Nevada Mortgage Rates Update

Nevada mortgage lenders provide fixed rate mortgage loans with low payment incentives for FHA home refinancing. Homeowners who have primary residence homes in Nevada are offered discount mortgage rates with conventional, VA, FHA and subprime loans. Many homeowners have reaped the benefits of low interest rates and new opportunities for underwater refinancing with the HARP 2.0 program. Nevada mortgage rates for home buying and refinancing have never been lower. Choose from low fixed rates on 10, 15 and 30-year terms or consider the low payments with hybrid loans like the 3/1, 5/1 and 7/1 ARMs.

Nevada Rates
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Whether you reside in Reno, Carson City or Las Vegas, Nationwide provides competitive loan programs with unique rate pricing for borrowers in the Western states, like Arizona, California, Nevada, Oregon and Washington. Consider our conventional, non-conforming and government mortgage programs that offer fixed interest rate mortgages. Stated income home mortgages will be more of a challenge in Nevada, after they passed a state law prohibiting stated income and no income verification loans for residential Nevada properties.

Home Refinancing Options with FHA Loans
By David Chodack

Property values have been dropping across the country. There has been a rise in Nevada interest rates. Many adjustable rate mortgages are coming due and there are very few 100% refinancing options available anymore. Add all these problems together with tighter mortgage guidelines, bad credit scores, the loss of many local lending programs and the fact that Nevada in general and Clark County in particular, has an extremely high foreclosure rate.

The result is trouble, especially for property owners with adjustable rate loans. Those with fixed rate loans are generally okay, because their payments do not change. If they need to pull cash out of their properties, they can get home equity loans and keep their fixed rate loans without refinancing. Nevada home refinancing is a challenging prospect right now. It's made more difficult by a dispute in the legislature over wording concerning stated income loans, which allow borrowers qualify without actually proving their income. These loans make up approximately 25 percent of all loans written in Nevada and almost half the loans in the Las Vegas area.


Call and lock a low fixed rate mortgage!

Nevada Homeowners Enjoy New FHA Mortgage Loan Limits

MSA Name

County Name

State

One-Family

Two-Family

Three-Family

Four-Family

FERNLEY , NV (MICRO)

LYON

NV

$331,250

$424,050

$512,600

$637,000

GARDNERVILLE RANCHOS, NV (MICRO)

DOUGLAS

NV

$468,750

$600,100

$725,350

$901,450

CARSON CITY , NV (MSA)

CARSON CITY

NV

$398,750

$510,450

$617,050

$766,850

PAHRUMP , NV (MICRO)

NYE

NV

$325,000

$416,050

$502,900

$625,000

LAS VEGAS-PARADISE, NV (MSA)

CLARK

NV

$400,000

$512,050

$618,950

$769,250

FALLON , NV (MICRO)

CHURCHILL

NV

$271,050

$347,000

$419,400

$521,250

RENO-SPARKS , NV (MSA)

STOREY

NV

$403,750

$516,850

$624,750

$776,450

RENO-SPARKS , NV (MSA)

WASHOE

NV

$403,750

$516,850

$624,750

$776,450

ELKO , NV (MICRO)

ELKO

NV

$325,000

$416,050

$502,900

$625,000

ELKO , NV (MICRO)

EUREKA

NV

$325,000

$416,050

$502,900

$625,000

Residents are trying to find refinancing solutions for their adjustable rate mortgage payments, but sub-prime mortgage lenders going out of business have not helped and right now, there is no secondary market for sub-prime loans or for Jumbo loans over the Fannie Mae limit of $417,000, so this makes things tight.

Even traditional government loans, like VA and FHA loans are not available to homeowners who have fallen behind because their loans adjusted and they can't afford the increased payments. But, now there is a new program called FHA Secure, that is specifically designed to help at least some of these people and allow them to refinance into a fixed rate loan.

To get an FHA Secure loan, a homeowner must have had no late payments for at least six months before the loan adjusted and the payments went up. They must also have at least three percent equity and at present, the loan amount cannot exceed the FHA maximum of $362,790, so these loans do not work for everyone, particularly in the Reno and Las Vegas areas, where prices tend to be high.

Other requirements for the FHA Secure program are that borrowers must be able to document their income and employment and their proposed payments must be no more than 43% of their gross income after deducting monthly bills like credit cards, car payments, etc.

 

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