Posts Tagged ‘government’
Wednesday, January 31st, 2018
Information from Home is Possible:
Kind of sad news actually,
Due to continued market volatility, pricing for the FHA/VA/USDA 4% DPA option has been unavailable in the market. As a result, The Nevada Housing Division will be temporarily suspending our 4% government DPA option. We understand the unavailability of this option may cause difficulty for some borrowers who were counting on the 4% DPA. With this in mind, any loans “Reserved” by January 31, 2018 will still be eligible for this option. Loans reserved beginning February 1, 2018 will not have the 4% government option. Unfortunately, we will be unable to grant exceptions to this policy.
We strongly suggest you consider offering borrowers the HFA Preferred Conventional loan product as an alternative. The majority of FHA loans will qualify for our conventional loan product which can be a more economical option for borrowers.
We appreciate your continued participation in our programs and ask for your patience as we continue to monitor market conditions. We will make adjustments as needed to continue to provide the best down payment assistance programs for borrowers.
Saturday, October 21st, 2017
Yes, You have come to the right person to help you with your home purchase using Section 184. I have helped so many buyers with this program. Call Me anytime: 702.321.9383, Penny O’Brien
The Section 184 Indian Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.
Penny’s take about Section 184 Indian Home Loan Guarantee Program:
- Low Interest Rates: based on the market, it is not the applicant’s credit score
- Low Down Payment: 2.25% on loans over $50,000
- Lower Monthly and Upfront Mortgage Insurance than other programs. Nice, right?
- All Section 184 loans are reasonable and affordable, with reviewed fees and structured appropriately.
- Although America has seen a drop in mortgage lending; Section 184 loans, since they are guaranteed by the Federal Government, have stayed healthy and productive.
- I have amazing clients who have used this program and are extremely happy.
I am ready to help answer any questions you have. I look forward to hearing from you. Penny O’Brien @ 702.321.9383
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
Tuesday, 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
Wednesday, 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
Tuesday, January 24th, 2017
Can these be of a Benefit for you:
Fixed interest rate 30-year loan –
- No first-time homebuyer requirement
- Grant is non-repayable
- Call Penny O’Brien for More Info: Penny @ 702.321.9383
- No asset limits for homebuyers
- Now offering up to a 4% grant with government loan types and up to a 5% grant with conventional loan financing
- Grants are based upon the loan amount and can be used for down payment assistance and/or closing costs.
- Can be combined with The Mortgage Credit Certificate (MCC) Program.
- Available state-wide
READY? SET? NOW, Let’s Get MOVING.
Contact: Penny O’Brien 702.321.9393
Las Vegas | Henderson | Summerlin Realtor/Real Estate Agent
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