FHA loans are an attractive option, especially for first-time homeowners in Henderson, as well as all of Nevada, because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs.
What is a FHA Loan?
A FHA Loan is provided by the Federal Housing Administration and has a lower down payment. It is also a loan for people who do not have perfect credit as guidelines tend to be less restrictive than a conventional mortgage.
Benefits of FHA Loans
There are many benefits to FHA Loans beyond just a lower down payment. For example lower credit scores, not having perfect credit, higher debt to income ratio.
FHA Loan Eligibility
FHA Loans have more flexible requirements than a traditional conventional mortgage.
FHA Loan Limits
Different counties have different limits on how much you can borrow for an FHA Loan. The FHA loan limit in Clark County, Nevada is $287,500 as of January 1, 2018. Please call if interested in other counties in Nevada.
Get Pre- Approved for an FHA Loan
If you are a first time home buyer, or simply seeking a lower down payment in Henderson, or anywhere in Nevada, contact Bruce Singer - Vision Home Mortgage at (702) 217-5525 for more information, or fill out the form on this page.