"What is a FHA Loan" is something we get asked all the time. An FHA loan is a mortgage that the Federal Housing Administration insures through mortgage insurance. These types of loans are meant for people that want to live in the home they are purchasing. If you are an FHA mortgage borrower looking for a second home or an investment property, a Conventional Loan vs FHA is the route you should take because FHA Loans are not to be used for anything other than owner-occupied use, with the exception of using an FHA Loan to buy a multi-family unit up to four units and you must intend to occupy one of the units yourself. FHA Mortgages require a low down payment of only 3.5%, and they allow for lower credit scores, less cooling off time after a foreclosure or bankruptcy, and allow for higher debt to income ratios.

Qualifying for a Federal Housing Authority or most commonly called an FHA loan, is now easier in Nevada since guidelines and restrictions are geared toward making homeownership accessible to more people.  A Las Vegas FHA Mortgage is more lenient in the approval process, credit score, and downpayment, and its standards help ensure the property condition itself meets minimum standards. FHA Loans allow a low down payment of 3.5% and a baseline credit score of 580.

Current FHA Mortgage Rates posted by Las Vegas lenders are highly competitive. This makes being granted a mortgage even more achievable for many homebuyers.  The mortgage total that can be borrowed is set by each county, with 2024 FHA loan limits in Clark County NV capping the allowable loan value at $498,257 for a single-family dwelling. The advantage of a low-interest FHA loan is really noticed when you are looking at multiplex property, as you can receive an FHA loan for a duplex, FHA loan for a four-plex, or other configurations such as a Triplex as long as the property itself qualifies by FHA standards and you plan to live in a part of the property as a primary residence.

In summary, An FHA loan is a mortgage from the Federal Housing Administration that people often wonder about. With an FHA-insured mortgage, you can purchase a home with a very low down payment thanks to low-cost financing and affordable rates, which makes it perfect for someone who wants their own space but might not be able to afford one without assistance in getting approved for an FHA Loan if you're looking at buying another investment property - whether it's multi-unit housing like apartments that have separate titles or many different single-family homes you will need to use a Conventional vs FHA Loan.

The minimum down payment on an FHA loan is 3.5% as long as your credit score is at least 580. If your credit score is under 580, you will need to put 10% down to qualify for an FHA Home Loan. Just because the minimum required down payment on an FHA loan is only 3.5% does not mean that is all the money you can put down on your FHA Mortgage loan. You can put down as much money over 3.5% as you want, which will help to lower your interest rate and total payment because you will be financing a lower amount on your total loan. If you put 25% down, you will get the absolute rock bottom possible rate; however, FHA Loan rates, in general, already have very low-interest rates. FHA vs Conventional loan limits are lower, so if you want to use an FHA backed loan, you will need to either put more money down or use conventional financing to purchase your home.  

In summary, If you want to get a 3.5% down payment  FHA loan, you need a credit score that is at least 580. If your credit score is lower than that, the required down payment will be 10%. But even if the minimum required down payment on an FHA loan is only 3.5%, you can put down more money if you want or need to. That will help keep your interest rate and total payments from being too high because it will be less money borrowed from the bank for your mortgage

FHA Loan Limits in Clark County, which is located in Nevada, are changing drastically in 2024! 

Las Vegas FHA Loans are one of the most common types of mortgage loans used to buy homes as primary residences.  With the median price point hovering around $450,000 as of November 2023, the current FHA Loan Limits are just not cutting it for many home buyers. The new 2024 FHA Loan Limits in Nevada are expended to reach a whopping $498,257 Here is a direct link to the HUD Website page where you can find current FHA Loan Limits for Clark County Nevada. https://entp.hud.gov/idapp/html/hicost1.cfm

In Las Vegas, FHA Loans are one of the most common ways to purchase a primary residence. Besides closing costs like title insurance and escrow fees, the federal housing administration, which is a government agency, sets a minimum down payment at 3.5% of the Nevada FHA Loan. 

FHA loan limits apply to all FHA Loan products, including reverse mortgages and refinance on a primary residence. FHA loans done by reputable Nevada FHA lenders like PIF Lending can be an excellent mortgage choice depending on your personal needs and budget.

