An important part of purchasing a home, aside from the financial considerations, is a home inspection.
We've provided is a general list of what to expect and what to look out for.
You need to vet the inspector just as you would with a contractor.
During this time, take note of your own observations, too. You should always do your own initial inspection before making an offer also, ensure you hire a professional.
Your home inspector should be willing and able to explain things more than once until you feel confident you understand the issue and potential solutions.
Note: This information is provided as a courtesy and is for informational and entertainment purposes only. Contents of this website are subject to change without notice. This content is not intended to replace official resources.
An amount that you borrow and agree to repay under specific terms.
Usually a formal agreement, loans involve two parties: the borrower and the lender.
The contract specifies the terms and conditions of the loan, and once you sign, you are legally obligated to adhere to it.
Before pursuing and taking out a loan, learn how they work and how you can borrow smartly, safely and at the lowest possible cost.
These are the essentials on how loans work:
Considering a USDA home loan? Our USDA credit-score and preparation guide explains why a score alone does not approve a mortgage and what to check before applying.
There are two basic types of loans: secured and unsecured.
Secured loans are collateralize by money in a separate account, the property you purchase or other assets, such as your home or vehicle. If you don't repay as agreed, the lender can claim the collateral to pay off the debt. Because of this guarantee, the lender's level of risk is low.
Common loan types include:
Some types of loans are more involved than others. For example, you may have to submit extensive paperwork in underwriting for mortgages or business loans. But the overall process is fairly consistent with all loan types.
Applying: Some lenders offer prequalification or preapproval, but to actually obtain a loan, you'll ultimately need to fill out an application. A loan application will ask for personal information, typically your name, date of birth, Social Security number, address, phone number and email address. You'll typically need to include income and employment details. Some loan types may require details about your assets (cash in savings and investment accounts, as well as any property) and liabilities (your financial obligations).
Qualifying: Once your application is received, the lender will assess it for approval. This is also known as underwriting. With most loans, this is when a lender will check your credit report and score. At this point, the lender will decide whether you're approved for the loan and if so, what terms you qualify for, such as the loan amount and annual percentage rate. For some loans, like mortgages, loan processing and underwriting may include appraisal, inspection and other steps to gather more information about the property or your financial status.
Disbursement: If you qualify for the loan, the funds will be disbursed to you or a designated recipient, such as a title company for mortgages. Disbursement may also be referred to as loan closing. Disbursement time can vary widely depending on loan type and individual lenders. Online lenders may offer access to funds within 24 hours with an electronic deposit. Disbursement for other loans can take longer. For example, it can take two weeks to two months for a private student loan to be sent to you or your college. Whenever and wherever the money lands, it becomes your debt once it's disbursed.
Paying the balance: The payment amount and due date will be listed on the agreement you signed. A portion of your payment will go toward financing, and the rest will be applied to the principal. If the lender uses the simple interest method, interest will be calculated on the outstanding balance due. If you increase the payment, interest fees will decrease along with your debt. On the other hand, if the lender computes interest prior to, the interest for the term of the loan is already factored in, so you won't reduce interest if you pay the loan early.
The lender may report activity on the loan to the three credit reporting agencies: Experian, TransUnion and Equifax. Paying on time can improve your credit rating and save you money by avoiding late fees.
Refinancing: You might want to change your loan's terms at some point – for example, getting a lower interest rate or extending your loan's repayment term. Refinancing is essentially getting a new loan to pay off an older one, ideally with better terms.
Remember that, as a borrower, you have the power to choose which loan type works best for you. Research the best terms that you can qualify for, then borrow prudently.
Looking to purchase a home? Give Us A Call Today! (702) 696-9900 or (888) 931-9444
Resource: U.S.News
Buying a home can be a challenging experience for first-timers. Here are some mortgage tips to help get you started.
It's quite common to put 20% down, but many lenders will now permit a much lesser percentage, and first-time buyers programs allow as little as 3% down. Putting down less than 20% could mean higher costs and paying for mortgage insurance, even a small down payment amount can still be hefty.
