$8000 Tax Credit

$8000 Tax Credit is being given to those who purchase a home.

  • Must be Owner Occupied- primary residence.
  • Must be a First time Buyer-A first home buyer is defined as anyone who has not had ownership interest in a property in the past 3 years.
  • Must meet income restrictions.
  • Credit given with Taxes.
  • Must buy by December 2009.
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FINANCING OPTIONS ARE BACK

Fannie Mae Loan Program now available for as little as 5% down with no mortgage insurance for primary residents and 10% down with no mortgage insurance for second homes and investors. The features and benefits are:
  • 1 to 4 unit Properties
  • NO Appraisal Required
  • Low Credit Score
  • Up to 6% Contributions
  • NO Mortgage Insurance
  • Up to 10 Financed Properties
  • Flexible Terms

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$100 DOWN PROGRAM

Many of you are asking me about the $100 Down program- you need to come in to qualify but the general terms are as follows:
  • 1 to 4 Unit Properties are Eligible
  • Must be a approved HUD Home
  • Max Loan Amount is $400,000
  • Low Credit Scores
  • $100 Down Payment

The loans are available in Las Vegas and are ready for owner occupied borrowers

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Loan Modification

I've been asked 100's of times if Loan Modification is a scam. I recommend you do your research on the company providing it, ask for references of people whom they actually helped and try not to pay to much money upfront. Modifying your loan can be done by you with a little patience and persistence the bank will assist you if you qualify. Be prepared to provide your bank a financial snapshot, letter of hardship, bank statements, and pay check stubs. I find it to be worth a try before you shell out big bucks to get the same result.
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2009 UPDATE

New Year, Many Changes. Like most of us we watch the news and wonder what is really going on. Here are the most important items that you should be aware about for today's market.
  • Loan Limits in Nevada for FHA has decreased to $287,500
  • FHA requires a minimum of 3.5% Down
  • Down Payment can be a gift- ( soon look for the government to pass HR600- seller assisted DPA)
  • Interest rates REALLY at an all time LOW
  • LOAN MODIFICATION- principle reductions are happening
  • INVEST, BUY- but try not to sell at this point-(competition very tough)

Need more information you contact me.

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H4H- HOPE FOR HOMEOWNERS

Most of you have read that the government has approved a refinance program to assist those who need to refinance and are under water. The H4H program is where you get a FHA 30-year fixed loan at 90% of the current market value. So let's say your home is now selling for $200,000- you would refinance at a new loan of $180,000. So what is the catch- well your lender must agree to a short refinance loan and you have to agree to share future equity. If you want more information on this program visit www.HUD.gov .
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FHA-Refinance Now!

Why should you refinance now- well if you have an FHA loan you can refinance with next to nothing- all you need is a few signatures and you will get a lower rate and a lower payment- with no hassle to you. Do you need extra money to fix up your home- it is now available with your FHA refinance- MANY QUALIFY....
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Buy What You Can Afford-

As a Sr. Mortgage Consultant, of course I want to help people achieve the American dream and help them get a loan to buy a home. But… if it means getting them into a risky loan and putting their financial future at stake, I will not do it. I say it pays to make sure you can really afford it. I have adopted the idea of having a budget and living on less than you make. This is the way to ensure you have great financial security and can keep your investment.
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DPA- GOING, $7500 CREDIT COMING

Well as we all have ready-seller assisted down payment assistance is ending in a few weeks- so say good bye to Nehemiah and Ameridream- DON'T FORGET ABOUT OTHER GRANT PROGRAMS THAT ARE AVAILABLE...On the flip side focus on the positive of the $7500 tax rebate loan for buyers who purchase a home- This $7500 is an interest free loan that has to be paid back in 15 years at $500 a year- what a GREAT ADVANTAGE to collect the cash upfront to do with what you please- like home modifications and enhancements.
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NEW BILL- HR3221

First let me say this document is over 700 pages and has a lot of clarification that needs to be done and interpretation from the associated agencies involved. I will summary a few points:
  • Loan Limits will increase to $625,500 for Fannie and Freddie loan products.
  • First Time Home buyers tax refund will be $7500 which is actually a loan that is paid in $500 increments per year for 15 years.
  • A ban on Down Payment Assistance for FHA Borrowers
  • FHA down payment will go up to 3.5%.
  • Hope for Homeowners- assist people in a foreclosure situation by providing bonds.

I am certain there is more that meets the eye and I will keep you all update as more is decided upon and implemented.

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What Mortgage is Right?

The three basic things to consider:
What's the best rate you can get?
How much is the monthly payment?
How does the payment and payoff fit in with your financial plans?

15- year fixed: you usually get a lower rate than a 30 year mortgage, but a larger payment because of the shorter term.

30-year fixed: This is the old reliable. The interest rate is a little higher, but with a lower payment. It allows you to lock your loan at today's low rate forever.

Adjustable Rate: May have a fixed rate for one, three, five, or seven years, then converts to an adjusted rate. The rates usually are lower then the 15 or 30 year fixed rate. This option is good if you know you are going to sell the property prior to the rate adjusting. The rate after adjustment usually rises 2% per year. This can be a tough loan if the market goes sour and you can't sell or refinance. So it is the riskiest loan.
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FSBO- For Sale By Owner

Do you really save being a FSBO-
This weekend I was presented with this question from a neighbor and have two different stands on the issue-
First most people that are trying to sell in this market and don't need to should wait. The competition with the REO, Auctions, and Short Sales are horrendous . But if you need to sell definitely use a professional to assist you. Real Estate Professionals are trained to deal with all market types and have greater success in selling a listing then the FSBO. The buyers in today's market are more likely using an agent, so they can get the best deal. So you need your home to be seen by those who are looking, and they look by using the MLS. The MLS is a listing service provided by a real estate agent. This creates a sale quicker then any venue. Making every penny they charge worth it.

On the other hand with the Internet at our finger tips you as a FSBO can get many interested buyers- but you must team up with a Loan Officer to ensure the buyers are qualified. Nothing is more disappointing then thinking you have sold your house and the buyer can't qualify for a dollar. Making it not worth doing it yourself.

So in closure you as a FSBO will need some type of professional to assist you - either a Real Estate Agent or a Loan Officer-see what services would be most beneficial for you. Call me for a free consultation for FSBO services.
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WHY FHA?

Why choose FHA Loans over the traditional Conventional Loan-
  • NO CREDIT SCORE REQUIRED
  • 3% DOWN PAYMENT
  • NON-OCCUPYING CO-BORROWER CAN BE USED TO PURCHASE
  • NOT REQUIRE THAT COLLECTIONS BE PAID OFF FOR LOAN APPROVAL
  • CAN GET LOAN 2 YEARS AFTER BANKRUPTCY DISCHARGE
  • NON-TAXABLE INCOME CAN BE ENHANCED 25% (EX: SOCIAL SECURITY)
  • DOWN PAYMENT CAN BE GIFT FUNDS OR GOVERNMENT PROGRAM
  • SELLER CAN PAY UP TO 9% CONTRIBUTION

FHA is the loan program for everyone looking to purchase a primary residence under $400,000.

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New Fannie Mae Guidelines

Effective August 1, 2008- the new guideline for loan qualification for Fannie Mae and Foreclosure is a 5 year wait period.
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