Google+ New Start Mortgage - One Nevada Credit Union | Serving Las Vegas, Pahrump and Reno, Nevada - Loans, Checking, Savings, Investments and Insurance

New Start Mortgage

We make buying a home possible again for members who have been affected by the economic recession. If you’ve had a short sale, bankruptcy or foreclosure, we may be able to help you buy again.

Program details include:

  • Affordable interest rate of 6.00%*
  • Purchases and refinances allowed
  • Two origination points required
  • Maximum loan amount:
    • $200,000 at 75% LTV
    • $250,000 at 70% LTV
    • $300,000 at 65% LTV
  • 5-year balloon with 30-year amortization
  • LTV Max – 75%, DTI Max – 43%, FICO Min – 580
  • Max LTV for Townhomes & Condos is 60%
  • No manufactured homes allowed
  • Primary residences only
  • Homeowner credit counseling completion required
  • Impounds (escrows) required
  • Gifts and gift equity allowed
  • No source or seasoning required for down payment funds
  • Bankruptcies, foreclosures, short sales, and modifications allowed with no seasoning requirements

Ready to Apply?

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Las Vegas Area (702) 382-4094
Reno/Sparks (775) 827-3880, x4643
Pahrump (775) 751-9880, x5443

*Rate accurate as of 10/23/14 and subject to change. Underwriting will follow Fannie Mae guidelines with exceptions to credit items listed above. Exceptions to be approved on case-by-case basis. Call us for more details. Payment example: If you have a $150,000 5-year balloon fixed rate mortgage loan at 6.00% (6.091% APR), with loan to value (LTV) of 70%, you would make 60 initial payments of $899.33.

Road to Home Ownership Mortgage Application Checklist