Important Facts About FHA Loans for Las Vegas Homes Residents

FHA pros, a national FHA condo approval
service, has developed a list of facts pertaining to the top misunderstandings
about FHA loans in order to provide homeowners with the adequate knowledge in
dealing with the already confusing market.  FHA loans are mortgages issued
by qualified lenders and insured by the Federal Housing Administration.

FHA loans are
not only for lower-income borrowers but are available to everyone. There is no maximum income restriction
associated with FHA loans, but borrowers do need to validate income and assets
by submitting appropriate documentation. This requirement ensures that
borrowers are well scrutinized and truly able to have the funds for their
future Las Vegas Homes.

FHA loans are
not only for first-time buyers of Las Vegas Homes for sale. Many people believe FHA loans are available only to first-time
home buyers, but this is not the case. Whether borrowers are making their first
home purchase or their fifth, they can look to FHA loans as a home financing
option.

FHA loans are
not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised
the maximum loan amount from its original cap of $362,790 to $793,750 as a way
to help stabilize the housing market. The amount a buyer can borrow varies from
county to county though.

FHA loans are
not affiliated with the section 8 housing program. While both programs
are administered by the U.S. Department of Housing and Urban Development (HUD),
FHA loans have nothing to do with low-income subsidized housing. FHA loans are
simply mortgages insured by FHA. This insurance provided by the federal
government allows lenders to lend more freely by assuring them that they will
be repaid in the event of default. 

With these facts in mind, those
of you who want to get an FHA approved loan to buy Las Vegas Homes for sale
should start applying for a loan right now.