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Tagged : mortgage loans

Found 4 blog entries tagged as "mortgage loans".

Las Vegas Rent to Own ScamsWe get calls all the time from people who want to “rent to own” a home, and we usually tell them there is really no such thing. You could possibly do a lease purchase. That is where you actually sign a long term purchase contract then lease the home from the seller prior to closing.

But these days there are very few sellers that are in a strong enough financial situation to do a deal like that, so your housing choices are extremely limited. And you have to be careful that the seller is not upside down in the home or they may just pocket your deposit and rent payments and disappear when it is time to close. Very few potential buyers are able to find a "rent to own" home that actually fits their needs. After more than 30 years of selling homes in Las

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Things not to do when getting a mortgage loan in Las VegasYou can unknowingly sabotage your home financing goals by making some obvious and not-so-obvious moves with your finances.  Check out the list below to see if you know the top 10 things NOT to do when you are in the process of buying a home or refinancing.

Do Not:

  1. Transfer money between accounts, unless receiving complete documentation from your bank, itemizing all transfers.
  2. Make unnecessary checking or savings account transactions, such as withdrawals or deposits
  3. Leave an existing job - changing jobs may mean you don't have an appropriate work history, especially if you change fields of employment as well.
  4. Allow your bank accounts to go into a negative balance, even if you have overdraft protection
  5. Apply for credit in any form, including
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FHA Back to Work Extenuating Circumstances Program
Shortsale? Foreclosure? Bankruptcy? You may NOT have to wait 3 years or more to buy your next home under the new HUD “Back to Work” initiative announced August 15th. If you qualify for the program, you may already be able to purchase a home as an owner/occupant with an FHA loan.

Eligible borrowers would be those who experienced a “significant loss of income due to circumstances beyond the borrower’s control” which in turn triggered an “economic event” that impacted their financial status.  

 An “economic event” is defined as one of the following:

  • Short sale
  • Deed-in-lieu of foreclosure
  • Foreclosure
  • Chapter 7 bankruptcy
  • Chapter 13 bankruptcy
  • Loan modification
  • Forbearance agreement

 “A significant loss of household income due to

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During the recent mortgage melt down, banks had suspended all foreign national financing except for Canadians buying second homes in the United States. But as of last week, foreign national mortgage financing is once again available for citizens of other countries wanting to buy vacation homes in Las Vegas.

Most Las Vegas mortgage lenders, like Bank of America and Wells Fargo, don’t have these programs available, but there are now a few smaller “rising star” lenders that have foreign national funding for second homes. The basic guidelines of the programs are as follows:

  1. Can only be for a second home, no investment properties
  2. Buyer cannot own any other property in the United States
  3. 30% down payment
  4. An international credit report with acceptable
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