Homes For Sale In
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email ELIZABETH HAMMACK, GRI at Contact Form Here. Don't forget when contacting to list the specific information you need.
WWW.HOMESFORSALEINLASVEGAS.COM domain name IS FOR SALE!
Homes for sale in Las Vegas has been up and running for over 15 years.Contact us to make an offer.NUMBERS ARE UP!!! SALES ARE UP!!! NOW IS THE TIME TO BUY A HOME!
- 12,443 homes for sale in Las Vegas and Henderson
12,912 homes under purchase contract
3,559 Successful closed sales since 10/01/2011
5,799 active listings are short sales
909 short sales have closed since 10/01/2011
Have you qualified for your loan? Did you know that most sellers on homes for sale in Las Vegas including banks will not even look at your offer on any Homes for sale in Las Vegas without a pre qualification letter that states your credit has been run and income verified.
And they may even require proof of down payment from your bank account. I have recommendations on lenders based on your specific situation. Recently I have had a great experience using HomePath financing. This is a great low down financing option for Fannie Mae Homes. You can sign up for alerts of their homes and find out about the financing here at the Homepath site.
Please contact me for the direct number to my Homepath lender.
Buying Homes for Sale in Las Vegas is not Simple Anymore
- Getting a loan is hard these days. You have a lot of hurdles ahead of you unless you have had plenty of cash sitting in the bank for at least 60 days this is called Seasoning.
The lenders now require you to show where your money comes from, called a paper trail or deposit trail. You will also need to show that you have enough for the down payment and usually 3 months house payments in the bank for at least two months often referred to as reserves.
- Your debt ratio has to be less than 50% or forget it. So don't go over 1/2 balance on your credit cards and PLEASE don't buy anything on credit while you are house shopping or qualifying for your home loan and Especially while you are in escrow!
- Conventional buyers will have to put 10% down. FHA will have to put at least 3.5% unless you are buying a Homepath home which is 3% and Investors 10% to 25% down. No way around this, the days of subprime are over. There is special rural financing offered by Bank of America in certain areas for 1/2 of 1% down, contact me for that information.
And investors, you are looking at 25% down to make your life easier and about $600 bucks for the appraisal which has to include a rental analysis.
Qualifying is very tough now with all the loan fraud laws in place. Lenders have new regulations they must follow and they are very strict due to all of the bad loans.
Reliable lenders are hard to find, so please contact me for someone that knows what they are doing that can really help you and not give you the run around.
If you get too small of a loan they charge you extra, if you have too high of a loan they charge you extra. If your credit is below 680 they charge you extra. It is just not the simple process it used to be.
Great Information for You
Nevada Rural housing authority offers Home At Last.- You will have to purchase in designated areas by the program
- Must be a first time homebuyer or qualified Veteran
- Must qualify
Download the Free brochure here for complete information and visit the main website for approved lenders and certified Realtors. Your best place to start is read the brochure and then contact a preferred lender for pre qualification.
Highlights include:
FREE 3% down payment grant
No asset limit like Nevada Bond program
================================================= Following details complements of Aaron Gordon, Bank of America
Here are some interesting links you may want to check out:
Mortgage information and daily NEWS! Mortgage update
From US News: “5 Ways to Take Advantage of Low Interest Rates”
GOOD QUESTION I WAS ASKED THIS WEEK....
Q: “I’m looking to do a VA Vendee loan where I can put 5% down on an investment property. How do I get more information?”
GOOD QUESTION I WAS ASKED LAST WEEK....
Q: “Can I get a VA loan if I have had a recent bankruptcy?”
A: From the VA website at article
The upside down refinance, known as HARP
Was announced this week. The guidelines should be available around 11/15. Applications will begin 12/1.What's known so far is your loan has to be owned by Fannie Mae or Freddie Mac. About 85% of all underwater homes in Nevada are Fannie or Freddie. No appraisal will be required. You have to have acquired this home before 5/31/2009 and you must be current on your mortgage. No mortgage lates in the last 6 months is expected to be the guideline and very little, if any, income or asset documentation will be needed.