Check out the various loan programs:
Loan Terms:
Making a much higher down payment will mean having a lower monthly mortgage payment.
Many states offer assistance programs for first-time home buyers with perks such as down payment assistance, closing cost assistance, tax credits and discounted interest rates.
You will need to now what's actually within your price range. Find your debt-to-income.
Your credit score (FICO) will be one of the key factors in whether you're approved, and it will help determine your interest rate and loan terms. Speak to an expert about any disputes you may have on your report.
We recommend comparing at least 3 lenders before making a decision. This could save you more money.
As you get closer to buying a home, it’s smart to get a preapproval, where the lender thoroughly examines your finances and confirms in writing how much it's willing to lend you, and under what terms. Having a preapproval letter in hand makes you look much more serious to a seller and can give you an upper hand over buyers who haven’t taken this step.
In a competitive real estate market with limited inventory, it’s likely you’ll bid on houses that get multiple offers so having a preapproval letter will increase your purchasing power.
We know with any purchase process gathering all of the necessary documents can be quite hassle even for the most organized. All lenders want and need detailed information about your finances to determine if you quality for a home loan.
We've provided a basic list that can help assist with this daunting task. Keep in mind each situation is uniquely different so if you don't know what you need ask your lender.
For a USDA purchase, review our household-income and credit preparation checklist before gathering records. Keep Social Security numbers and financial documents out of a general inquiry; use your lender's secure application route.
Lenders want to know that you'll be able to repay the loan. Depending on your income history and size of loan, you may have to show additional documentation
Your debt can seriously impact your debt-to-income ratio which can be Up to 57% FHA Up to 50% for Conventional across the board*
*May fluctuate*
Having assets just in case unexpected expenses occur after you close on the house is a factor in the home buying process.
If you received money towards the down payment as a gift, you may be required to provide documentation/letter stating it was a gift and not a loan.
Bank Statements, investment records, retirement accounts, real estate, auto titles, and any other investments require that you provide documentation.
This can include a signed 4506-T form, that allows your lender to get a transcript of your tax returns from the IRS.
If you have filed bankruptcy in the past several years, you may be asked for your bankruptcy discharge papers.
Documentation that you're involved in any lawsuits or co-sign on any loans
If you're renting out your current home a lease agreement and income received may need to be provided.
If you're a renter with a private landlord, 12 months of cleared checks on time may be required or a form confirming on-time rent.
The mortgage industry is striving to make this process more streamline by offering services that are more automated and user friendly.
Visit Valley West Mortgage for our Online Application and our Secure Document Uploading.
Just over a quarter of a million veterans live in Nevada as of 2018 and we’ve got a list of major benefits that you may not know about that includes a veteran home in Boulder City.
We offer A $0 down payment mortgage option available to Veterans, Service Members and select military spouses. These loans are guaranteed by the U.S Department of Veteran Affairs.
Contact Us Today! (702) 696-9900
Our experienced team is ready to get you your dream home!!
Available to any veteran with wartime service. The exemption may be applied to either a veteran’s vehicle privilege tax or real property tax. You’ll need to take your DD214 or discharge papers to your local assessor’s office.
Available for any veteran with a service-connected disability of 60 percent or more. The amount available varies between $6,250 to $20,000 of the assessed value, depending on the percentage of disability and the year filed. Must have an honorable discharge. Benefits can be passed to the widow or widower of a disabled veteran. This may be applied to vehicle or personal tax.
Veterans receive preference points when testing for open and open non-promotional examinations for state jobs. Must have an honorable discharge.
National Guard: The University of Nevada system may grant a waiver of tuition and laboratory fees for any active member of the Nevada National Guard.
Children and Surviving Spouses (National Guard)
The University of Nevada system may grant a waiver of tuition and laboratory fees for any child or surviving spouse of a Nevada National Guard member killed in the line of duty.
A child may use the waiver for 10 years after they attain the age of 18 years. A surviving spouse may use the waiver for 10 years after the member's date of death.
Grant-In-Aid for the Family of a Member Killed in the Line-Of-Duty
Dependents of an active duty member killed in the line of duty while permanently stationed in Nevada may be eligible for a financial grant that does not require repayment.
