If you are a first time home buyer in Las Vegas, it is essential that you get in touch with a mortgage broker before you set your sight on a property. The most prominent benefit of working with a mortgage broker is that they can offer you a variety of first time home buyer loans in Las Vegas to choose from, including conventional loans. Your low credit won’t be much of a problem either.
Conventional loans have managed to survive the recent mortgage meltdown that resulted in the disappearance of many exotic loans. Conventional loans are especially considered best for first time home buyers in Las Vegas because they are safer than other types of similar loans. And to make matters easy, there are a number of conventional loans at a borrower’s disposal as well – jumbo loans, conforming loans, non-conforming loans, portfolio loans, and subprime loans.
The major difference between conventional loans and other similar loans is the fact that these loans are not a part of any particular government program, such as United States Department of Agriculture (USDA), Federal Housing Administration (FHA), and Department of Veterans’ Affairs (VA). In other terms, they are non-GSE loans, with a few exceptions – certain conforming loans have to conform to Freddie Mac’s and Fannie Mae’s loan limits and underwriting requirements.