FHA Cuts Mortgage Loan Limits for Las Vegas!

Posted by Mastura Zaini-Roberts on Sunday, December 8th, 2013 at 4:27pm.

FHA Loan Limits for Las Vegas, NVUrgent FHA Bulletin!

On Friday December 6th HUD announced the new FHA loan limits for 2014 (Mortgagee Letter 2013-43) across the nation. For Clark County, the current single family loan limit of $400,000 has been reduced by more than 28% to $287,500 effective January 1, 2014. 

This move is not unexpected - the FHA loan limits have not been changed since the "boom" years. Usually FHA prices its loans to the median of the local market. The only thing surprising is that they waited this long to decrease the limits in Las Vegas.

But if you are a buyer that has been looking at homes for sale in Las Vegas or Henderson in the $300K-$400K range and you were expecting to make only a 3.5% down payment, you need to decide on a property and make your loan application immediately! Your completed loan application must be ready for submission and have an FHA case number assigned on or before December 31, 2013 or your FHA loan will be subject to the new lower limit of $287,500. Otherwise you will need to switch to conventional financing with a 5% down payment. 

Here is a link to the HUD loan limit lookup feature to verify the new Clark County limit. 

https://entp.hud.gov/idapp/html/hicost1.cfm 

Call 702-985-7654 if you need additional information or assistance on this issue. Our preferred lenders will be working overtime to help you get your home under the 2013 FHA guidelines at the higher loan limit.

Mastura Roberts
(702) 710-3330
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!"

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2 Responses to "FHA Cuts Mortgage Loan Limits for Las Vegas!"

Lucy Favela wrote: I've been renting for the past 6 years, my rent is $1,200 a mo, I've also been at my current job for the past 6 years. I have had a previous foreclosure and my credit is not good, I don't have adown payment. Would I still qualify for a FHA loan?

Posted on Saturday, February 1st, 2014 at 1:45pm.

Diann Tonnesen wrote: Hi Lucy,

Your employment history is great. The down payment requirement for an FHA loan is 3.5%. You would need to save up at least that much plus have another 3 months of reserves (enough to make 3 payments) in the bank. If you have outstanding collection accounts, those would also need to be paid off.

You would also need to get your credit score up to about a 620. Have you talked to a credit counselor about ways to improve your credit yet? Do you need some recommendations?

Posted on Saturday, February 1st, 2014 at 1:56pm.

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