Lending Standards For Government Loans

Lending Standards Becoming Tight For Government Loans

A decline in each of its four component indices, especially the one measuring the availability of government-backed loans, drove overall mortgage credit availability lower in December according to the Mortgage Bankers Association (MBA).  The group’s Mortgage Credit Availability Index (MCAI) dropped by 1.8 percent to a reading of 179.2.  A decline in the MCAI indicates tightening lending standards while an increase is indicative of loosening credit.

The component measuring credit available in the government sector was down 2.6 percent in December. The Government MCAI has been trending down for most of 2017 after peaking at about 450.  The index now appears, (MBA provides only percentages and graphs for the components, not numbers) to be around 430.

The Conventional MCAI was also down, by 0.7 percent, the Jumbo MCAI fell 1.4 percent and the Conforming MCAI was down 0.1 percent.

Lynn Fisher, MBA’s Vice President of Research and Economics explained, “In December a handful of investors made end of the year adjustments to their menu of offerings. This resulted in a net decrease in credit availability for government backed programs (FHA/VA/USDA), and especially for lower credit score, higher loan-to-value loans, as well as streamline (requiring less documentation) refinances. Despite the decline in the jumbo credit availability over the month, the jumbo index was up nearly 20 percent from December a year ago, by far the largest gain among the component indices.

Are You Ready to Apply For a Conventional Loan?

Call us today to discuss Loan Options that best fit your needs. At Superior Mortgage Lending LLC , we are committed to find our clients the best options available for Conventional Loans in Las Vegas, North Las Vegas, Henderson, Boulder City. CALL US TODAY! 702-507-4170

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Tax Cut Uncertainty Dampened Consumer Attitudes

Americans continued to have ambivalent views about the current virtues of both home buying and home selling in December. Consumers, responding to Fannie Mae’s monthly National Housing Survey (NHS), expressed declining confidence in whether it is a good time to buy, and no corresponding increase in whether it might be a good time to sell.

All in all, respondents appeared cautioned in their attitudes toward both the economy and the housing market as 2017 neared an end.  A decline in four of the six components of Fannie Mae’s Home Purchase Sentiment Index (HPSI) brought it down 2.0 points to 85.8, reversing most of the 2.6-point increase in November. The HPSI is up 5.1 points compared with its December 2016 counterpart. Fannie Mae attributed the decline, in part, to uncertainty about the tax cut proposals that were under discussion in Congress at that time the survey was conducted.

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The percentage of respondents who said now is a good time to buy a home decreased 5 percentage points compared to November to a net of 24 percent, and is down 8 percentage points compared to the same period last year. The net share who reported it is a good time to sell shot up earlier in 2017 and is now 21 points higher than the same time in 2016, but was unchanged in December from the November net of 34 percent.

The net share of respondents who expect home prices to rise over the upcoming 12 months declined from 46 percent to 44 percent, and among those expecting further appreciation, the average expectation for an annual gain (not an index component) declined from 3.7 percent to 3.3 percent.

Americans also expressed a weakened sense of job security.  Those who say they are not concerned about losing their job decreased 6 percentage points, but was still the majority sentiment at a net of 68 percent.  The net share of consumers who said mortgage rates will go down over the next 12 months fell 1 percentage point in December, to a negative net of 52 percent. Finally, the net share reporting that their income is significantly higher than it was 12 months ago rose 2 percentage points to 16 percent.

“Consumers remained cautious in their housing outlook at the end of 2017, as tax reform discussions continued. In December, mirroring the other major consumer sentiment benchmarks, the HPSI reflected this caution and declined slightly,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Entering 2018,housing affordability remains a persistent challenge, particularly in rental markets, where consumer expectations for price increases over the next 12 months reached a new survey high.”

Mortgage Broker vs. Mortgage Lender

You can obtain a loan from either a Mortgage Broker or a Mortgage Lender. Lender is a financial institution that makes loans available directly to the borrower, Brokers connect borrowers to lenders were they have the ability to offer competitive rates and loan products. A direct lender offers mortgages, including commercial banks that offer a slew of services and mortgage banks. If you decide to obtain a mortgage through a direct lender instead of a mortgage broker, you will need to apply individually to each lender. This can be a time-consuming and frustrating process. The primary benefit of a mortgage broker is that they can shop with many lenders and get a variety of quotes, rates and loan programs.

