Which Type of Mortgage is Best for Me?

I get this question nearly everyday.  First off, I am a real estate agent not a loan officer but the home you choose to purchase can make a difference in the type of mortgage you will need.  The most popular mortgages are Conventional, FHA and VA.  Conventional mortgages are the most common and in the past have required at least a 20% down payment.  Currently you can obtain a Conventional mortgage with as little as 5% down. 

An FHA Mortgage which is backed by Federal Housing Administration (Fannie Mae & Freddie Mac) offers down payments as low as 3.5% down.  With a FHA mortgage the home must be in move in condition including having a stove, functioning hot water heater and here in Las Vegas, working air conditioning.  Current maximum amount for a FHA mortgage in Las Vegas is $287,000.

VA mortgage is a great way to go if you qualify.  VA Mortgages are reserved for current and former military personnel.  This mortgage offers $1 down with a maximum purchase price of $417,000.  VA mortgage also does not require mortgage insurance so the monthly payments are considerably less than FHA or 5% conventional mortgages.  As far as the home goes, the home must be in move in condition and must be owner occupied within 30 days of close of escrow. 

For more information on which mortgage is best for you and to search home, click here.

Is it Time to Sell?

Have you been thinking of selling your home but just not sure if now is the time?  Are you making life changes in 2014 and now is the time to sell?  No matter what your situation, the real estate market in Las Vegas is good.  There has been an increase in home inventory through the holiday period and there are now approximately an even number of buyers and sellers in the market place, which has reduced the multiple bidding wars that were common last summer.  In most neighborhoods prices have continued to rise at a slow but steady pace.  There are a few neighborhoods where prices have capped out and even dropped a percentage or two. 

You can find out what your home is worth with a no obligation Home Value Report.  Even if you are still upside down or underwater on your mortgage there are several options still available to you, in order to minimize the effect to your credit history.  The FREE Home Value Report is a great way to find out just where you stand. 

Mike Kruse - Vegas International Properties Realty Group - 702.286.3434