With the recent decline in the real estate market in Las Vegas, lenders have tightened their underwriting standards and have made qualifying for a mortgage challenging to many home buyers.  For the first time in several years, FHA and VA loans are the most popular in the Las Vegas area.  Buyers are choosing fixed rate loans, as compared to adjustable rate loans, as they see the effects that the adjustments have had on their future payments.  Buyers in Las Vegas are finding it more difficult to obtain financing, but there are some really great loan programs available.  FANNIE MAE has set new guidlines, including a “tier” system used to determine interest rates.  For example, the first “tier” of home buyers with FICO scores of 720 receive a lower interest rate than buyers with lower scores.  This, in addition to other new underwriting standards, are a result of lenders becoming more cautious in areas like Las Vegas, where the appreciation was so great in 2004 and 2005.  Since this is the best “Buyers’ Market” Las Vegas has seen in more than 20 years, prospective buyers should be encouraged by several new mortgage programs available.  Las Vegas Properties can help to direct you to several lenders with programs to fit your needs.  Some of the loan programs include those offered by The Nevada Housing Division, City of Henderson, Clark County School District and City of North Las Vegas.  The City of Las Vegas also offers special mortgage programs.  We can provide details of each of these programs.  Call us at 1-888-876-8383 or email terrilvp@cox.net  and we’ll send you the specifications on each program.  This is the greatest “Buyers’ Market” Las Vegas has seen, so don’t miss this opportunity to buy your home or investment property at reduced prices!