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Homes in U.S. Gained $2 Trillion in Value This Year, Zillow Says

Your home may not have made the same gains as stocks or bitcoin, but it still was a robust year for the U.S. housing market.

The value of the entire U.S. housing stock increased by 6.5 percent — or $2 trillion — in 2017, according to a report from Zillow. All homes in the country are now worth a cumulative $31.8 trillion.

The gain in home values was the fastest since 2013, when real estate was in the early stages of its recovery from the recession. Yet it still trails the surge in other assets, with the S&P 500 Index up about 19 percent, and bitcoin increasing exponentially.

Los Angeles is the most valuable U.S. housing market at $2.7 trillion, according to Zillow’s estimate of owner-occupied and rental homes, with New York second, at $2.6 trillion. The 10 most valuable metropolitan areas are worth $11.3 trillion combined, or 36 percent of the total value of the U.S. housing stock.

A home might be a worse investment next year, as the new federal tax law reduces key benefits to ownership. That includes a lower limit on the amount of debt eligible for the mortgage-interest deduction and a cap on state and local tax deductions. Those changes will land hardest on homeowners in coastal markets with high property values — and taxes — and could lead to price declines, according to the National Association of Realtors.

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How Much House Can Your Afford?

Before you start shopping for a new home, determine how much you can afford to spend. Your full mortgage payment cannot exceed a third of your gross monthly income. So if your monthly gross income is $3,000 than your mortgage payment should not exceed $1,000 including (PITI) Principal, Interest, Taxes and Insurance.

Here are few things to consider:

  • Your monthly income
  • Your available funds for down payment
  • Your monthly expenses
  • Your credit score

It’s very important to consider getting pre-approved from a licensed mortgage professional. An Independent Mortgage Professional such as a Mortgage Broker will be able to offer you several loan options and find you the best available loan programs for your needs. Call today to speak with a Mortgage Professional and get a Pre-Approval  (702) 507-4170

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Las Vegas Housing Market for 2018

Limited Inventory Boosting Home Prices

As usual, supply and demand are key factors driving the forecasts and predictions for the Las Vegas real estate market in 2018. While prices are expected to rise more slowly next year, they will almost certainly continue moving north due to a relative supply shortage.

This mirrors trends happening all across the United States. In many real estate markets, builders simply cannot keep up with demand.

“We’ve been under-building for years,” said Robert Dietz, chief economist for the National Association of Home Builders. “That’s the reason that inventories are tight. That’s the reason that home prices are growing faster than incomes.”

In October, the Las Vegas real estate market had roughly a 2.6-month supply of homes for sale. That is below the national average, and even that is well below what is considered a “normal” market. Economists and housing analysts define a balanced housing market as having five to six months worth of supply. So the Las Vegas real estate scene is still fairly constrained, with available supply falling short of demand.

Real estate market activity can also be measured by looking at the number of days a typical home stays on the market, before going under contract. A low “median days on market” (DOM) suggests that homes are selling quickly. A higher DOM means that  homes are staying on the market longer, which suggests a lower level of demand from buyers.

In October, the Las Vegas real estate market had a median DOM of approximately 55 days. That was higher than the national average. Some of the hottest markets in the country, like Seattle, Washington and Portland, Oregon, had a median DOM of less than 15 days during the same month. So perhaps the Las Vegas real estate market is slowing down a bit, despite the tight inventory conditions across the metro area.

The bottom line to all of this is that home prices in and around the city will most likely continue to rise over the coming months. All of the 2018 real estate market forecasts for Las Vegas that we have studied seem to agree that house values will continue rising (year over year). Despite this, demand for homes might be a bit softer in 2018 than it has been over the last couple of years.

 

Your Dream Home Awaits You!

This Free Purchase Assistant has been designed to narrow down options based on your individual needs. Superior Mortgage Lending is your premier Las Vegas Mortgage Broker. You will be able to get accurate and reliable quotes and your information is kept private.

