FHA and VA Minimum FICO Score Increasing

Posted by Robin Camacho | Uncategorized | Friday 24 September 2010 7:28 PM

If you are getting ready to buy a home using FHA or VA financing, note that the minimum credit score is increasing and you may need to move quickly. This won’t affect most LasVegasAdvisor.com readers, but many of my clients have kids getting ready to buy their first home.

Beginning October 4, the minimum mid-FICO score for these loan programs will jump from 620 to 640. If you are in this range, be sure to contact your mortgage agent and lock in your loan number by Thursday, September 20. If you need a referral to one of my preferred lenders, text me at 702.279.2466.

This has been one of the craziest 2-week periods in my entire real estate career. I closed 7 deals this week, and will close at least 4 next week. Between walkthroughs, doc signings, turning over keys and troubleshooting problems, all while helping other buyers find their own new homes, I’m surviving on caffeine and In ‘N Out cheeseburgers, protein style. Eaten in my car, of course.

New agent Jordan Camacho hit the ground running. He’s caught on very quickly, but then, he’s been around real estate for years. Jordan honed his work ethic as a chef in a Thomas Keller restaurant, so you know he has his mise en place!

Demand remains strong for Las Vegas and Henderson homes. It’s a bit easier to get your offer accepted right now, but we’re still seeing competition for the most desireable REOs.

After saying “no” to listings for several years, I’ve finally had to cave in. With so many clients asking me to short sale their home, I can’t very well continue to say no. It’s certainly not as fun as helping someone find a new home, but it’s still all about helping people solve a real estate puzzle. Short sales are here to stay.

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