Convential Loans


If you are looking for a mortgage with a wide selection of terms and competitive rates, conventional loans may be your answer. These loans are what most people think of when it comes to a traditional home loan. Conventional Home Loans are not part of a government-sponsored program, and are instead fully funded and insured by private lenders and insurers.

Basic Conventional Loan Requirements


Ultimately, lenders individually decide who is and is not approved for a conventional loan. Borrowers should be prepared to supply at least two years of W-2’s, tax statements, bank statements and proof of cash reserves and submit to a credit report.

Clients should have good or better credit – at least a 620 or higher, and a low debt to income ratio.

For most conventional loans, a 20% down payment is required.


FHA Loans


FHA loans are an awesome option when it comes to home financing. They have great benefits, such as a minimum of only 3.5% down payment. These non-conventional loans are secured by the Federal Housing Administration and are funded by private lenders.


Basic FHA Loan Requirements


FHA loans are a much more accessible financing option with lessened requirements and added benefits such as:

  • 550+ Credit Score
  • 3.5% Down Payment(Compared to 20% conventional)
  • Fixed interest rates
  • The ability to have some or all closing costs covered by the seller or the lender.

If you would like to make repairs to your existing home, FHA also offers 203(k) mortgages for home repair.


VA Loans


VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan.


Basic VA Loan Requirements


VA loans are a much more accessible financing option for veterans and their families:

  • These service requirements state that veterans who served during wartime must have been on active duty for at least 90 consecutive days.
  • Those who served during peacetime must have served a minimum of 181 days.
  • Veterans of the National Guard or Reserves must have served for at least six years unless otherwise eligible.
  • The ability to have some or all closing costs covered by the seller or the lender.
  • No down Payment
  • Relaxed Credit Qualifications

If you would like to inquire about VA Loans, Contact Eduard Davis today.


Eduard Davis - Realtor - Las Vegas Homes for Sale & Real Estate