Hunting & Fishing: Disabled Veteran
The State of Nevada Wildlife Division issues discounted hunting & fishing licenses to any honorably separated veteran who has a service-connected disability of 50% or more.
Hunting & Fishing: Active Duty
The State of Nevada Wildlife Division will issue a discounted combination license to Nevada residents stationed outside of Nevada and home on leave.
State Parks
Honorably discharged Nevada veterans with a permanent disability of 10 percent or more can get a pass for free entrance to all state parks, camping, and boat launch facilities. There is a low annual renewal fee.
Remember if you’re in the market to purchase your dream home let us know!
In-House Processing | Underwriting | Funding & More
VA | FHA | Conventional | Reverse | Refinance & More
Income flexibility help to meet the diverse needs of today’s home buyers by expanding access to creditworthy, low- to moderate-income borrowers. The non-occupant borrower income flexibility allows a parent, or anyone else willing and financially able, to be a borrower on the loan.
Example: A millennial couple is buying their first home, and his mother would like to help. She is willing and able to be a borrower on the mortgage loan, but she will not live in the home. Because the borrower’s mother will be an actual borrower on the mortgage loan, her income and liabilities are considered from a qualifying perspective and will be included in the combined debt-to income (DTI) ratio.
Buying a place you will live in only part of the year, or not at all, is a different question. Our guide covers the second home and rental labels lenders use and what each one changes.
Preparing Your Home for Warmer Weather
It’s that time of year again! The Earth is turning beautifully toward the Sun, sweet smelling spring flowers are budding, and our days are getting longer and brighter. Spring time is quickly approaching with the first day of Spring being Monday, March 20th of this year. We’ve set our clocks forward, we’ve done some spring cleaning to make room for fresh bathing suits and hordes of thong flip flops, but what can we do to prepare the exterior of our homes for the Spring & Summer weather that will be arriving within the next warm breeze?
Examine your Lawn
You can begin to prepare your home for the Spring and Summer months by cleaning up your outside area. Go out to your lawn and pick up any fallen branches that may have separated from trees with the weight of the snow that fell this year. Most of us choose not to venture outside more than we have to in the winter months, so there may be new and uninvited lawn décor that has floated onto your property and gone unnoticed until now. Amp up your curb appeal by gathering and getting rid of any debris that might be blowing around your yard.
Excavate your Gutters
Let’s face it, we don’t know what’s in there. The thought of what might have gathered in the gutters during the winter months can be a little bit scary but they have to be dug out at some point, what better time than the Spring? For those of you who get heavy snowfall in the winter, cleaning your gutters is especially important because you want to be sure that the runoff from any melted snow is being released into the right areas. If you’ve got a crack or a leak in your gutters, your basement might be housing an underground pool without your knowledge. Plus, we all know what they say about April showers! Be sure that the gutters have no blockage and are prepared to take on the rain that will bring out May flowers.
Break out the Grill
One of the best ways to take advantage of the changing climate is to do things that you would normally do inside, outside. Warm weather often brings with it the craving for barbeque and social gatherings. Spring Break, Easter, and Memorial Day hold some of the best opportunities to enjoy time with friends and family. Prepare for the festivities by dusting off your grill, buying some fresh coals and lighter fluid from your favorite home goods store, and get ready to take your meals out to the back patio.
Check your Air Conditioning
AC is a must! Here in Las Vegas, the summer heat can be brutal and air conditioning is absolutely necessary. No matter what city you’re in, the sun is about to show up and show out. Check your AC Unit by cleaning it up and replacing any damaged parts. If you’re not exactly AC savvy call up a professional. Clean AC units function better and last longer.
When doing your research, always be sure to consult great sources! Check out the sources for this article below:
http://www.hgtv.com/design/decorating/clean-and-organize/10-home-maintenance-tips-for-spring-pictures
http://www.mymainstreetrealty.com/news/top-10-tips-to-prepare-your-home-for-spring/
WHITNEY RUSH, VALLEY WEST MORTGAGE
Deferred Action for Childhood Arrivals (Dreamers)
An American immigration policy that allows some individuals with "unlawful" presence in the United States after being brought to the country as children receive a renewable 2 year period of deferred action from deportation and become eligible for a work permit in the U.S.
