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Guide to Nevada Mortgages
Maybe you are buying your first home in Nevada, or perhaps you're relocating to Nevada from another state. Then again, you may be a long-time Nevada resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Nevada home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Nevada:
The median price of a home in Nevada is $211,500. Recently, homes in Nevada have been appreciating at rates well above the national average. As a result, income levels in many parts of Nevada are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Nevada are below the national average, Nevada has one of the lowest levels of home affordability in the nation.
In Nevada, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Nevada's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Nevada law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Nevada law enacted a set of anti-predatory lending laws in order to help protect Nevada homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Nevada, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Nevada FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Nevada's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Nevada also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Nevada's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Nevada Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
Nevada Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
Nevada |
United States |
| Total housing units |
1,019,427 |
n/a |
| Owner-occupied housing units |
60.7% |
66.9% |
| Renter-occupied housing units |
39.3% |
33.1% |
| Vacant housing units |
11.1% |
10.8% |
| Average Home Value |
$283,400 |
$167,500 |
| Average Mortgage Payment |
$1,452.00 |
$1,295.00 |
| Average Rental Payment |
$371 .00 |
$388.00 |
| Total Population |
2,381,281 |
n/a |
| Percentage Male |
50.6% |
49.0% |
| Percentage Female |
49.4% |
51.0% |
| Median Age |
35.2 |
36.4 |
| Under 5 years |
7.3% |
7.0% |
| 18 years and over |
74.0% |
74.6% |
| 65 years and over |
11.2% |
12.1% |
|
1 Year Market Value Change for Nevada |
| 1yr | 5yr | 10yr |
 |
|
Popular Nevada Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Boulder City |
14,966 |
$50,523 |
| Carson City |
52,457 |
$41,809 |
| Elko |
16,708 |
$48,608 |
| Enterprise |
14,676 |
$50,667 |
| Gardnerville Ranchos |
11,054 |
$48,795 |
| Henderson |
175,381 |
$55,949 |
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| Republic Mortgage, LLC |
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Trying to find the right home loan can be a difficult and daunting process. Finding the right company to help you obtain your loan can be even more confusing and frustrating. With literally thousands of lenders to choose from, borrowers can easily become overwhelmed. Fortunately, at Republic Mortgage, our mission is to set a high standard in the mortgage industry. We are committed to quality customer service; putting the people we serve first. Take advantage of our expertise in the residential lending industry by applying online today. You will find that the skill, professionalism, and consideration we give to each of our clients make getting your loan a successful endeavor. The following is a partial list of programs offered by Republic Mortgage with a brief description of the key elements of each: Conventional, No Income Verification, No Down Payment, Credit Problems, 103% Purchase, 80/15/5, Jumbo Loans, Challenged Credit Loans, High Debt Ratio Loans, Second Mortgage Loans, Construction Loans, Investor Loans, FHA Mortgage, Flex 97% and VA Mortgages Give us a call today at 702-259-2500 for a free, personalized consultation. You can also apply online. It is fast, secure, and easy. Why wait? Let us go to work for you! Republic Mortgage
Phone: 702-259-2500
Fax: 702-259-2580
9580 W. Sahara Suite 200
Las Vegas, Nevada 89117 Republic Mortgage LLC dba Republic Mortgage Banker License #1108; Broker License # 1217 Republic Mortgage LLC lends in the following states: Arizona, California, Idaho, Nevada, Oregon & Utah.
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| Sinifox Financial |
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Customers are our main priority here at Sinifox Financial, the creative and honest Las Vegas mortgage lender and Nevada mortgage broker. Satisfied borrowers are more important to us than anything else. Whether you want to obtain a new mortgage or refinance your existing mortgage for a lower rate, our purpose is to help you achieve your short and long-term financial goals. We are the Las Vegas mortgage broker you can trust. Our customers save money and close their home loans quickly because we employ the most advanced mortgage technology available. Advanced processing software and automated underwriting systems are coordinated to speed the loan process and deliver the best rate and terms. If you are in a rush, we welcome you to try our state-of-the-art mortgage calculators.Here are the loan options that we offer: 15 & 30 Year Fixed Rate Mortgages, Adjustable Rate Mortgages (ARM’s), Balloon Mortgages, First Time Buyer Programs, Stated Income Programs, Interest Only Mortgages, No Point, No Fee Programs, Imperfect Credit Programs, Home Equity Line of Credit (HELOC) and Home Equity Fixed Loan. Sinifox Financial
6767 W. Tropicana, Suite 250
Las Vegas, NV 89103
(702) 499-1006: Office
(702) 413-7445: Fax
(866) 347-3882: Toll Free Sinifox Financial is a real estate broker licensed by the NV Dept of Real Estate License
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| Silver State Mortgage |
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Your family concerns are, no doubt, of utmost importance to you. After all, what is more important than the well-being of those you love? When a medical emergency arises, you consult your specialist. When you face a legal issue, you turn to a trusted professional with the experience and skill to handle your needs. The same applies when it comes to your home mortgage or refinance needs. Having the proper mortgage in place is one of the most important steps your family can take. Why trust those critical decisions to chance? The time to choose the right mortgage consultant is before you need one. That is where Jeff Morgan of Silver State Mortgage can help. He is one of leading mortgage consultants in Las Vegas. Helping families like your is not just his job, it is also his commitment. Jeff says," Your home is one of the most important investments you will ever make. The last thing you need is a loan that will ' just do'. You need a loan that will work for you today, as well as, protect you tomorrow". Here are some of the programs that we have to offer our clients and future clients: A Paper Conforming Loans, Jumbo A Loans, Alt A Loans, Alt A Expanded Loans, Sub-Prime Loans and 2nd Home Equity Lines of Credit (HELOC). Silver State Mortgage
2250 Corporate Circle, Suite 320
Henderson, NV 89074
(702) 944-1381 DIRECT Silver State Mortgage is a real estate broker licensed by the NV Dept of Real Estate License
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