Las Vegas FHA Loans

1. Must be an owner occupied property to use a Las Vegas FHA Loan. 
2. All borrowers must have a 620 minimum credit score.
3. Las Vegas FHA Mortgage allows a non spouse occupying co-borrower to be on the application.
4. Must have 3.5% down or can have the down payment gifted from a family member.
5. May use a non occupying co-borrower to qualify for a Las Vegas FHA loan.
6. Loan types are fixed 15 and 30 years, ARM'S must be a minimum of 3 years.
7. All Las Vegas FHA Home Loan requires a Mortgage insurance Premium of 1.00% of the loan amount that will be included in the loan with a monthly payment of 1.15% until Loan to value is less then 78%.

1. This Las Vegas  FHA loan program is the most widely used loan program. It can be used to purchase 1-4 units as long as one of the units is used as the primary residence.
2. Las Vegas FHA Mortgages insures the loan with the Upfront Mortgage Insurance Premium. FHA does not fund the loan.
3. Some of the features that Las Vegas FHA mortgage  have, but are not available with a Las Vegas conventional loan is it can be an assumable loan, and has no prepayment penalties like traditional conventional loans.

1. This Las Vegas  FHA loan program is to provide financed funding to make repairs or upgrades and finance the cost of the work into the loan amount. The after repaired value calculations is based on a detailed work order showing the scope of the work to be completed. The appraisal will calculate the after repair value and this will determine the amount that can be accessed. Either 110% of after the repair value or $35,000.00 minus a 10% set aside for cost overruns will be the amount available.
2. Can be used for painting inside or out, carpet or flooring, new cabinets, energy efficient repairs, and appliances. No Structural repairs allowed, anything that would require a permit is not allowed.
3. Borrowers still must demonstrate the ability to pay loan and have the 3.5% of total loan amount.
4. Funds to be disbursed in two installments. The first payment is at close of escrow to be paid to the contractor the sum of 50% of the cost of repairs. The second payment is to be paid at the completion of work after the inspection has been completed. Work must be completed in 60 days from the close of escrow.

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