Feel free to call us (702) 507-4170 to speak with one of our Professional Mortgage Loan Officers

 

We can help you with all types of home purchases; primary homes, vacation homes and investment properties.

We specialize in all First Time Home Buyers. Use our Home Purchase Assistant to get pre-qualified today!

 

 

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VA Loans Eligibility Requirements

Nevada VA Home Loan

The VA Home Loan offers military members wishing to move to or needing to relocate to Nevada the perfect opportunity to do so for zero money down. Backed by the Department of Veterans Affairs, the VA Home Loan provides veterans and active duty service members with unique benefits and flexible eligibility requirements that they wouldn’t find with other conventional programs.

VA Loans

VA Certificate of Eligibility:

Get your VA Certificate of Eligibility Fast

Receiving your Certificate of Eligibility is a must to get a VA Home Loan. After establishing basic eligibility for a VA Loan you will need a Certificate of Eligibility (COE). The COE verifies to the lender that you have met, and are eligible for a VA Home Loan.

Veterans and active duty service members must also submit a Certificate of Eligibility in order to qualify for a VA Home Loan. If an eligible military member doesn’t have their COE, a VA Loan Specialist may be able to help them obtain one.

The VA offers multiple options when obtaining your COE. You can directly get your COE by mailing in Form 26-1880, or by applying through the eBenefits portal or through your lender if they have access to the Web LGY system like VAMortgageCenter.

The Department of Veterans Affairs encourages all VA Loan applicants to ask their lender about the Web LGY system since this Internet-based application can establish eligibility and issue a COE in a matter of seconds.

Nevada Military Bases

Hundreds of military families are required to relocate every year, and many desire to purchase a home in their new area to help start life anew. For military members needing to relocate to Nevada, there are three major military bases within the state they will most move near:

  • Fallon Naval Air Station – Lahontan Valley
  • Nellis Air Force Base – North Las Vegas
  • Creech Air Force Base – Indian Springs

Speak with a Specialist

For any additional questions regarding your VA Home Loan, contact a Nevada VA Loan Specialist. VA Loan Specialists are standing by to help guide you through the lending process and to answer any questions regarding loan qualification.

If you’re a Las Vegas Veteran, a VA Mortgage may be an excellent option to consider when pre-qualified for new home loan. What Are VA Loans? As a way to honor and serve those who served the nation in World War II, the U.S. government created the VA Loan Guaranty program. Since then, the …

VA Loans offer exceptional benefits for those who have served our county. The biggest advantage with VA loan is you can purchase a home with no money down. VA Loans have no monthly private mortgage insurance (PMI) resulting in a lower house payment for you. Down  payment and monthly payment are often the biggest hurdle to home ownership.  A VA Home Loan eliminates these  obstacles. You may also refinance your VA Loan up to 150% of the property value

A Nevada VA Loan can be used to

– Buy a home or condominium unit in a VA-approved project
– Build a home
– Purchase and improve a home
– Install energy-related improvements
– Buy a manufactured home or lot

Basic Service Requirements

– At least 90 consecutive days on active duty during wartime
– At least 181 days of continuous active duty during peacetime
– Completed a total of 6 years in the Selected Reserves or National Guard

To qualify for a VA Loan in Las Vegas you must apply for a Certificate of Eligibility (COE) by filling out a government form (VA Form 26-1880) which is a request for a certificate of eligibility for home loan benefits. Traditionally you present this form along with your military service documents to a VA center.

We can help you obtain your COE, as well as help you collect other documents required for the Nevada VA Loan Program.

Other Eligibility Beneficiaries

The other groups who may be eligible for VA home loan benefits include: unmarried spouses, U.S. citizens who served in the armed forces of a government allied with the United States during WWII. Additional eligible applicants include individuals with service as members in certain Government and Public Service Organizations such as Public Health Service officers, cadets at the United States Military, Air Force, Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War II service, and others.

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Debt Consolidation Programs

Debt consolidation can make a lot of sense for people with a high level of debt or paying a lot of bills. In these tough economic times many Americans are faced with significant credit card debt and are looking for help reducing their monthly payments. Debt consolidation is a method often used in this situation and helps consumers simplify their budget.

