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Month: August 2008

FHA’s New Mortgage Insurance Premiums

In response to the new “HOPE for Home Owners Act” (HR 3221) that was recently passed by the House of Representatives, FHA announced new Mortgage Insurance Premiums starting October 1, 2008 through September 30th, 2009.

Up-front Mortgage Insurance Premiums:

  • Purchase Money Mortgages and Refinances = 1.75%
  • Streamline Refinances (all types) = 1.5%
  • FHA Secure (Delinquent Mortgagors) = 3%

Monthly Mortgage Insurance Premiums:

  • 30 yr mtg. –  LTV > 95%, monthly will be @ .55%
  • 30 yr mtg. –  LTV < 95%, monthly will be @ .50%
  • 15 yr mtg. –  LTV > 90%, monthly will be @ .25%
  • 15 yr mtg. –  LTV < 90%, monthly will not be required.
  • FHASecure – LTV > 95%, monthly will be @ .55%
  • FHASecure – LTV < 95%, monthly will be @ .50%
* This information was provided by Jeff Mifsud @

The District at Green Valley Ranch

The District at Green Valley Ranch is quickly becoming one of the hottest spots in the valley to shop, dine, gamble, and even live! With over 40 magnificent stores to choose from, and 15 different restaurants, this charming “Main Street” offers something for everyone!

Conveniently located next to Green Valley Ranch Station Casino, The District at Green Valley Ranch is a favorite among tourists and locals alike.

Along with some of the finest shopping and dining in Nevada, you can also enjoy live music every Friday and Saturday night from 6pm-10pm.

If you like to live where you play, The District at Green Valley Ranch is the place for you.  The lofts start at $300K for a 1 bedroom, 871 square foot unit to $1.4 million for a 3 bedroom, 1747 square foot unit.  Amenities include private underground parking, concierge services, work out facilities, meeting room with kitchen, roof top Jacuzzi and so much more.

For a private showing or for more information, please contact us today at 702.376.0088

Henderson Nevada Real Estate

Henderson, Nevada is the 2nd largest city in the State of Nevada and is located in Clark County.  Henderson has some of the most desired real estate in the Las Vegas Valley because of communities like Lake Las Vegas, Anthem Country Club, Roma Hills and MacDonald Highlands to name a few.  With numerous award winning golf courses, out door shopping and Casinos like Green Valley Ranch, Henderson is a place many would like to call home.

Obviously not everyone can afford to live in communities like Lake Las Vegas, Anthem Country Club and MacDonald Highlands but don’t worry there are many neighborhoods in Henderson that are affordable such as Green Valley Ranch, Seven Hills, Anthem, Tuscany, and Palm Hills to name a few.  Many of these communities have homes starting in the mid $200s.  If you like shopping, The District offers out door shopping, restaraunts and a place to hang out.

Henderson is known for it’s parks, walking trails and communities.  Many of the parks have play areas for kids, water areas and baseball fields.  Those that enjoy walking, running or biking, you can find trails all throughout the Henderson area.  There are also numerous community centers that offer swimming, classes, basketball and so much more.

If you interested in learning more about Henderson, Nevada feel free to contact us at 702.376.0088.

Conditions for Mortgage Approval

Meeting with a loan officer for the first time can be a quick and painless experience if you are prepared.

The following is a list of the general borrower information and conditions that need to be presented at the time of the initial mortgage application process for a full approval:

Personal Information

  1. Full Name
  2. Date of Birth
  3. Social Security Number
  4. 2 Yrs Residence History – monthly payment, rent or own, payment method
  5. List of all Real Estate Owned – values, balances, monthly payments, taxes, and insurance
  6. 2 Yrs Employment History – job title, yrs in industry, income / structure, contact information

