Property Q&A in Las Vegas>Question Details

Theresa Arci…, Home Buyer in 96793

Is it mandatory to put 20 percent down on the home? And can one apply for FHA loan in Nevada?

Asked by Theresa Arcilla, 96793 Fri Feb 27, 2009

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This question is about this property: http://www.trulia.com/property/1074793340-9131-Sea-Cove-St-L…

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Yes, you can apply for an FHA loan in Nevada. The down payment would be 3.5% if FHA. I would recommend speaking with a local lender in the area you wish to purchase the home. After you've pre-qualified with a local lender, it does make sense to "shop around" with a another local lender and 1 or 2 major banks.

You can begin the pre-qualification at my real estate site:
http://www.BotticelliHomes.com/prequalify.shtml
0 votes Thank Flag Link Fri Feb 27, 2009
Theresa-
An FHA loan is not only another home mortgage option, it is probably a better option. In declining markets right now, borrowers are having difficult times obtaining their preferred financing apart from an FHA loan. Not only is it much more forgiving on credit qualifications, but you will obtain most likely a better interest rate and a lower mortgage insurance payment. I highly recommend it. Your desired property will qualify for FHA financing so that is not a problem either.

I would be more than happy to take 5-10 minutes and get you qualified so you can move forward with making an offer. If you have any questions, please let me know.

Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Apply Online: flagstarloans.com/lallison
0 votes Thank Flag Link Fri Feb 27, 2009
Hi Theresa,

No, it is not always necessary to put 20% down on your home loan. It will depend on what type of loan you are trying to obtain. Some loans require much less down. Conventional loans will typically require between 5% to 25% down. These loans will typically have excellent rates, but will require an excellent credit score with less down.

Yes, you can apply for an FHA loan in Nevada. This is one of the most widely used type of loans in the current market. It will require as little as 3.5% down payment, which is beneficial to many people in this economy. The rates are great with these loans too and they will typically not require as great of a credit score as a conventional loan.

If you are interested in purchasing property here in Las Vegas, please call me. I would be happy to speak with you about your situation and help you with your home purchase. I can also direct you to some great lenders if you need one too. I help people looking to buy in Las Vegas all the time. My contact number is below. Hope to hear from you!

Len McGuirk, Realtor
Prudential Americana Group
Direct: (702) 203-6688
0 votes Thank Flag Link Fri Feb 27, 2009
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