The Federal Housing Administration (FHA) is the largest mortgage insurer in the world with an active insurance portfolio of over $1.3 trillion. Each year, FHA helps more than a million homebuyers achieve the dream of sustainable, affordable homeownership of single family homes, while our insurance programs for multifamily properties support the availability of over 300,000 affordable rental units, including those for seniors and people with disabilities. FHA's healthcare insurance programs facilitate access to hospital medical care and assisted living in hundreds of communities across the country.
Leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets at all times. Our financing makes sustainable homeownership and workforce rental housing a reality for millions of Americans.
According to the FHA they are not going to be backing mortgages for DACA recipients, however Fannie Mae has stated that it supports (and will support) mortgages for DACA recipients.
“We have a longstanding policy on eligibility for non-U.S. citizen borrowers. Fannie Mae purchases and secures mortgages to non-citizens who are lawful permanent or non-permanent residents of the United States under the same terms available to U.S. citizens,” the government-sponsored enterprise said in a lender bulletin posted on Friday.
Fannie Mae said that it is not changing its existing policies. Rather, the purpose of issuing the bulletin was to provide “additional guidance to help lenders determine eligibility for non-U.S. citizen borrowers” in response to customer feedback on the issue.
Resources:
www.housingwire.com
www.ilrc.org/daca
www.wikipedia.com
www.nbcnews.com
Valley West Mortgage is a Las Vegas lender, NMLS #65506. We are not a government agency, and we are not affiliated with or endorsed by the Department of Veterans Affairs, HUD, FHA, the CFPB, or the Federal Reserve. Equal Housing Opportunity. This page explains how mortgage pricing works in general terms; it is not an offer, a rate quote, an approval, or a commitment to lend. It deliberately contains no rate figures, because any rate written here would be out of date immediately and would not be your rate. Any general example is illustrative only.
Quick answer: Your mortgage rate comes out of two stacks. A market stack you do not control, driven by investor demand for mortgage-backed securities and the Federal Reserve policy stance sitting behind it. And a file stack you largely do control: credit score, loan-to-value, loan type, loan term, occupancy, property type, and whether you buy discount points. The market sets the starting point. Your file decides where you land against it.
Almost every rate question we get in the Las Vegas office is really two questions wearing one coat. People ask why rates are what they are, and they ask why the number they were handed is different from the number they saw advertised. Those have completely different answers, and confusing them is what makes mortgage pricing feel arbitrary when it is anything but. The same split runs through the rate questions our North Las Vegas desk hears every week.
This page explains the machinery. It carries no rate figures on purpose, because any number written here would be stale before you read it and would not be your number anyway. What does not go stale is the structure: which levers exist, which ones you can still move, and which ones were locked the day you picked the house.
Two separate systems meet at your rate, and they answer to different masters.
The first is the market. Mortgages are pooled and sold to investors as mortgage-backed securities, and what those investors will pay sets the baseline cost of lending on any given morning. That baseline moves with inflation expectations, Treasury yields, and the Federal Reserve policy stance. The pooling machinery itself is younger than most borrowers assume — how the modern mortgage came to be traces the secondary market to 1938. It moves for everyone at the same time, and no borrower, loan officer, or lender changes it.
The second is your file. Against that market baseline, pricing adjustments are applied for the measurable risk characteristics of your specific loan. Credit score, loan-to-value, occupancy, property type, loan purpose, and term each carry an adjustment. Stack them and you get the difference between the advertised number and yours.
