[conceptxp]

Hi,

I am working in Bay Area, and I want to buy a house in Vegas.
I am also thinking to apply FHA since it will be my first time to purchase a house.

I went to a few lenders in my area applying for pre-approval. Most of the lenders gave me the pre-approval letter. However these pre-approval are not for FHA program, but for second home or vacation home.

Would someone please explain to me why I could not get FHA program in Vegas? Or is there some kind of guideline that I need to know to apply FHA Program in Vegas?

I would really appreciated if someone who can provide me some freeback, and Thank You!

[kwm03160]

Originally Posted by conceptxp

Hi,

I am working in Bay Area, and I want to buy a house in Vegas.
I am also thinking to apply FHA since it will be my first time to purchase a house.

I went to a few lenders in my area applying for pre-approval. Most of the lenders gave me the pre-approval letter. However these pre-approval are not for FHA program, but for second home or vacation home.

Would someone please explain to me why I could not get FHA program in Vegas? Or is there some kind of guideline that I need to know to apply FHA Program in Vegas?

I would really appreciated if someone who can provide me some freeback, and Thank You!

Will you actually be moving from the Bay Area to Vegas? You cannot get a FHA loan unless the home will be owner-occupied. There are also purchase and income limits, if those apply.

[Daddys///M3]

Originally Posted by kwm03160

Will you actually be moving from the Bay Area to Vegas? You cannot get a FHA loan unless the home will be owner-occupied. There are also purchase and income limits, if those apply.

With the exception of income limits, this post is right on the money. FHA loans are for owner occupied properties only. The new FHA loan limit in Vegas is $400K, although only good until the end of the year unless the stimulus package is extended.

[conceptxp]

Originally Posted by Daddys///M3

With the exception of income limits, this post is right on the money. FHA loans are for owner occupied properties only. The new FHA loan limit in Vegas is $400K, although only good until the end of the year unless the stimulus package is extended.

I will be working in the bay area for a while until I find a job in Vegas, my wife will be living in vegas. So does that qualify for FHA?

[Daddys///M3]

Originally Posted by conceptxp

I will be working in the bay area for a while until I find a job in Vegas, my wife will be living in vegas. So does that qualify for FHA?

If you are both planning on relocating and occupying this home then yes, that would qualify for an FHA loan. However, the fact that you are staying in the bay area for the time being may present some issues. If you'd like I can talk to my underwriter and get his take on your situation. I can't see why it wouldn't be feasible, but in todays tightened lending environment it is always best to be 100% sure.

[conceptxp]

Daddy M3,

Thank you for your knowledge and expertise.

For the time being, can you help me check with your underwriter about my situation where I will be working in Bay Area for a while, and my wife will stay and occupy in Vegas though she will be housewife only. This means we will not have any income at Nevada. Do we still qualify FHA in Vegas?

Also is it a good idea to go Vegas locally to apply FHA rather file FHA from out of state? If so what is the minimum and maximum down payment for FHA in Vegas?

[Daddys///M3]

Originally Posted by conceptxp

Daddy M3,

Thank you for your knowledge and expertise.

For the time being, can you help me check with your underwriter about my situation where I will be working in Bay Area for a while, and my wife will stay and occupy in Vegas though she will be housewife only. This means we will not have any income at Nevada. Do we still qualify FHA in Vegas?

Also is it a good idea to go Vegas locally to apply FHA rather file FHA from out of state? If so what is the minimum and maximum down payment for FHA in Vegas?

Minimum down payment is 2.25%, with a 3% minimum borrower cash contribution. There is no maximum down payment but if you are planning on putting 20% down then FHA would very likely not be the best program for you.

It wouldn't be a bad idea to get with someone local, since the Realtor and the title compnay will be local you will likely want someone with local knowledge and relationships to handle the transaction for you. I will respond a little later with the answer to the occupancy question.

[Daddys///M3]

So I just talked to the underwriter and it is not going to happen unless you at the very least have a job lined up out here. You will either have to purchase it as a second home, which you shouldn't have a problem but just cannot use an FHA loan, or wait until you have a letter of intent to employ from an employer out here at the least. If you do go the second home route you will likely have to put a minimum of 5% down, dependant upon documentation type and credit score.

[conceptxp]

thanks for the help daddyM3