After consolidating their debt, many people report a reduced sense of stress. This is especially true when debt consolidation allows the consumer to better meet their obligations and get back on their feet financially. It’s important to remember that after debt consolidation, consumers should closely monitor their finances and avoid taking on any new debt.

Consolidate Debt by Refinancing Your Mortgage

  • Refinance with some of the lowest rates in decades, and get cash to pay off your high-interest debt. Don’t wait – these low rates won’t last forever!
  • Make one low monthly payment instead of several, and pay less overall every month. Unlike credit card interest, the interest on your mortgage is usually tax deductible.*
  • Even if you have less-than-perfect credit, we can help. Paying off your higher-interest debts faster can improve your credit rating. Find out if you could lower your monthly payment or take cash out to access money for your other bills. Visit superiorml.com or call (702)507-4170 to speak with a mortgage Loan Officer that can help you
  • Interested in consolidating two mortgages? We can help you refinance both loans into one with a low rate that could significantly reduce your monthly mortgage payment.

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VA Refinance Loan

At Superior Mortgage Lending we take our VA borrowers to a new level with industry-leading government rates and pricing. VA IRRRL (Interest Rate Reduction Refinance Loan) allows VA borrowers to lower their current interest rate by refinancing an existing VA home loan. Obtaining a lower interest rate the mortgage monthly payment should decrease. ARM (Adjustable rate mortgage) is also an option when refinancing a VA Loan or purchasing a home.

VA Loans Highlights

  • No Down Payment Required
  • No Mortgage Insurance
  • Low Rates

How do I Apply for a VA Loan?

The first step to qualify for a VA Loan is to provide your DD-214 to determine eligibility. Veterans, active military personnel and military families can contact us directly to apply. Once we start the application and qualification process we can show you how to get into your home with no money down

We have the Best Loan Programs in Las Vegas for VA Home Loans.

Click on Purchase Assistant  to get started.

 Superior Mortgage Lending LLC – VA Loans Las Vegas 

Who should get a VA Loan?

Superior Mortgage Lending is proud to serve those who have bravely served in the Armed Forces, allowing veteran borrowers to take advantage of their VA benefits. VA Mortgage Loans are the perfect program for anyone who has severed or is currently serving in the military. They were created to assist veterans and their family to be able to purchase a home easier.  At Superior Mortgage Lending we are very experienced VA lender, and have helped many veterans in Las Vegas Nevada to purchase or refinance a home . Many times the monthly payment with a VA Home Loan is less than your current rent!

VA Loans

 What are the Benefits of using a VA Loan?

VA Loans offer exceptional benefits for those who have served our county. The biggest advantage with VA loan is you can purchase a home with no money down. VA Loans have no monthly private mortgage insurance (PMI) resulting in a lower house payment for you. Down  payment and monthly payment are often the biggest hurdle to home ownership.  A VA Home Loan eliminates these  obstacles. You may also refinance your VA Loan up to 150% of the property value

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Golden Knights – already a deep part of Las Vegas community

An opening month bookended by a local atrocity and on-ice adversity has challenged the Vegas Golden Knights in ways as unexpected as their 8-3 start to their inaugural NHL season.

The Golden Knights welcomed first responders on the ice during a 15-minute ceremony at their home opener.

After winning their first two games on the road, the Golden Knights welcomed first responders onto their home ice during an emotional pregame ceremony in which nurses, police officers, firefighters and doctors who aided victims were mentioned by name.

The names of the 58 killed were also shown on the ice at T-Mobile Arena, and defenseman Deryk Engelland, a longtime Vegas resident, followed up a powerful speech to the crowd with a first-period goal. The result on Oct. 10 was a 5-2 win over Arizona.

The team has also strengthened its ties to the Vegas community by visiting local police headquarters and buying tickets for surviving victims and first responders.

Las Vegas Real Estate and Mortgage Loans 

HUNDREDS OF MORTGAGE OPTIONS UNDER ONE ROOF

 Why Choose Superior Mortgage Lending?

