Archive for March 14th, 2007

The Loan Market in Las Vegas – What a Ride!

Wednesday, March 14th, 2007

What a ride! The loan market is tightening in the Las Vegas real estate arena, as it is all across the country. Southern Nevada has recently experienced a major local lender closing its doors. Sub-prime lenders nationwide are shrinking at an incredible rate, with some leaving the market altogether. Foreclosures and REO’s are up across the board. Quite necessarily, lending guidelines are being tightened. What we could finance last year we would be hard pressed to do today. IE: 80-20 combo loan with a 620 credit score in yesterday’s environment now requires a credit score of 660 and up. The subprime market would do 100% financing with a 580 at the higher rates, but are now asking for 620+ to perform the same magic (maybe this is why there are so many foreclosures?).

Today’s surviving lenders are leaner and smarter as a result of the challenging conditions. The lending business is still very exciting and I’m happy to be a part of this dynamic profession. More than ever, it’s important for clients to work with a quality lender who will be there in the long-run to provide for their needs. At MJM Home Loans I am privileged to work with a team of dedicated mortgage professionals that are committed to making the loan process as fast and smooth as possible. My name is Carl Christensen and I am available to answer your questions at your convenience at 702-349-6321 or toll-free at 866-551-7388. It would be my pleasure to assist you!