- Step One:
Check to see if your loan is held by Fannie at Fannie Mae Lookup
Check to see if it's held by Freddie at Freddie Mac
Step Two:
If it is, and you are current, and you acquired the home before 5/21/2009, contact your loan servicer (Bank of America, Wells Fargo, Chase, Citi, etc) after 12/1 for a new rate quote and estimate.
Here are some interesting items from this week: From BusinessWeek.com: “Mortgage Rates in U.S. Hold Near Record Lows”
GOOD QUESTION I WAS ASKED THIS WEEK…
Q: "I want to do an FHA loan. Some properties I see are listed as "cash or conventional financing only." My agent says this because of the repairs needed on the home. Is there anyway around this?
A: An FHA 203K rehab loan will sometimes be accepted on Homes for sale in Las Vegas in this situation. This is a loan that allows for home repairs, and even some upgrades, to be completed as part of the loan. Please contact me for details.
Features & Benefits:
Think of the 203K loan as a traditional FHA loan with a repair escrow. Loan amount is based on "after improved value". Funds for rehab/repairs are financed and disbursed as work is completed. Same low down payment and credit qualifying as with any FHA loan. Up to 6 months payments can be financed if property is not habitable during rehab Appliances, cosmetic, and landscape may be financed. Seller can participate in buyers closing costs up to 6%.
Eligible Improvements (This is only a sample of the items that are eligible) :
- First items addressed are health, safety & weatherization.
Remainder can be applied to upgrades & remodeling.
Structural alterations and reconstruction.
Improved function & modernization.
Changes for aesthetic appeal.
Repair, or replace plumbing, heating, A/C, electrical systems.
Installation of well and/or septic.
Roofing, gutters, and downspouts.
Flooring, tiling, and carpeting & appliances.
Energy conservation improvements.
Major landscape work and site improvement.
Improvements for accessibility to the handicapped.
Call for other desired items, or improvements.
Minimum amount in repairs is: $5,000.00 on HOmes for Sale In Las Vegas
Maximum amount in repairs: NO LIMIT!
Loan amount cannot exceed FHA county limit--- $400,000 in Clark County
Eligible Transactions: Owner occupied Purchase, or rate & term refinance.
Eligible Property Types on Homes for Sale In Las Vegas: Single Family
- Duplex
Tri-Plex
4 Plex
Condo (must be FHA approved) Maximum 4 units in each building.
Ineligible Improvements: "Luxury items".
- BBQ pit
Bathhouse
Dumbwaiter
Exterior hot tub, sauna, spa and whirlpool bath
Outdoor fireplace or hearth
Photo mural
Installation of new swimming pool
Gazebo
Tennis court
Tree surgery
Items that will not become a permanent part of the property
Never completed homes
Contractor (Licensed) is required to complete work.
1 bid and Work write-up
Work write-up replaces the need for a home inspection
Pest inspection required
Work must begin within 30 days of COE
Work must be complete with 6 months of COE
EEM Feature--If you make the home more energy efficient there are some additional benefits. Please ask Kellie about these. Purchase Contract: COE: 60 day closing from date of seller acceptance.
Contract must state: "Buyer´s loan proceeds are coming from an FHA 203K rehab. loan".
Seller can pay up to 6% of buyers closing costs (recurring & non-recurring).
Offer is made on what buyer wants to pay for the property in "as-is" condition.
Advantages of Going 203K on Homes for Sale In Las Vegas
Sell the property in "AS-IS" condition
Agent receives commission before any work is started
Think of a listing that is listed as "cash only" (due to needed repairs)
Buyer loves home, neighborhood, school district, etc. but dislikes kitchen, bathroom(s) flooring, paint, etc.
Home is older and needs new everything e.g. HVAC, roof, paint, flooring, kitchen/bathroom/bedroom remodel, etc
Q: “What’s the biggest challenge you see in loans today?”
