Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

Buy Las Vegas Real Estate Before FHA Loan Limits Decrease!

Posted by Julie Wright on Sunday, September 18th, 2011 at 2:45pm.

Prospective owner occupants need to hurry up and buy Las Vegas real estate before FHA loan limits decrease! The Department of Housing and Urban Development has revised its FHA loan limits for counties across the United States based on the most recent average sales prices, and as of October 1, 2011, Clark County Nevada limits will be lowered substantially.

Currently, owner occupant Las Vegas home buyers are able to purchase a single family residence up to $400k using FHA financing in Clark County with a 3.5% down payment. Or they can buy an owner occupied four plex up to $769,250, again with a 3.5% down payment. But for loans closed after October 1, 2011 the new limits will be CONSIDERABLY lower, decreasing to $287,500 for a single family residence or $552,900 for an owner occupied four plex.

So if you have been considering the purchase of a primary residence and you want to buy something above $287,500 with only a 3.5% down payment, you will need to get cracking to beat the October 1st deadline! Otherwise you will have to pay any difference between the new loan limits and the sales price in cash, or get a conventional mortgage and come up with a 10% or 20% down payment.

Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"



Related Blog Posts

Lake Las Vegas Rises from the Ashes

Like the mythical Phoenix, Lake Las Vegas is rising from the ashes of the real estate melt down. Still the most unique and beautiful of any of the Las Vegas master planned communities, Lake Las Vegas stands like a Tuscan mirage in the middle of the desert, and once again new home builders are taking the plunge to put i...

Will Home Prices Continue To Rise In 2018?

If you’re thinking of buying or selling a home in 2018, you should know what to expect the housing markets will look like next spring. Not long ago, before the housing boom and bust, forecasting housing markets was a relatively easy matter for most economists. Real estate prices were a matter of supply and deman...

The Las Vegas Housing Market is expected to remain sound and stable

The Las Vegas housing market continues to ride a wave of stability as the median price for an existing single-family home in Southern Nevada last month was just under $313,000. That represents a 6% jump from December 2018 and a rise from about $307,000 in November of last year. The all-time high for Las Vegas was $...

Buying Vs Renting 38% Cheaper in Today's Market

The latest statistics are in: with interest rates hovering around 4.5% for a 30-year fixed rate mortgage, buying is 38% cheaper than renting as a national average, down from being 44% cheaper one year ago. For example, if your rent is currently $1200 per month and you purchase a $175k home with a 3.5% down payment at a...

Nevada Among Top Five States Americans are Moving To!

Below is a report published in the Daily Real Estate News showing that Nevada is among the top five states Americans are moving to. But statistics in January show that single family home listing inventory, which usually increases about 10% after the December holiday season, has actually DECREAS...

Leave a Comment

Have a Question?

Contact Us

Follow Us