Qualifying for an FHA or VA loan date extended.

Great news to anyone interested in qualifying for an FHA or VA loan. President Barack Obama that reinstates the higher loan limits until December 31st, 2013. The president did not provide his extension to the Power Houses known as Fannie Mae and Freddie Mac.

FHA and GSE maximum has been at $625,500 since October 1, 2008. Under the restored limits the highest FHA loan available in designated high cost areas will be $729,750. "Loans written between October 1 and today's effective date of the new legislation will not be eligible for the new limits. Limits on VA loans will return to the levels established under the Veterans Benefits Improvement Act of 2008 which are, in some cases, higher than FHA limits", according to a recent post by Mortgage News Daily.

Third Quarter hurts Freddie Mac.

Freddie Mac sold fewer homes in the third quarter then they have earlier in the year. Freddie Mac being one half of the Lending Powerhouse Team, sold more than 25,300 repossessed homes in the third quarter, down 13.5% from the nearly 30,000 in the previous three months. It was also a 17% decline from the record-setting 31,600 sold in the first quarter. Freddie Mac also repossessed another 24,300 homes back into the inventory. At the end of the quarter, Freddie held 60,000+ REO on its books, which has been reduced ever so slightly — as new foreclosures are completed — from 75,000 one year ago.

If this pattern continues and the GSE reduces a net of 1,000 REO from its stock shelves and inventory lists during every quarter, it would still take 60 quarters to unload the entire stock. That is just shy of 15 years for all of you keeping score, and not to mention that with a severely constricted foreclosure pipeline due to recent servicing problems and new regulations. As things begin to open up, the market will be asked to take in even more REO sales just to maintain their current trends.

"This is Due to continued delays in the foreclosure process for single-family mortgages," Freddie Reported. "We expect these delays will likely continue into 2012. However, we expect our REO inventory to remain at elevated levels."

While all of this is going on, nonperforming assets continue to mount. Totaling 6.6% of its mortgage portfolio in the third quarter of 2011. That number has risen up by 3.2% from the previous quarter. The Obama Administration and the Federal Housing Finance Agency began asking market participants for bright ideas on selling these properties in large quantities and have even thought of possibly renting them to help manage the still accumulating problem holding back housing and as an extension the overall economy of 2011.

FHFA Acting Director Edward DeMarco reiterated thursday, that there is such a strategy that will not be implemented nationwide but on a local level.

VA - FUNDING FEE Change's Release Date to November 18th

Last month, September 9th, 2011, Valley West Mortgage released a blog post that stated "VA FUNDING FEE CHANGES". The Date that those Changes took place was originally OCtober 1st, 2011.

November 18th, 2011

is the new effective date for the VA FUNDING FEE changes. What the Funding Fee's will be, will be confirmed at a later date by the VA.

30 Year Fixed Mortgage Falls to 3.94 Percent for the first time ever!

BASED off of Average Rates

For all those who qualify and in the market for a Home Mortgage Loan, there is an amazing chance to buy a home or refinance with Valley West Mortgage. It has even been said that Mortgage Rates could fall even lower then 3.94 (The AVERAGE RATE) since "the Federal Reserve plans to reshuffle its portfolio of securitues to try and lower long-term rates", according to a recent article written by & posted by MSNBC.com.

Freddie Mac released a statement that said " The Average Rate on a 30-year fixed mortgage dropped from 4.01 percent last week, which was the previous low. The Average rate on a 15-year fixed loan, one of the most popular refinancing options, fell to 3.26 percent, making that a record low as well. Rates would have to drop a full point more for Americans who have already refinanced in the last could years, to do so again.

What does this all mean?

A drop in mortgage rates will provide a a boost in the economic stuggles this country is currently facing, if more Americans could refinance . When People refinance at a lower rate, they pay less interest on their loans and have more money in their accounts. That is what everyone wants right?

Loan Amount limits will drop on October 1st, 2011. Are you prepared?

FHA loan limits across the nation will drop. The current loan limit of $400,000 here in our Corporate Office location in Clark County, Las Vegas, Nevada will decrease to $287,500. That can have a dramatic effect on your buying decisions especially if you already have an offer out or you may not close before Oct. 1st.

