The Energy Efficient Mortgage (EEM) is the most under-utilized and misunderstood loan out there. Have you ever heard of it? Have you even taken part in one? If your answer is no you’ve missed out greatly. Why would a buyer want an EEM? Well that answer is very simple. The EEM allows the financing of [...]
Category: "Mortgage and Lending"
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How Soon Can I Purchase After a Short Sale?
Over the last four years many home owners have short sold their home for various reasons. For those home owners that short sold their home, your wait time can be as long as 7-years from the completion date of the short sale before you are eligible for a mortgage loan. Conventional, FHA, and VA loans [...]
Cash May be King…But be Careful When Using Cash When Doing a Mortgage Loan
In most cases you can use cash for your down payment and closing costs when doing any type of mortgage loan. The challenge is proving that the cash was yours and was not received from an unacceptable source. If you plan on using cash, discuss this with your loan officer on your first meeting. An [...]
GREAT NEWS! FHA Loan Limits Increased to Prior Loan Limits
With the President signing H.R. 2112, the FHA loan limits have been increased back to the limits that were in effect prior to October 1, 2011. The limits are effective for new loan applications effective November 18, 2011. The new limits are: Washoe County – $403,750 Carson City County – $398,750 Lyon County – $331,250 [...]
Dos and Don’ts During the Mortgage Loan Process
The mortgage loan process should be a positive experience. Many times borrowers fail to realize that many of the things that they do can impact the approval of their mortgage loan. These dos and don’ts will help you through the process. DO: • Pay Your Bills. All required monthly payments need to be made [...]
New Maximum Home Loan Limits for FHA Loans
FHA has decreased their maximum home loan limits for several Northern Nevada Counties. The new limits are: Washoe County- $325,450 Carson City County- $286,350 LyonCounty- $271,050 Douglas County- $350,750 For a listing of all Nevada counties you can use the FHA’s website for FHA Mortgage Limits. The conventional loan limit remains at $417,000; any loan amount [...]
Why should I choose a local Reno home loan lender?
Every once in a while I have a borrower that tells me they found an online lender that is offering a better rate than what I can offer. Or I have a client who feels that since they have all their accounts with a large, national bank that they feel they should go with them [...]
Meeting with your Reno home loan lender for the first time
You’ve made the decision to buy a home here in Reno and you’ve found a lender you would like to work with. Now what? In my world, my initial conversation with a new home buyer takes place over the phone. This allows me to get the information I’ll need to determine if I can get [...]
New tax rules for landlords
If you own a rental property here in Reno, or anywhere for that matter, you must start tracking all vendors doing $600 worth of work for you and send them an IRS 1099 form at the end of 2011. Larger landlords have had to provide 1099s to vendors for some time now. But the Small [...]
Maximum home loan limits have stayed the same in Reno for 2011.
Conventional and FHA maximum loan amounts for Reno, Sparks, Fernley, Carson City and all of Northern Nevada have remained the same in 2011. Conventional loan limits remain at $417,000 for the entire state. FHA loan limits vary by county: Reno/Sparks is currently at $403,750. Carson City is at $398,750. Fernley is $331,250. Fallon and the [...]