Nevada FHA loan requirements allow for a lower credit score and include a mortgage insurance premium that helps protect FHA lenders against borrower defaults when a borrower can not complete their repayment plan.  Nevada FHA loan limits are $498,257 in 2024, which is substantially lower than the limits on a conventional loan. 

FHA Loans require mortgage insurance and can not be used for an investment property. Down payment on Conventional loans ranges from 3% to 20% and also requires mortgage insurance unless the borrower has a 20% down payment. 

Minimum down payment, lower credit score requirements, and more lenient Nevada FHA Loan requirements make FHA loans an excellent option and usually have a lower monthly payment because the FHA Loan limits are set at 65% of the national conforming loan limit amount. 

To qualify for an FHA loan, you will need your tax returns, pay stubs, recent bank statements, and a qualifying credit score of at least 580 with most Nevada FHA Lenders in order to qualify. Mortgage insurance premiums on FHA Loans can be removed only if home buyers put 10% down payments or more on their primary residence and repay at least 20% of the loan amount. 

The Federal Housing Administration (FHA) helps establish minimum property standards, payment requirements, purchase price limitations and refinance guidelines on single-family residences using FHA Loans.

 In Nevada, FHA loans require the home to have a functioning AC and furnace if one is present in the home, flooring of some kind must be installed, the hot water heater must have earthquake straps, and the home must be safe and habitable to pass the financing requirements of an FHA Loan. 

FHA loans offer programs, unlike most conventional loan programs, which can typically be paired with down payment assistance depending on the requirements and guidelines set by FHA-approved lenders in Nevada. 

Home Is Possible is a popular down payment assistance program that mortgage lenders can help home buyers apply for and are especially helpful when family members can't help with the down payment, but the borrower can meet the payment requirement. Also, the lender can usually help borrowers with credit issues by giving them a road map for maximizing their credit score.  

FHA Lenders also offer a variety of home loans that can be used for investments, not just primary residences. A good lender will discuss all FHA Loan requirements, including the down payment that FHA loans require, and can help compare the FHA loan to  Conventional loans, so you understand the difference, especially when it comes to the down payment and loan amount.

When choosing an FHA lender in Las Vegas, the lender should be knowledgeable, caring, ethical, and well-rounded.  If you choose a lender that is not experienced, even if you qualify for an FHA loan, your mortgage borrowing experience might not be the same as if you choose an FHA lender that is very experienced in FHA loans like Andrew Leavitt at PIF Lending. 

Lenders should also help you understand that although the interest rate on an FHA loan may be lower than other mortgage products, they still have limitations, such as being unable to use them on an investment property. FHA loans are mortgage loans specifically meant to help FHA buyers qualify to purchase a home they will actually live in. 

Although FHA finance products should never be used to purchase a rental property, if a homeowner uses FHA financing and then at least one year later has a change in circumstances and must move or buy another home to suit their personal needs, it's okay to leave the current financing in place. Often times once the loan has been paid down substantially, it's more beneficial to refinance into a conventional mortgage in order to remove the mortgage insurance and drop the monthly payment. 

At PIF Lending, we pride ourselves on knowing the FHA guidelines set by the Federal Housing Administration and Nevada FHA loan requirements on single-family residences, including duplex and triplex purchases. In some cases, an FHA borrower can completely offset their own payment requirement by leasing the other units in a duplex or triplex deal.  We can help determine if you qualify for this type of financing by helping you submit a mortgage loan application. 

Another reason borrowers love FHA loans is that there are much shorter waiting periods after a person has had a major credit event such as a short sale or foreclosure. Some bankruptcy filings only require 2 years of cooling off before an FHA loan can be used. Short sales usually require a 3-year cooling-off period, and foreclosures require 4 years before an FHA loan can be used. Those more lenient timelines combined with much lower credit score requirements and low down payments make Nevada FHA loans extremely important loan programs. 

