NLIC.org

Ken Said:

How can i get 100% financing in Las Vegas for a Home Mortgage?

We Answered:

Las Vegas is identified as an 'at risk' market in our business. You probably already new that. Lenders have scaled back the maximum LTV's in the hardest hit areas. You may have luck pursuing an FHA with minimal down payment requirements. And the VA loan is an option if you're a vet. Here in Texas the HUD office has a promotional going for FHA repos with only $100 down. Check the HUD site and see if they have any deals running in Vegas. If you don't get any satisfactory answers here, send me an email. I have many lender associates in Vegas that can help. Good luck!

Armando Said:

What happens to your home mortgage if you were financing through say, Bank of America, and it failed?

We Answered:

The mortgage will be sold to a different lender and your payments would then go to the new lender.

Minnie Said:

Question about home mortgage financing…?

We Answered:

You can't roll over a negative balance from one home to another. It's not like going to a car dealership.

You'd have to come to your closing when selling your home with a check for that $10,000. If you don't have it, you'd have to get a separate loan for it, if you can get one. Getting $10K in unsecured money would require a pretty good credit score and decent income.

Craig Said:

Questions about a new home mortgage financing?

We Answered:

Well WFR is incorrect. As far as I know with a jumbo loan amount like that there is no 100% financing available especially in most of CA right now regardless of loan amount unless you are going with a VA loan or Calhfa first time homebuyer program. Now with a sales price of $700,000 FHA is definitely out of the question because they do not go that high. But there is good news on the horizon. Possibly within the next month or so the conforming limit may be rising to between 600,000 - 700,000. When and if this happens it will open a lot of doors for you for financing and 5% down would work. So kind of hang in there and see what happens. It could make a huge difference in your payment.

Now with 5% down you will need to pay PMI. You want to make sure your middle scores are no less then 620. If it is then you're PMI will be substantially higher. Have a loan consultant pull your credit and review it to see if there is anything you can work on now to raise your scores. If your medical bills are older and you pay them now it could lower your score. If you have high balances on your credit cards it could affect your score too. You need to have someone who understands credit reports review yours to get you going in the right direction.

I hope this helps.

Alma Said:

Can I start looking for financing/mortgage for my home during this sort sale ?

We Answered:

You can start shopping for a mortgage at any time (you probably should have already started). Once you decide on a bank and start the process figure 45 to 60 days to get a mortgage approval and close (you can get pre-qualified, but this is only a preliminary step - there will be more processing). Once you start the process, you can lock the rate in at any time. Usually rates are good for 30 to 60 days, but each bank/lender has different policies, so make sure you ask about the locking (some banks, for example, will lock in for 30 days and charge a fee to lock in for 60 days; others will give you a full 60day lock in).

Morris Said:

Which offers the most advantages in obtaining new home financing, a bank like WellsFargo or a mortgage broker?

We Answered:

Right now I would stay away from wellsfargo, too much bad press, I went with phh which is coldwell banker's mortgage company and I have had no problems and they gave me the best interest rate, you just have to do some homework to see who is best for you.