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Posts Tagged ‘government’

CONVENTIONAL Loans for Home Buyer’s Las Vegas, FHA, VA. Ask Penny 702.321.9383

Tuesday, August 1st, 2017

HOWDY,

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

HECM, REVERSE MORTGAGE here in Las Vegas, NV. HOMEOWNER NEVER MAKES A PAYMENT

Tuesday, July 18th, 2017

Hi there,

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

702.321.9383

Let’s get moving, I work best with buyers and sellers.  I’ll become your Realtor for life

Original Mid-west RE/MAX Realtor moved to Las Vegas knows the HUD 184 Program

Wednesday, June 21st, 2017

Hi everyone,

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

HOME IS POSSIBLE FOR LAS VEGAS HOME BUYERS

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
GoWithPenny@yahoo.com

 

Penny O'Brien
Las Vegas | Henderson | Summerlin Realtor/Real Estate Agent


Cell:  702.321.9383
Email: lasvegasniceliving@yahoo.com

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