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January 29, 2013
Everything You Need to Know About FHA Home Loans in Las Vegas, Nevada-2013-01-25Like taking risks at the tables, but not with life altering financial decisions? FHA loans are a sure bet to finance a primary residence. In fact, FHA loans are the easiest type of real estate mortgage loan to qualify for in Las Vegas and most anywhere in the states. The FHA loan guidelines for qualification are the most flexible of all mortgage loans that require less than 5% down payment. Even if you’ve already had a previous FHA loan, you can still qualify as long as you meet certain criteria.

Qualifying for an FHA loan is simple

  • Meet Basic FHA Loan Requirements
    • At least two years of steady employment (preferably with the same employer and not self-employed)
    • Two years of consistent income
    • No minimum credit score, however a FICO of 620 or under will be subject to stricter underwriting guidelines.
    • No bankruptcies within the last two years and no foreclosures in the last three years
    • A minimum down payment of at least 3.5% of the loan
  • Get Pre-Approved
    Find an approved FHA Las Vegas mortgage lender that can originate or underwrite the loan. These lenders offer loans that are backed by Federal Housing Administration Mortgage Insurance and meet the requirements set by the federal government to provide FHA loans.
  • Find a Home
    To qualify for an FHA loan, the home must be a primary residence that you occupy full time, cannot exceed the FHA’s borrowing limit for your area, and must meet basic property standards during inspection.

The FHA loan limit in the Las Vegas/Paradise metro area is higher than the national average at $400,000 for single-family homes, making this an attractive option for almost any home buyer.

The mortgage experts at First Option are highly experienced with FHA loans. If you are interested in getting more information about the program, simply fill out our Fast Response form or give us a call in our local branch office in Las Vegas, Nevada at 702-669-5400. Our experienced mortgage professionals would be happy to discuss how we can help.

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