This is why two people can apply at the same lender on the same afternoon and be quoted differently. Neither was mistreated. They presented different files against the same baseline.
| Lever | Which stack | Can you still change it? | When it locks |
|---|---|---|---|
| Investor demand for mortgage-backed securities | Market | No | Never yours to lock |
| Federal Reserve policy stance | Market | No | Never yours to lock |
| Credit score | File | Yes, until the credit is pulled and the file locks | At lock |
| Loan-to-value | File | Yes, by changing the loan amount or the appraised value basis | At lock |
| Loan type and term | File | Yes, by restructuring the loan | At lock |
| Occupancy | File | No, it is a fact about how you will use the home | When you choose the property |
| Property type | File | No | When you choose the property |
| Discount points | File | Yes, it is a choice you make at pricing | At lock |
The Federal Reserve does not set mortgage rates. It sets a target range for the federal funds rate, which is the rate banks charge each other for overnight lending, and that transmits outward into the wider cost of credit. The Fed's own explanation of the mechanism is published on its website and is worth reading once, because it makes clear how indirect the path to a thirty-year mortgage really is.
Mortgage rates track longer-dated instruments and the appetite for mortgage-backed securities far more closely than they track the overnight rate. This is why mortgage rates sometimes move the opposite direction from a Fed announcement. The announcement was already priced in, or the market read the accompanying language differently than the headline suggested.
Valley West takeWaiting for the Fed is the most expensive habit we see. Buyers park for months hoping to time an announcement, and in the meantime the thing they were actually buying moved, their lease renewed, or their credit profile changed. The market stack is the one part of this you cannot influence at all. Spend your energy on the file stack, where the levers are real and still in your hands.
Credit score is the single most-cited pricing input, and the CFPB's own rate-exploration tool treats it as a primary variable alongside down payment, loan term, and loan type.
The important structural point is that risk-based pricing works in bands, not on a smooth curve. Scores are grouped into ranges, and an adjustment applies to the whole range. Moving up within a band changes nothing. Crossing into the next band changes everything about that adjustment.
Because the grid is banded, a borrower sitting just under a band edge is in the most valuable position in the whole system. A modest, targeted improvement crosses the edge and captures the full band. A borrower sitting comfortably in the middle of a band can gain a large number of points and capture nothing at all.
That asymmetry is the reason it is worth pulling your credit early rather than at application. If you are near an edge, there is something concrete to do. If you are not, you can stop worrying about it and put the effort somewhere it pays.
Mortgage lending generally uses a tri-merge report pulling all three bureaus, and it works from the middle score, not the highest and not an average. For a joint application, the lower borrower's middle score usually governs. Free consumer score apps often display a different scoring model entirely, which is why the number people arrive with is so often not the number that prices the loan.
Want to know which band you are actually in?
A loan officer can pull the tri-merge report lenders actually price from and tell you whether you are sitting near a band edge, where a small move is worth making, or comfortably inside one, where it is not. Valley West Mortgage is a Las Vegas lender, and this is a short conversation with a clear answer at the end of it.
Get a fast quoteLoan-to-value is the loan amount measured against the property's value. It is the lender's cushion: the more of the property's value the borrower owns outright, the less exposed the loan is if the market turns and the property has to be sold.
Like credit score, loan-to-value is priced in bands, and the two are usually read together on the same grid rather than separately. A strong score at a high loan-to-value and a weaker score at a low one can land in surprisingly similar places, which is why neither number tells you much on its own.
One clarification worth making here, because it is a common misconception: debt-to-income is a qualifying test, not primarily a pricing input. Your debt-to-income ratio largely decides whether the loan is approved and how large it can be, rather than adjusting the rate the way credit score and loan-to-value do. A borrower can have an excellent ratio and still price mid-grid, or a tight ratio and price well. Both matter; they do different jobs. Our guide on how debt-to-income is calculated covers the qualifying side.
Loan-to-value also determines whether mortgage insurance enters the picture at all. On conventional loans, private mortgage insurance is generally required above a threshold loan-to-value and can be removed later as the balance falls. That is a separate cost from the rate itself, but it belongs in any honest comparison, because two loans with identical rates are not identical if only one carries mortgage insurance.
Yes, and substantially. The CFPB groups the choice into fixed-rate versus adjustable-rate, conventional versus government-backed, and by term length.