Superior Mortgage Lending is a Las Vegas Mortgage Broker by design. We partner with several lenders to offer multiple Loan Products and we are not captured with certain credit scores and can offer better rates and no fees.  We have been in the Mortgage Industry  for over 18 years and we offer the most competitive rates in Nevada, California and Arizona. At Superior we have NO ORIGINATION AND NO UNDERWRITING FEES.
  • CONVENTIONAL LOANS – Giving you a low down payment, a great rate and a head start on your equity
  • FHA LOANS – Taking FHA borrowers to a new level with industry-leading government rates and pricing
  • VA LOANS – A hero for our veteran borrowers. Whether you are purchasing a new home or refinancing
  • REFINANCE LOANS – Multiple options allowing you to refinance with aggressive pricing that help you lower your payment or cash-out
  • JUMBO LOAN – Look no further. Superior gives you the pricing and turn times you deserve with competitive pricing 
  • FIRST TIME HOME BUYERS – We have great alternatives for borrowers looking to purchase with a low down payment
  • MORTGAGES FOR CANADIAN CITIZENS – Canadian citizens who are interested in purchasing a second home in the US. We can help!
  • COMMERCIAL LOANS – With over 30 years of business, commercial and multifamily purchase, refinance and construction financing experience
  • ELITE – The obvious choice for top-tier borrowers! Comprised of some of the best rates and pricing in the industry. You’ve build outstanding credit, you deserve an outstanding rate

 

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Housing News

New home sales surged 18.9% in September to the highest level in 10 years. This was a nice recovery after unexpectedly falling 3.4% in August.

Pending home sales were flat in September though, as demand continued to exceed supply. There are some concerns that winter will further reduce inventory.

Mortgage applications for home purchases were down last week. Economists say rates likely had less to do with the drop than the shortage of homes for sale.

THE MARKET IN MINUTES

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Refinance Out of a Hard Money Loan

Hard Money loans have been a hot program for high net worth individuals either purchasing primary residences, multi-family units or other investment properties. There are options out there with much better terms available then hard money loans.

Hard Money loans usually come with an extremely high interest rate anywhere from 9-15% interest. On top of the high interest rate they usually require a large amount down (sometimes even 50%). They are also usually short term financing where you would have to pay off the loan within a certain amount of years.

Why do people usually get Hard Money Loans? Typically they are in a situation where they had a previous economic event that prevents them from obtaining traditional financing. They could also be in a situation where their tax returns don’t show a significant amount of money being made after expenses.

Image result for refinance

What is the benefit of Hard Money Loans? there is not a lot of benefits on getting a hard money loan, but there still are circumstances where someone may only qualify for this type of loan.

How do you Refinance Out of a Hard Money LoanThere are multiple options allowing you to refinance with aggressive pricing that help you lower your payment, cash-out or get out of a high interest hard money loan

What does it mean when you refinance your loan? Refinancing your mortgage means that your are replacing the original loan. Refinancing your home loan allows borrowers to obtain better interest rate and terms of the loan. When you refinance your first loan gets paid off allowing the second loan to take place. The process of refinancing your mortgage loan can offer many benefits such as, reduce monthly payments, lower interest rates, pay off debt, take cash out of your home to make home improvements or even fund large purchases.

When should you refinance your mortgage?This is the perfect time to find out about your refinance options. The first step is to speak with a Mortgage Loan Officer to find out if refinancing is a offer excellent Cash Out and Debt Consolidation Refinances with No Fees and Low Rates as well.You can also Refinance your home loan with us even if you are Upside Down.

Superior Mortgage Lending is a Las Vegas Mortgage Broker by design. We partner with several lenders to offer multiple Loan Products and we are not captured with certain credit scores and can offer better rates and no fees.

  • Get the Refinance – Skip The Appraisal Looking to Refinance but don’t want the hassle of getting a new appraisal? Save hundreds of dollars on the appraisal fee. Call us today to learn how you might be eligible for an appraisal waiver
  • CONTACT US TODAY 702-507-4170 | www.superiorml.com 

    One of the Best Mortgage Brokers in Las Vegas. Helping You Finance Your Dreams!

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