We are prepared for this change as Mortgage Professionals. For you to close on an FHA loan after Sept 30th you must have an FHA case number for the home, an appraisal and an underwriting credit approval with review of the appraisal completed. These items can't be done until after you have a fully executed purchase agreement in hand! That gives you until about the 7th of September to get your purchase contract complete and at your lenders office if you want any hope of closing at the higher loan limits that exist right now.

Lastly, the higher loan limits could be extended but, never assume! Valley West Mortgage is ready to do everything we can to close your loan! HERE IS A LINK TO THE HUD LOAN LIMIT FINDER TOOL FOR ALL U.S. COUNTIES: FHA LIMITS BY COUNTY. Call us today (702) 696-9900 if you want more information or to be updated as we move forward.

USDA Min FICO lowered down to 620

Valley West Mortgage has just been informed that USDA Home Mortgage Loans are now available to anyone with a credit score of 620 and up! That's right. We Said it.


Incase you have not been following us on Valley West Mortgage Facebook or following us on Valley West Mortgage Twitter Valley West Mortgage is now offering USDA HOME Mortgage Loans. No Down Payment, No Monthly PMI, No Reserves and only a credit score of 620? Awesome Right? The deal doesn't stop there.


Valley West Mortgage is also going to toss in a Free Appraisal for all approved loans! What are you waiting for?


If you feel you meet the above requirements and are interested to see if you can apply for a loan.
Give us a call (702) 696-9900. Our staff is available typical working hours and will love to get you the loan you need for the house your want.


Valley West Mortgage Sponsors: Candlelighters MMA Event October 14th 2011

Did you know this is the Second Year Valley West Mortgage is sponsoring Knockout Cancer for Candlelighters Kids? Last year we had so much fun. We couldn't pass up the opportunity to get involved with this event again. Come out and see 10+ MMA Bouts, Participate in the Silent Auction and enjoy some Food and Entertainment with all of your friends and Valley West Mortgage.

Round II: Knockout Cancer for Candlelighters Kids

Friday, October 14, 2011
Round 2: Knockout Cancer for Candlelighters Kids is an MMA event to help raise awareness and funds for Candlelighters Childhood Cancer Foundation of Nevada. The event will take place on Friday, October 14, 2011 at Xtreme Couture MMA. Doors open at 6:00pm.

Xtreme Couture MMA is located at:

4055 West Sunset Road, LV, NV 89118 (Sunset west of Valley View)

Click HERE to become a sponsor, purchase tickets, t-shirts or make a donation.

Gold at $1880 per ounce. Gold Rush of 2011?

Extra Extra!!! Read all about it.

You are probably familiar with this term used by the paper boys seen in films set in the "Great Depression" era. While those days are long gone, today's subject would be deemed worthy of carrying this title. The price of pure gold sky rocketed to new heights of $1,880 (U.S.) per ounce. Bringing smiles to the faces of any business owner who buys and sells jewelry and to anyone waiting in line at their local " We Buy & Sell Gold" stores.

You have seen the commercials, reality t.v. shows and even websites claiming they will buy your gold jewelry and give you the highest dollar amount possible. You can even "GOOGLE" where to get the best prices in town and find blogs that tell you what to look for in a business that buys and sells jewelry. Well today is your lucky day. With the economic struggles in today's society we all deal with face to face on a daily bases, it is no shock to see friends and families shopping for the best deals they can find. Now with pure gold at its highest selling point in recent years, comes a sigh of relief and rejoice.

On average, the daily amount of gold being melted down and sold has risen to 60% in the last year alone. That number is expected to rise this month alone due to the recent spike. It kind of makes you realize that all the advice your father has given you in your life time actually ment something. "If you have the chance to buy anything pure gold for dirt cheap, DO IT."  If you took the advice and managed to stash away some gold coins, rings, watches and family heirlooms, you might be thinking to yourself :"Is today the day I part with my collection?"

While we do not recommend racing out to your nearest " We Buy & Sell Jewelry" stores just yet. Here are some things to consider.


The answers are yet to be determined. Recent emails received by staff members of Valley West Mortgage have stated that more investors are jumping ships from riskier assets of stock to less risky assets of Gold and Bond. Despite the S&P downgrade of US debt, US government-guaranteed bonds, including mortgage-backed securities (MBS), have been a primary safe haven for investors.  During the week, 10-yr Treasury yields reached a low below 2.00% for the first time since 1945, and MBS prices climbed to new highs. At these levels, though, it may be difficult for yields to move much lower.