Important Changes in Mortgage Lending and Loan Programs

New changes in mortgage lending and loan programs will take effect in 2011. The details follow.

FHA Loan Changes: There will be an increase of 25 basis points or .25% in the annual MIP (monthly insurance premium), meaning .25% of your loan amount. For instance if your loan amount is $275K, this will amount to $60 per month or $687.50 per year. This will impact new loans on or after April 18th, 2011.

VA Loans: The VA loan limit in Nevada is the standard $417,000, allowing home buyers to finance up to 100% of a home worth that much. A Certificate of Eligibility (COE) is the first thing you need to obtain a Nevada VA loan. Via the VA website or a VA-approved lender, COE’s affirm that you meet the qualifying terms for the program.

Generally, people who may qualify fall into one of three categories:

  • Military members who served on active duty for 181 days or 90 days during peacetime or wartime, respectively.
  • Reservists or members of the National Guard who served for at least half a dozen years.
  • Spouses who have not remarried and survived their husband or wife who died in the line of duty or because of a service-related injury.

Portfolio Loans: Portfolio loans are loans that will not be sold to an institutional investor.  Financing is now available 12 months after the close of a short sale, 12 months after bankruptcy or 12 months after a foreclosure. Although, this is good news to some, there is a required minimum of 20% down.

Conventional Loans:

  • 100% financing with 20% down, NO mortgage insurance
  • One loan, no mortgage insurance with 10% down
  • If you are buying a second home, 15% down payment

Home Path Financing: Foreclosed homes that are now owned by Fannie Mae qualify for Home Path Financing. This means 10% down on second homes and investment properties!  Call me at 702.419.9231 for a FREE list of homes in your area that qualify for Home Path Financing.

If you’re ready to learn more about these programs, give me a call at 702.419.9231, or email me at nathan.petrosian@gmail.com.  Nathan Petrosian is a  Las Vegas Based Real Estate Agent, with over 15 years of experience in Real Estate Sales and Mortgage Lending.

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