If you are thinking of applying for a mortgage, consider the purchase price you desire and contact a trusted lender or mortgage broker like Andrew Leavitt at PIF Lending. Nevada FHA lenders help make home loans a much easier process and can help maximize your credit score and explain FHA loan requirements in a much easier-to-understand way than trying to understand loan limits by yourself. 

Lenders know these loans are not for everyone, especially if you have a large down payment already saved up and you have an excellent credit score. In those cases,  conventional loans typically will be what the lender recommends. 

In Clark County, Nevada, the 2022 FHA Single Family Home Loan Limit is $498,257. Clark County is where Las Vegas and Henderson are located. The Clark County FHA Loan Limit for a Duplex is $637,950 in Las Vegas and Henderson, Nevada and the FHA Loan limit in Clark County for a Tri-Plex is currently $771,125 If you are looking to buy a Four-Plex, the Clark County FHA Home Loan Limit is $958,350.  In certain cases, like if your credit score is low or if you have had a bankruptcy or foreclosure that's too recent for you to get a Conventional Loan, you can still purchase a property that's above the FHA Loan Limit by putting more money down on the purchase. 

If you're looking for an FHA home loan, we can help. We offer loans up to $958,350 for 4-plexes and $498,257 on Single Family Homes. Our rates are low, and our service is fast. You'll be able to get the financing you need without having to worry about your credit score or any other factors that might make it difficult for you to find a lender elsewhere because we can help with everything, including getting your credit score up as high as possible.

Let us take care of all the hard work so that you can focus on what's really important - finding your new home! We have an office in Las Vegas, so just come by today with your paperwork ready or call us and we can help you with that too!! We'll get back to you as soon as possible about getting approved for an FHA loan. It's easy when PIF Lending has your back!

 Give us a call at 702-800-4664 

FHA Home Loans are insured by the Federal Housing Administration, and they have their own credit score requirements, and so does each individual lender. The FHA sets a minimum credit score of 580 to receive an FHA Loan with a down payment of 3.5% and a credit score range of 500 to 579 for an FHA Loan with 10% down. At PIF Lending, we follow the Federal Housing Administration guidelines for minimum score requirements; however, most regular lenders may require a higher score than we do. This is just one of the many reasons you should always choose PIF Lending or your FHA mortgage needs!

 If you're looking for an FHA loan, we have the best rates and FHA Loan down payment requirements of 3.5%.  Unlike regular lenders or mortgage bankers, since we are expert mortgage brokers, we are extremely experienced in FHA Loans, even when a borrower has a low credit score. We can get you an FHA Loan with a score as low as 500 with a down payment of at least 10%, and many lenders just do not understand how to get that job done!

As mentioned above, FHA loans can be incredibly flexible for buyers as it allows for credit issues better than the conventional counterpart financing doesn’t allow. 

At PIF Lending, our goal is to make sure your home buying experience goes smoothly from start to finish. We'll work hard on your behalf so you can focus on other things like finding the perfect house! You deserve it. And if there's anything we can do for you, just let us know.

PIF Lending Team  - 702-800-4664  

When it comes to an FHA vs Conventional Loan there are several main differences. These differences are substantial, and you definitely need to know what they are. First of all, you can not buy an investment property with an FHA Loan vs Conventional loan which absolutely allows you to purchase an investment property. The next major factor to be aware of is credit score typically you must have at least a 620 credit score to get a Conventional loan vs FHA Loan, you only need a 580 for 3.5% down, and you can have a score as low as 500 if you can put 10% down.

 Another major factor is mortgage insurance, on an FHA Loan, it is called "Private Mortgage Insurance" or PMI. This is paid by the borrower to the Federal Housing Administration, which ensures your lender will be paid back a portion of your loan amount if you default on your mortgage. The higher your credit score is, the less your mortgage insurance will be. Unless you put at least 10% down on an FHA Loan, you will pay mortgage insurance for the life of your loan. If you do put at least 10% down on your FHA Mortgage, you will only pay mortgage insurance for the first 11yrs of your 30-year fixed mortgage. 

