FHA LOANS LAS VEGAS

Who Sets FHA Loan Limits in Nevada?

FHA Loan limits are set by HUD and FHFA or the Federal Housing Finance Agency and are set at 65% of the national average Conforming Conventional Loan limit. FHA Loans are meant for primary residence use only and require only a %3.5 down payment plus closing costs. On FHA loans and all loans, there are closing costs that are not part of what a lender charges. Those costs are processing, underwriting, and origination fees. At PIF Lending, we are Mortgage Brokers Las Vegas can trust, and we are FHA Lenders that can help you obtain an FHA Loan based on your debt to income ratio and credit score and we do not charge lender fees. We also have down payment assistance programs that can help cover some if not all of your down payment.

FHA loan limits Nevada has yet to receive any announcements of if they're going to be increasing the amount they are going to go up to. Now, we have heard back on conventional loans. Now, conventional loans are managed by Fannie Mae and Freddie Mac. Those are the GSEs or government-sponsored entities that manages those coupons when it comes to all underwriting guidelines and guidance of how to do those home loans.

Now, the coupon Ginnie Mae is who manages FHA. Ginnie Mae also manages FHA, USDA, and VA loans. They have yet to announce what they will be increasing that actual loan limit to. Now, loan limits are based on the county themselves. It's not based on the state or the region. The reason they're based on counties, some counties are more expensive than others. As an example, here locally in Las Vegas, property values are more expensive than they are in Nye County or Pahrump. Properties out in Pahrump are notably a little bit cheaper.

Backyard with green grass and fire pit that can be purchased with FHA Financing in Las Vegas Nevada

Now, as far as what the price point will be here for Nevada, our current FHA loan amount in 2021 is around $362,000 and change. It would be expected to see something in the range of 390 to 400 of what that new FHA loan amount would be, which would then put FHA purchase prices somewhere in the range of about 400 to 415,000 with still only requiring 3.5% down. Now again, this is speculation, and this is what the estimate would be based on what their prior increases have shown and based on what the property values have increased to.

But nonetheless, we're not going to know that final number until we actually get their announcement. However, that should be coming very soon, so just keep tuned to us. We'll definitely get that update out as soon as we see it, but at the current time, the FHA loan limits for Nevada have not been announced yet as far as what they will be increasing too.

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