Nevada FHA Loans

Right now housing prices are at an all time low in Nevada, making this a great time to purchase a new home. Plus, when you pair the low cost with the affordability of an FHA loan, you will be amazed at how much house you will be able to purchase. The Federal Housing Administration (FHA) and US Department of Housing and Urban Development (HUD) have helped make homeownership affordable for millions of Americans, and today you too can take advantage of the many benefits they have to offer.

What is an FHA loan?

An FHA loan is actually an “FHA-insured loan.” The FHA does not actually issue any money; rather, they guarantee a portion of your privately issued loan. This makes you a very secure borrower, and one that private lenders are willing to pass great benefits onto. One of these benefits is the low down payment feature. With an FHA loan you are only responsible for a 3.5% down payment on the new property. This makes the initial costs of homeownership much more affordable and manageable for all.

Additional Benefits

Besides the great low down payment feature, you will also be able to take advantage of low interest rates. In some cases it is even possible to qualify for a rate that is below the current mortgage market rate. To reduce your monthly payments even further, you will not have to pay for costly private mortgage insurance (PMI) on the loan. The other benefits of Nevada FHA loans include streamline refinancing, easy approval and flexible repayment options.

How to Qualify

In order to qualify for an FHA loan in Nevada, you will need to supply income information to your lender. These documents include bank balances, debt-to-income ratio, credit checks and employment history. While you will be approved based on your financial situation, the standards for eligibility are more lenient than with conventional loans. Even if your credit is less than stellar, it is still possible to obtain an FHA loan.

Where to Start

You can get started today by getting pre-qualified for a loan. Pre-approval is free, secure and has no obligation. It’s a great way to gauge how much you’ll be able to afford and whether or not you meet the lender’s requirements.

Let us help you get started today! Simply fill out our online form and we’ll have you pre-approved in minutes!

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