Las Vegas FHA Loans

If you are moving to Las Vegas, Nevada, right now is a great time to apply for an FHA loan. Housing prices in Las Vegas have come down in recent years, while the FHA loan limits are on the rise. Right now, with all the benefits of an FHA loan, you’ll be able to afford a bigger house than you ever thought possible.

History of FHA Loans

The US Government created the Federal Housing Administration (FHA) in 1934 when foreclosures were at an all time high and new loans were hard to come by. Since that time, both the FHA and US Department of Housing and Urban Development (HUD) have helped millions of Americans become proud new homeowners. This has been made possible by insuring privately issued loans, making Americans much more secure and desirable borrowers.

FHA Loans Today

Today the FHA home loan program is still going strong and passing on huge benefits to those who qualify. With an FHA home loan guaranty, one of the benefits you’ll be able to take advantage of is the low down payment feature. Right now it is possible to qualify for up to 96.5% financing in Las Vegas, making your down payment an affordable 3.5%. You also won’t have to pay private mortgage insurance (PMI) and will get to take advantage of competitive interest rates. The other benefits of Las Vegas FHA loans include streamline refinancing, easy approval and flexible repayment schemes.

Types of FHA Loans

Right now there are three types of FHA loans available: standard FHA mortgage, 203(k) mortgage and the Energy Efficiency Mortgage (EEM). The standard FHA loan is great for those who have a one to four-unit family home that is below the county’s loan limits. For houses that need a lot of rehabilitation, the FHA offers the 203(k) mortgage which rolls the cost of acquisition, repairs and final projected value into one loan. Finally, the EEM is great for anyone who wants to buy a new house and make energy efficiency upgrades to it.

Where to get started

Before you begin house shopping or researching lenders, it’s a great idea to get pre-approved for a loan. With a pre-approval you will be able to make sure you meet the FHA home loan requirements before you start the loan process. Get started today by filling out our secure online form. The form is free, fast and has no obligation.

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