A fixed-rate loan holds its rate for the life of the loan. An adjustable-rate loan holds an initial rate for a defined period and then adjusts on a schedule against an index, within caps written into the note. Adjustable loans typically price lower at the start because the borrower, not the investor, is carrying the future rate risk.
Which of those two shapes fits you depends on how long you realistically expect to hold the loan, and the adjustable side has more structure to it than the name suggests. Our introduction to the caps and adjustment schedule behind an ARM covers the naming convention, the index-plus-margin mechanics that set the rate after the fixed period ends, and the three separate ceilings that limit how far it can move.
Conventional loans follow agency guidelines. Government-backed programs, including FHA and VA loans, follow their own rules and carry their own insurance or guaranty mechanics. They are priced on different grids and are not directly comparable rate to rate, because the fee structures underneath them differ.
Shorter terms generally price lower than longer ones, because the lender's money is exposed for less time. The trade is the obvious one: a shorter term means a larger required payment, and that has to fit the household's actual budget and the qualifying ratios.
These two are the levers people forget, and they are the ones already closed by the time most borrowers start shopping.
Occupancy is whether the home is your primary residence, a second home, or an investment property. Default behavior differs sharply across the three, and pricing reflects it. A primary residence is the borrower's own roof and prices best.
Property type covers whether it is a single-family home, a condominium, a manufactured home, or a two-to-four unit building. Condominiums carry project-level risk that a detached house does not, since the association's finances and insurance affect every unit in it. Multi-unit properties are priced differently again.
Neither of these can be improved at application time. They are facts about the property. Their practical use is earlier than that: if you are choosing between two homes and one is a condominium, the financing side of that comparison is real and belongs in the decision.
Discount points are prepaid interest. You pay money at closing and the lender reduces the rate. Lender credits run the other direction: the lender covers some closing costs and the rate goes up. The CFPB describes both as two sides of one dial.
Neither is inherently the right answer. The whole question is time. Points cost money now to save money monthly, so there is a break-even point at which the saving has repaid the cost. Keep the loan past that point and the points paid for themselves. Sell or refinance before it and they did not.
That break-even is arithmetic anyone can run once they have their own actual figures in front of them, and it is worth running before choosing, because the answer flips depending on how long you honestly expect to keep the loan. Our guide to buying discount points works through the trade in detail, and temporary buydowns solve a related but different problem.
Valley West takeThe comparison that actually protects you is not rate against rate. It is Loan Estimate against Loan Estimate, page by page, from lenders quoted on the same day. A rate quoted with points is not the same product as a rate quoted without them, and the only place that difference is visible in a standard, comparable format is on the form the law requires every lender to give you.
Until you lock, a quote is a snapshot of that morning's market. The CFPB puts it plainly: mortgage interest rates can change daily, and sometimes hourly.
A rate lock fixes the rate between the offer and closing, provided you close inside the agreed window and the application does not change. The CFPB notes locks are typically available for 30, 45, or 60 days, and sometimes longer.
Two things reliably surprise people. Longer lock periods generally cost more, because the lender is carrying the risk for longer. And a lock is conditional, not absolute: if the file materially changes, for instance the loan amount moves or the occupancy type changes, the lock can be re-priced. Our rate lock guide covers the timing decision and what breaks a lock.
Sorted by how much difference it tends to make:
Everything on that list is inside the file stack. That is deliberate. The market stack will do what it does.
Market conditions set the baseline everyone starts from, so in absolute terms the market matters most. But it is not something you can act on. Of the levers you control, credit score and loan-to-value carry the most weight, and they are read together on the same pricing grid rather than separately.
No. The Federal Reserve sets a target range for the federal funds rate, the overnight rate banks charge each other, which influences the broader cost of credit. Mortgage rates track longer-dated instruments and investor demand for mortgage-backed securities much more closely, which is why mortgage rates sometimes move opposite to a Fed announcement.
An advertised rate reflects a specific assumed profile: a particular credit score, loan-to-value, occupancy, property type, loan type, term, and points assumption. Your file will differ on at least one of those, and each difference carries its own pricing adjustment. The rate is not personal; the adjustments are documented.