Subject Property Information

  1. Type of property purchasing – Condo, Single Family Residence, Las Vegas High Rise, New Construction, Re-sell
  2. Residence Status – Primary, Second Home, Investment Property
  3. Budgeted Down Payment
  4. Budgeted Monthly Payment
  5. Desired Program Type – Fixed, ARM, Negative Amortization, Reverse Mortgage
  6. Names to be listed or left off of title
  7. Estimated time in property
  8. Goals with property


  1. Most recent 2 pay stubs
  2. Most recent 2 Yrs. W2’s
  3. Most recent 2 Yrs. Tax Returns
  4. Most recent 2 Bank Statements, 401k, Mutual Fund, or other Investment Accounts

The application process is a time where your loan officer can help you structure the best mortgage plan of action that will fit with your long and short term financial goals.

Will The New Federal Housing Bill Help Las Vegas?

Will the new federal housing bill help the Las Vegas Real Estate Market?  Without a doubt!  The federal housing bill should stop future foreclosures, stabilize home prices, encourage a wave of more home buyers and reduce the housing inventory.

The federal housing bill will allow distressed homeowners who might be facing an eminent foreclosure to refinance out of their existing mortgage and into more attractive terms.  According to the bill, financially distressed homeowners have the opportunity to reduce their mortgages to 90 percent of their home’s current appraised value. The newly created mortgage will be a 30-year fixed FHA loan at the prevailing interest rate.  In exchange for refinancing, the homeowner agrees to share a substantial portion of any future appreciation with the original lender and the FHA.

So this gives a homeowner two choices.  They could either go through with foreclosure and destroy their credit or refinance their home at 90% of the appraised value and share any future appreciation with the original lender and the FHA.  I think this is an easy choice, don’t you?

The Federal Housing Bill will reduce the amount of future foreclosures on the market, which is significant.  This means the current housing inventory will decrease at a quicker rate and home prices should stabilize because of the decline in inventory.  We have had 6 straight months of increased home sales and it has been making a small dent in the standing inventory because of the increase in foreclosures.  So with foreclosures decreasing because of the new bill, we should see a decrease in the inventory over the next 8 to 10 months.  With the decrease in inventory comes with the stabilization of home prices.  Home prices should start to level out over the same period.

I think this bill was exactly what we needed to help the Las Vegas Real Estate Market which will ultimately have a positive effect on the Las Vegas Economy.

Home Prices Decline 29.5% in Las Vegas

Home prices in Las Vegas dropped 29.5 percent in May compared to a year ago.  This decline can be attributed to the abundant amount of foreclosures that are flooding the Las Vegas Real Estate Market.  Banks and Lenders are lowering prices to move these homes which is affecting home values all across the Las Vegas Valley.

First time home buyers, investors and those looking to buy 2nd homes are finding incredible opportunities.   A friend of mine is looking to rent a home and they forwarded me a property that was for rent and asked me to find out when it was purchased.  After doing a little research, this 3000 square foot house sold in December 2006 for $610K and just recently sold in May 2008 for $300K.  Talk about a great deal!  This one story, 3 car garage, 3000 square foot house sold for almost 50 percent less in less than 2 years.

What this means for buyers:

  1. Excellent opportunity to find an affordable home.
  2. More home for their money.
  3. Banks/Lenders are paying your closing costs.
  4. Interest Rates are still at all time lows.

Sellers are not in a very good situation right now and should avoid selling if they can and attempt to wait until home prices in the Las Vegas Valley begin to rise.  The rental market is doing very well right now and sellers should look at renting their home as a viable option before selling.  If you cannot wait and have some type of hardship, (divorce, loss of job, pay cut, etc…) you could always look into selling your Las Vegas home as a short sale.

What this means for sellers:

  1. Banks/Lenders are driving down the values in neighborhoods.
  2. Probably will owe more than the home is worth.
  3. Hold off on selling if you can afford to wait for home prices to rebound.

If you are looking to buy or sell in Las Vegas, don’t hesitate to contact Sena & Associates for all your Las Vegas Real Estate needs at 702.376.0088.