 On a Conventional Loan vs FHA Loan, you will pay mortgage insurance until you either request it to be removed once you have 20% equity, or it's automatically removed at 22% equity by your lender. The other major factor to consider is the loan limit on an FHA vs Conventional Loan, which is lower on an FHA Loan vs Conventional Mortgage Loan. The FHA Loan Limit Clark County is $498,257 vs a Conventional Clark County Loan Limit of $766,550, which is much higher. 

FHA loans are great mortgage loans and they are the most commonly used loan program for 1st home buyers. An FHA loan is much more flexible when it comes to the borrower that doesn’t have the best credit. The FHA  really looks at a loan from a common-sense perspective in the way of a low credit score. While a bankruptcy or other major financial event does not automatically disqualify you as it's based on many factors its highly suggested that you review your credit report with a qualified Las Vegas mortgage broker first. Also, an expert Las Vegas mortgage broker like PIF Lending we can help you with the loan limits set for an FHA loan in Clark County.

In summary, lets go over the difference between an FHA vs Conventional Loan?

There are a few major differences, and they can be substantial. For instance, you cannot buy an investment property with an FHA Mortgage Loan. You also need to have at least a 620 credit score for conventional loans, but only 580 for 3.5% down on your home purchase with FHA loans. And there is one more thing that makes us different from other lenders - we don't charge any fees! So if you're looking for a lender who doesn't charge any fees and has low rates, come talk to us today!

At PIF Lending want to make sure that our customers know all of their options when it comes to financing their home purchase so they can find the best option for them and their family. That's why we offer both types of loans as well as no-fee mortgages! Come talk to us today about which type of mortgage will work best for you and your family before making a decision on where to go next in the process of buying your new home! 

This is a question that doesn't have a "yes or "no" answer because it depends on multiple factors like the type of bankruptcy or foreclosure that occurred and how much time has passed. For example, if you have had a foreclosure in the last 3 years, it's unlikely you will be eligible right now for an FHA Home Loan however, if you can prove it was due to an extenuating circumstance, you might be able to get an exception which we can help you with. If you have had a Chapter 13 Bankruptcy and we can verify that for at least 1yr you have made all your payments, and the court-appointed trustee gives permission, we can still help you get an FHA mortgage. If you have had a Chapter 7 Bankruptcy in the past 2 years, you will not be eligible at this time for an FHA Loan. You must wait 2 years from the Discharge Date, NOT the filling date like with a VA Home loan. Call us today at 702-800-4664, so we can talk it over with you and provide every possible option. 

In summary ...This question cannot be answered with a simple "yes or no" because it depends on the type of bankruptcy or foreclosure you had and when it happened. For example, if you have had a foreclosure in the last 3 years, then you cannot get an FHA Home Loan. But if there was an extenuating circumstance, like losing your job and being unable to keep up with your payments, then you might be able to get an exception from this rule. If you filed Chapter 13 Bankruptcy and we can verify that for at least 1 year, then you paid all your bills on time, then the court-appointed trustee might also let us do an FHA Mortgage Loan for you.

We get a lot of requests from mortgage borrowers to use an FHA Loan to purchase investment properties and second homes. We wish we could allow this but it goes against the FHA guidelines and FHA Loans are not intended for the purchase of any property except owner-occupied primary residences. Even though the answer to this question is a definitive "NO," there is a slight exception. Let's say you bought your home with an FHA Loan, and then a couple of years later, you needed to move; you could then buy another home with an FHA loan as long as you intended to move into that new home. At that point, you could either sell or rent out the first home you financed with an FHA Home loan, and that would be fine.

 In summary, FHA Loans are not intended to purchase any property except owner-occupied primary residences. Even though the answer to this question is a "no way, Jose," there is an exception. Let's say you bought your home with an FHA Loan, and then a couple of years later, you needed to move because of a job transfer or family emergency; you could then buy another home with an FHA loan as long as you intended to move into that new house that you are purchasing. At that point, all the same, rules apply for eligibility requirements such as income limits and credit score minimums, and unless your first FHA Mortgage loan was already paid off, you could prove the first home was leased out for at least 1yr you might have to qualify to afford both FHA Loan Payments.