A: Documenting the cash necessary to close the deal is the biggest challenge. Make sure you have enough money saved for your down payment, closing costs, and a few month’s reserves before you going looking for a home.
Not all loan programs require reserves but they are good to have. Make sure you can clearly explain, and paper trail, how you got all of the money you need for closing. Tips, gambling winnings, loan paybacks, gifts, asset sales, etc. must be documented.
Introducing Freddie Mac´s Relief Refinance program!
Relief Refinance allows borrowers who are current on their existing Freddie Mac owned mortgage to refinance up to 105% LTV.Product Features include:
- Mortgage Insurance is not required on new Relief Refi loans if there is no MI on the existing loan
LTV´s up to 105%. No CLTV or (H)CLTV restriction
Streamlined documentation allowed, including no appraisal if applicable.
1-4 unit Primary Residence and Investment Property, and 1 unit Second Home
Loan amounts up to the Temporary 2009 limits
Only three (3) months seasoning required (note date to note date)
No min. fico requirement if P&I payment is not increasing more than 20%
No DTI requirements if P&I payment is not increasing more than 20%
Condo approvals are not required
Loan proceeds may be used only to:
- Pay the unpaid principal balance and accrued interest of the eligible first lien, or
- Pay not more than $2,500 in closing costs and/or prepaids
Appraisal
For some one (1) unit properties, a Home Value Estimate (HVE) may be available for use in lieu of an appraisal:
Mortgage Insurance
Mortgage Insurance is not required on the Relief Refinance loan on Homes for Sale In Las Vegas if:
The LTV of the new loan is <=80%; or
The existing loan does not currently have MI
Mortgage Insurance is required when the LTV of the new loan is >80% and the existing loan has MI
Borrower Eligibility
Determine if the mortgage is currently owned by Freddie Mac by checking the following Freddie Mac website: Freddie Mac
The Nevada Bond Program, which offers 100% financing on Homes for sale in Las Vegas, and is serviced by Bank of America Home Loans, has raised their income limitations. Effective with all new bond reservations on/after April 15, 2009.
If you have a 1 to 2 Person household and your income is less than $78,480, you may now qualify. This is an increase from around $72,000. If you have a 3 + Person Household and your income is less than $91,560, you may now qualify. This is an increase from about $84,000. Keep in mind, you must be able to qualify for an FHA loan and you can't have more than $5,000 in liquid assets excluding 401K.
The rates are slightly higher, but if you need 100% financing today, BOND may be the way to go.
Remember we don't have a 620 minimum credit score on FHA loans like many lenders today
FIND REFINANCE AND MODIFICATION GUIDELINES for Homes for Sale In Las Vegas AT:
As we learn more about the program, we will work with our customers to determine their eligibility.
Although the participation of each bank is voluntary, Bank of America and Countrywide are supportive of this program on Homes for sale in Las Vegas and the positive impact it will have on homeownership nationwide. We will work to implement the plan specifics as quickly as possible.
FROM BUSINESSWEEK.COM: "If You Don't Buy a House Now, You're Stupid or Broke!"
"Interest rates are at historic lows but cyclical trends suggest they will soon rise. Home buyers may never see such a chance again," writes Marc Roth, founder and president of Home Warranty of America, for Business Week. Interesting reading.
For the full article, visit: Business Week
GOOD QUESTION I WAS ASKED THIS WEEK.... FHA LOAN LIMIT IS LOWERING TO 270,000 in SEPTEMBER SO HURRY!!
Currently it is $400,000
... GOOD QUESTIONS I WAS ASKED LAST WEEK....
Q: "My real estate agent tells me that I need to buy a home quickly because I have limited funds and FHA is going to increase the minimum down payment. Is this going to happen?"
A: According to an article in the Washington Post online, "FHA is proposing to increase the up-front cash paid by borrowers as part of an effort to shore up the agency's finances, which have been staggered by rising defaults in its flagship mortgage insurance program.
