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.