It depends entirely on where you start. Risk-based pricing works in bands, so crossing a band edge captures the full adjustment for that band while moving within a band changes nothing. A borrower sitting just below an edge can gain from a small targeted improvement. A borrower in the middle of a band may gain nothing from a much larger one.
Only if you will keep the loan long enough to pass the break-even point, where the accumulated monthly saving has repaid what the points cost at closing. If you expect to sell or refinance before then, points cost more than they return. The honest input is how long you actually expect to keep this specific loan.
Yes. Occupancy and property type both carry pricing adjustments. A primary residence prices better than a second home or an investment property, and a detached single-family home is priced differently from a condominium or a two-to-four unit building. Unlike credit and loan-to-value, these are settled when you choose the home, not at application.
The CFPB notes rate locks are typically available for 30, 45, or 60 days, and sometimes longer. Longer locks generally cost more because the lender carries the risk for longer. A lock also holds only if you close inside the window and the application does not materially change.
Mortgage pricing is not arbitrary and it is not personal. A market baseline is set by forces no borrower touches, and then a set of documented, measurable adjustments is applied to your specific file. The borrowers who do best are not the ones who guessed the market correctly. They are the ones who understood which levers were still open, moved those, and compared offers on a form designed to make comparison possible.
If you want to know where your own file actually lands, a Las Vegas loan officer can walk the grid with you. Valley West Mortgage is a lender, NMLS #65506, and you can start with a fast quote or read what underwriters check before you apply.
Across Valley West: Explore our other loan program resources. Buyers comparing the conventional grid can read our conventional and investor financing site. Veterans weighing a VA-backed loan, which is priced on an entirely different structure, will find the VA lending guide we keep for Nevada service members useful. And buyers working from a smaller down payment can browse our FHA resource for Southern Nevada buyers.
Last updated: August 4, 2026 — rebuilt from the 2018 original. Every structural claim on this page was verified against the cited primary sources on August 4, 2026: the CFPB's rate-exploration tool and its Ask CFPB entries on discount points, rate locks, loan types, private mortgage insurance and the Loan Estimate, plus the Federal Reserve's monetary-policy explainer. This page carries no rate figures by design.
On Tuesday, the Federal Housing Finance Agency (FHFA) that the maximum conforming loan limits for mortgage to be obtainedce in 2018. The 2018 maximum conforming loan limit for a one-unit property will be $453,100, an increase from $424,100 in 2017. This allows home buyers to purchase a home without resulting in a Jumbo loan with higher interest rates.
For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit the maximum loan limit will be higher than the baseline loan limit. The maximum loan limit in those areas as a multiple of the area median home value, while setting a "ceiling" on that limit of 150 percent of the baseline loan limit. Median home values generally increased in high-cost areas in 2017, driving up the maximum loan limits in many areas. The new ceiling loan limit for one-unit properties in most high-cost areas will be $679,650 — or 150 percent of $453,100.
Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit will be $679,650 for one-unit properties, but loan limits may be higher in some specific locations. (See Below)
Because of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2018 in all but 71 counties or county equivalents in the U.S.
What Is A Mortgage Loan Limit?
A loan limit is the maximum amount a lender will approve under certain guidelines.
There is not just one loan limit, but many. Conventional mortgages adhere to one set of loan limits, and FHA another. VA loans loosely follow conventional guidelines, but, technically, VA loans have no limit. Loan limits are a means of standardizing loans nationwide. That gives lenders and investors more confidence in these loans, which pushes mortgage rates down for consumers.
Now's the time the time to start thinking about your future.
Valley West Mortgage offers low rates
and No Obstacle Pre-Approvals.
Resources:
https://www.housingwire.com/articles/41904-fhfa-increases-conforming-loan-limits-for-2nd-straight-year
https://www.candofinance.com/mortgages/pros-and-cons-of-jumbo-mortgage-loans/
http://nationalmortgageprofessional.com/news/65242/fhfa-maximum-conforming-loan-limits-2018
https://www.fanniemae.com/singlefamily/loan-limits#
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