FHA About to Get Tougher for Las Vegas Home Buyers

Posted by Paul Francis on Sunday, August 15th, 2010 at 12:26pm.

FHA Gets Tougher on Mortgages

New Changes for FHA loans are expected to be taking place soon that includes requiring higher credit scores, reducing seller contributions allowed and increasing the monthly premium. In Las Vegas, Buyers using FHA Loans accounted for approximately 27% of all single family residential closings in the Las Vegas Homes July Sales Report.

Of interest will be the impact new down payment requirements will have. The New proposals would include requiring borrowers to have at least a 580 FICO score to qualify for the 3.5% down payment. Borrowers with FICO scores below 580 will have to put down 10%. Still very affordable with today's Las Vegas home prices and in many cases, cheaper then paying rent.

From the Wall Street Journal:

FHA Gets Tougher on Mortgages - Jennifer Waters

As always recommended, Las Vegas Home Buyers need to use a specialist when it comes to FHA loans. Use the contact information below if you are a Las Vegas Home buyer and want to be put in touch with a Las Vegas Loan Officer that is an expert when it comes to FHA loans.

Paul Francis - REALTOR
Prudential Americana REALTORS
702.592.3058

 

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1 Response to "FHA About to Get Tougher for Las Vegas Home Buyers"

Chris R wrote:
Making it too easy to get loans is what got us into this mess in the first place. I'm glad they are taking this route. It might hurt us a bit at first, but it is better for us in the log run.

Posted on Thursday, August 19th, 2010 at 12:10 PM.


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