The changes also include raising minimum credit scores for borrowers who receive FHA-backed mortgages and limiting the amount of money sellers can kick in, including paying closing costs or giving free upgrades."
Q: "Are there any good down payment assistance programs left?"
A: FROM THE NEVADA HOUSING WEBSITE: The Nevada Housing Division offers up to $4000 to provide homebuyers under its First Time Homebuyer Program with down payment and closing cost assistance.
For more details, visit: Nevada Housing Website
Homes for Sale in Las Vegas
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Changes that have taken place
- "REGULATION X AND OTHER IMPORTANT 2010 LENDING CHANGES"
Military Income
In addition to base pay, military personnel may be entitled to additional forms of pay when considering a purchase on homes for sale in Las Vegas. Income from variable housing allowances, clothing allowances, flight or hazard pay, rations, and proficiency pay is acceptable, provided its probability of continuance is verified in writing. An additional consideration may be the tax-exempt nature of some of these payments which can be grossed up 25%.
Child Support Income
Income in this category may be considered as effective for homes for Sale in Las Vegas if such payments are likely to be consistently received for the first three years of the mortgage. The borrower must provide a copy of the divorce decree, legal separation agreement, or voluntary payment agreement and evidence that payments have been received during the last twelve months. Acceptable evidence of regularity of payments includes canceled checks, deposit slips, tax returns, court records, etc. Periods less than twelve months may be acceptable provided the payor's ability and willingness to make timely payments is adequately documented by the lender.FHA permits properly documented child support to be grossed up under the same terms and conditions as other non-taxable income sources. This income may be grossed up 25%.
NOTE; Payment of arrearage is not to be included as income. If the decree states child support income of $200 and the borrower is getting an additional $100 towards the arrearage, we will not use the additional $100 as income or even as a compensating factor.
The U.S. Department of Housing and Urban Development (HUD) launched a new, comprehensive Web site to assist Americans with improving financial literacy, sustaining healthy homeownership and achieving financial security. My Money, My home, My Future
**IRS speeds Lein relief for distressed homeowners trying to refinance - See Article
FHA only allows a borrower to have one FHA mortgage at a time except under the following circumstances:
A. Relocations. If the borrower is relocating and reestablishing residency in another area not within reasonable commuting distance from the current principal residence, the borrower may obtain another mortgage using FHA insured financing and is not required to sell the existing property covered by a FHA-insured mortgage. The relocation need not be employer mandated to qualify for this exception. Further, if the borrower returns to an area where he or she owns a property with an FHA-insured mortgage, it is not required that the borrower reestablish primary residency in that property in order to be eligible for another FHA insured mortgage.
B. Increase in Family Size. The borrower may be permitted to obtain another home with an FHA-insured mortgage on homes for Sale in Las Vegas if the number of legal dependents increases to the point that the present house no longer meets the family's needs. The borrower must provide satisfactory evidence of the increase in dependents and the property's failure to meet the family's needs.
The borrower also must pay down the outstanding mortgage balance on the present property to a 75 percent or lower loan-to-value (LTV) ratio. A current residential appraisal must be used to determine LTV compliance on Homes for Sale in Las Vegas. Tax assessments, market analyses by real estate brokers, etc., are not acceptable as proof of LTV compliance.
C. Vacating a Jointly Owned Property. If the borrower is vacating a residence that will remain occupied by a co-borrower, the borrower is permitted to obtain another FHA-insured mortgage. Acceptable situations include instances of divorce, after which the vacating ex-spouse will purchase a new home, or one of the co-borrowers will vacate the existing property.
D.
Nonoccupying Co-Borrower on homes for Sale in Las Vegas. A non-occupying co-borrower on property being purchased with an FHA-insured mortgage as a principal residence by other family members may have a joint interest in that property as well as in a principal residence of their own with a FHA-insured mortgage
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- Henderson NV homes for sale
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