Las Vegas FHA Loan Limits

Las Vegas FHA Loan Limits

Las Vegas FHA loan limits that will be going into effect January, 2009. Please see below for HUDS mortgagee letter

U.S. Department of Housing and Urban Development Secretary Steve Preston today announced the new Federal Housing Administration (FHA) mortgage loan limits for single-family homes as prescribed by the Housing and Economic Recovery Act of 2008.

Beginning January 1, 2009, FHA will insure single-family home mortgages up to $271,050 in low cost areas and up to a maximum of $625,500 in high cost areas. The February 2008 Stimulus Package temporarily raised the FHA maximum to $729,750 through December 31, 2008. The new $625,500 maximum, however, represents a significant increase over the $362,790 limit that was in effect prior to the Stimulus Package.

 

Below are FHA loan limits for Clark County, Nevada:

The CY2008 basic standard mortgage limits for FHA insured loans are:
			One-family		Two-family		Three-family		Four-family
	FHA Forward		$271,050.00		$347,000.00		$419,400.00		$521,250.00
	HECM		$417,000.00
	HOPE for Homeowners		$550,440.00
	Fannie/Freddie		$417,000.00		$533,850.00		$645,300.00		$801,950.00

Also, did you know FHA does allow for nonpermanent resident aliens Nonpermanent Resident Aliens: FHA will insure a mortgage made to a nonpermanent resident alien provided that the property will be the borrower's principal residence, the borrower has a valid SSN, and the borrower is eligible to work in the U.S. as evidenced by an Employment Authorization Document (EAD) issued by BCIS. If the authorization for temporary residency status will expire within one year and a prior history of residency status renewals exists, the lender may assume continuation will be granted. If there are no prior renewals, the lender must determine the likelihood of renewal, based on information from the BCIS.

Although social security cards may indicate work status, such as "not valid for work purposes," an individual's work status may change without the change being reflected on the actual social security card. Therefore, the social security card is not to be used as evidence of work status for nonpermanent resident aliens; the BCIS employment authorization document is to be used instead.

Non-U.S. Citizens with no lawful residency in the U.S. are not eligible for FHA-insured mortgages

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If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Bob Ratliff with RE/MAX CENTRAL LAS VEGAS, at rratliff@remax.net, or call me at 702-807-5528. I look forward to hearing from you!