan amount is under $50,000, your down payment is 1.25%. If you don’t have to pay a mortgage insurance premium each month. Instead, a one–time, 1% loan guarantee fee can be added to your final loan amount. Our underwriters are familiar with the unique issues and circumstances that Native Americans face when trying to get a mortgage in Indian Country
Call Me NOW, Penny O’Brien 702.321.9383
August 1st, 2017
Hi there everyone,
Need HELP? I can Help.
Once again I have clients using the Section 184 Indian Home Loan Guarantee Program. I absolutely love helping my clients use this program. I have an all time record for helping with this program. If you are in need of more information or just curious about this HUD 184 Program, Call me NOW! Penny O’Brien 702.321.9383
For more information call me anytime, morning, noon or night. I will be your Realtor now and forever. Enjoy your day, Penny
July 31st, 2017
Want more information on all the builders and model homes in Henderson, SW, NW Summerlin and the whole Las Vegas Valley? CALL ME NOW. Penny O’Brien 702.321.9383
Here’s a few models and builders:
SAVONA BY WOODSIDE
SILVER RIDGE BY WILLIAM LYON
STERLING RIDGE BY William Lyon
GRANITE HEIGHTS BY TOLL BROTHERS
LOS ALTOS By TOLL BROTHERS
FAIRWAY HILLS IN THE RIDGES By TOLL BROTHERS
ALTURA By TOLL BROTHERS
BELMONTE By Woodside
ALLEGRA By William Lyons
YOUR REALTOR NOW AND FOREVER. Penny O’Brien 702.321.9383
July 31st, 2017
I trust all is well for you and yours. Have you heard the news about a new Summerlin Village opening up? Oh my goodness. I’ve been living in Summerlin for over 19 years and I have to say this is one of my favorite Villages. It’s tucked up in the mountains. The views are amazing. The club house area will be Guard Gated. There’s going to be the standard big park areas like Summerlin Provides so well. Lush green trees and beautiful landscaping. There are so many wonderful things to mention about this Reverence Village. I LOVE IT and I think you will too. Call me anytime for more information or even better, let’s go shopping. Penny O’Brien @ 702.321.9383 Your, Sunny Las Vegas Realtor with over 19 years of REAL ESTATE experience. Thank you for your time, Penny
rev·er·ence: deep respect for someone or something.
July 18th, 2017
Are you confused about how the Reverse Mortgages work? I was too, until I dug deep into learning all about Reverse Mortgages. It actually is a great program. Here’s a few reasons why you might consider moving forward to a Reverse Mortgage.
It is a Government Program, it’s legit
Guaranteed by FHA/HUD
BORROWER(s) NEVER MAKES A MORTGAGE PAYMENT
Do I have your attention? Want to know more? Call me NOW,
Penny O’Brien with RE/MAX Excellence
Let’s get moving, I work best with buyers and sellers. I’ll become your Realtor for life
June 21st, 2017
I am originally from Iowa, after spending 37 years there, I decided to move to Las Vegas.
HUD 184 Loan Program. It’s an amazing Government program that allows a low interest rate and many other wonderful aspects for soon to be homeowners or homeowners who are looking to remodel. Please give me a buzz so we can discuss more about the 184 Loan Program. Have fun and enjoy your life,
Penny O’Brien 702.321.9383
June 5th, 2017
Have you heard about this new and innovative program. And one of the best things about it is it’s free. No cost to you. The only thing you’ll need if you find necessary is a helmet, they are not supplied.
The Cadence Bike Share Program provides bicycles for residents and guests to ride around the beautiful community of Cadence.
Just sign up at:
Get your access code and get started riding
Take I-215 until it turns into Lake Mead Parkway. Pass through #. Warm Springs Rd. The Home Finding Center is on the left at the intersection of Sunset Rd and Lake Mead Parkway.
It’s really a neat program. If you’ve ever been by gogole in California at their headquarters, you will see bikes all around so that people can get from building to building faster and in a more fun matter.
You can ride from one community to the other and you do not have to be a resident or home owner to use the bikes.
I hope your found this information of value to you. If you or any one you know is looking to buy or sell a home here in Las Vegas or Henderson please keep me in mind. I’ve been helping buyers and sellers for over 19 years full-time. I have very happy clients. Take care and enjoy your life, Penny @ 702.321.9383 or GOWITHPENNY@yahoo.com
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