Loan for FTB (First Time Buyer)
FHA stands for Federal Housing Administration, an agency established in 1930. The FHA loan program was designed to make it easier for first-time homebuyers to get financing and afford a home. It is the best loan for a first-time buyer due to the low downpayment requirement of 3.5% and easier credit qualifying criteria.
What is and why is there Mortgage Insurance on FHA loans?
FHA loans are mortgages insured by the federal government. Mortgage insurance guarantees that the lender gets paid in the event of foreclosure.
Qualify For an FHA Loan
FHA loans are part of a government program designed to encourage homeownership. As a result, there are certain requirements including loan limits and owner occupancy requirements, among other stipulations. Additionally, to get an FHA loan, you the buyer, must live in the home as your primary residence. Requirements include a minimum 3.5% down-payment, and it can be gift funds. Most lenders want a minimum credit score of 620. In addition, most Downpayment Assistance Programs are used with an FHA loan. Your first step is getting pre-approved.
Clark County, NV
2023 FHA Loan Limits
FHA Loan Limits
$494,500
Single Family
$633,050
Duplex
$765,200
Tri-plex
$950,950
Quad-plex
Federal Housing Administration (FHA) Loans are federally insured mortgages.
In Clark County, loan amounts may not exceed the limits above.
VA loan limit is- No Limit! $$$ 0 down!
Connect with an endorsed lender. FHA/VA, Conventional, Jumbo, Creative Financing. Downpayment Assistance, Non-conforming loan products
Mark Bagang & Edna Bagang Garcia –FBC Mortgage nationwide, does it all include DPA, Direct Contact M-702 908-6926 E–702 860-5652
Robert Manua–City View Mortgage, VA Specialist, No DPA Direct contact 702-741-0218 https://www.cityviewgroup.com
Tim Haskins–SunWest Mortgage nationwide, does it all include DPA Direct Contact – 661-992-7005 www.tim.haskins@swmc.com
Marlena Hollaway – Geneva Financial nationwide, does it all include DPA Direct Contact- 702 521-3494 https//www.mvcard.net/marlena
