Four Assumptions

Please take time to take a look at a life changing short video.
Four Assumptions. Click on my name now: Sheila
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FHA Change

FHA Loan Limits to change.....Success Stories
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Stop Paying Your Landlord's Mortgage!

Stop Paying Your Landlord's Mortgage!
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Credit Scores: Why Should I Care?

Credit Scores: Why Should I Care?
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Las Vegas 100% Loans

WOW... Financing Specials that show Las Vegas is coming back. Portfolio products to rave about.
  • 100% Financing
  • BUY 1 year out of Bankruptcy
  • BUY 1 year out of Short Sale
Products are available to those who qualify, so contact me for more information.
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Las Vegas Value Recovery

The Road to TOTAL Recovery along one. Total recovery meaning back to those unbelievable values that were unrealistic to begin with. According to CNN Money the homes in Vegas will not reach there pre-recession values til 2032. That does not mean the market will not recover, it means we will not see super quick inflation. A client bought his house in 2002 at $200,000 and in 2006 his appraisal was well over $700,000. That created false expectations that our home prices would continue to rise at unhistorical rates. Normal inflation is about 1-3% yearly. Vegas was lucky to see homes triple in value overnight and one can not expect that to happen for decades. Why would it or why should it? Who really knows what is in store for Vegas we are still the fast growing and most entertaining city there is.
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Annual Percentage Rate

What is the point of APR?
The point of calculating APR is to let the consumer know the actual cost of financing...read more... Annual Percentage Rate
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Gift for Yourself

Let me give you the gift of saving money.... please read more by clicking on Gift .
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Stop Paying Your Landlord's Mortgage!

An important link of information.... Why not own? Click link: Stop Paying Your Landlord's Mortgage!
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Blank Direct Mail Flyer

Hello- FHA mortgage insurance changing....please click on FHA CHANGES for more info...FHA CHANGES
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Top 10 Credit Myths

The economy has sure thrown us all for a loop this year, how many have had your credit impacted and want to know what can or can not be done. Credit is all we talk about these days, so look at the video and see the top 10 myths of what people say and do. Click on my name to see a short video- Sheila
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30 Fixed Rate Mortgage NOT for Everyone

Choosing a loan can be simple- you need to ask yourself what is my 5, 15 or 30 year plan? Am I going to live here for a few years, is my family size going to grow or decrease, am I retiring, or unsure what your going to be doing. One thing is for sure banks are scared of getting burned with crazy mortgage options, but choices are still available with a conservative approach.
  • If you know you will be moving in less than 5 years- a 5/1ARM would still be your best option. This loan is fixed for the first 5 years but will jump if you don't sell by the 5th year. This loan is still a risk in a shaky market so have a cash cushion just in case.
  • If you want to build equity faster and may be retiring- a 15 year fixed rate loan is your best option. Not only do you get a break in the interest rate but you save big in long run. You can save an estimated $177,000 on a loan of $300,000.
  • If you have little down and uncertain of future plans - a 30 year fixed rate loan is the best option.. these loans allow you to pay a comfortable mortgage payment and allow lower down payments- FHA loan allows borrowers to put down as little as 3.5%. This loan currently is the most popular option.

So as your shopping for your loan ask for a comparison of what your options are and discuss what is right for you. Be educated and make a choice that fits your mortgage needs.

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Throw 2
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Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

Watch this ... wow we thought the banks were still winning- here is the proof....Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales
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Market Update.

Is the Market REALLY in repair...End of January Report Indicates:

11,406 Homes currently available on the Market -
39% are non distressed owners, 17% are REO, and 44% are Short Sales

10,917 Homes are in Contingent Status - 78.5% are Short sales- will these change into to Foreclosures- let's hope not.

Will the market change, let's hope all sales are approved and close- maybe with the current numbers, the banks will be opt to release more homes on the market . Creating more inventory and some options. Recovery TRUE OR FALSE? (you decide)
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BUY NOW to SAVE-FHA CHANGES

Weeks before the FTHB tax credit expires, FHA is making some changes.On April 5th , FHA will increase the up-front mortgage insurance by 0.50%. All though the up-front mortgage insurance is financed into the loan- it can add an extra $965 to your loan amount. The Spring also warrants a change in seller concessions. The amount now a seller is allowed to contribute to buyers closing cost is 6% and that will change to 3%- creating more money out of pocket for buyer. If a buyer buys a house at $100,000 they will get $3000 instead of the $6000- so buyers will have to come up with the extra cost.Buyers the only way to avoid the changes is to buy now and have a mortgage application submitted by the last week in March.
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Record Numbers in Real Estate

I have been saying to everyone that the market in Las Vegas is booming... here are the comparison numbers from October and November 2005 compared to present:

2005 October - Sales Volume = 2,574
2005 November - Sales Volume = 2,441

2009 October - Sales Volume = 3,535
2009 November - sales Volume = 3,117

We are selling more homes in Vegas than the real estate boom... get your share of the pie.
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Don't Miss the Las Vegas Hot Market?

According to reports by Applied Analysis the current real estate market looks like such:
Homes available are at a low of 11372 and 39% of sellers are non distressed owners.
Homes that have contracts and are waiting to clear the contingency are at an all time high of 11033 with 74% being short sales probably awaiting approval from the banks.
The market seems to rebounding back but will the short sales be approved or will they be place back on the market as bank owned. This market makes for interesting conversation. How many cities can say sales are up and inventory is down.. let's see if it is a phase or are we getting back on track.
It is a good time to buy, prices are great, interest rates are low and you get a tax credit. Don't pass up this opportunity, the market appears to be changing. call me to get your maximum buying power.
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Fannie Mae-Lease Back

Fannie Mae will allow homeowners lease back their homes and stay in them for a year or more.

The "DEED for Lease" Program will let borrowers transfer their homes to Fannie Mae in exchange for a lease. The borrowers will be expected to pay market rents, which will be lower than the current mortgage in most cases. These borrowers will be the ones who don't qualify for loan modification and wish to remain in the home.

Borrowers will have to provide decline of loan modification, proof they can afford to pay the rent, and willing and able to move out when lease is not renewed.

This will definitely help stabilize the housing market!
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$8000 Tax Credit Logic

Primaries in early November.- may be the reason that the extension has not be announced. Hopefully we will hear something in the next couple of weeks.If someone hasn't identified a house by now, closing by Nov 30th will be a difficult task. If I had to guess I'd say June 2010 extension, $8k for ALL buyers (except investors) JUST MY LOGIC!! Again, I also think there will be some legislators running for goodwill just prior to the primaries so we'll see if and what they say. . .
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WHY NOT BUY?

Meeting with clients today, feeling like everyone has the same uncertainty about the real estate market. The prices are great and the interest rates are low. Why not buy? If you don't own you are paying someones mortgage.Why not pay your own? Think about it, if you are going to pay the same as you would to rent, what are you waiting for? Uncertain or have questions contact me- professional advice always free....
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$8000 Tax Credit/ Military

The $8000 tax credit is shortly coming to an end. There is still plenty of time to close your home and take advantage of this great opportunity.
Are you in the military- this may be extended for you:
HR 3590 will allow eligible military personnel and foreign service and intelligence officers to apply for the $8,000 tax credit for one year beyond its current November 30 deadline. Those meeting the underlying requirements for the credit must also be serving overseas or have spent at least 90 days deployed outside of the country during the current calendar year. It is expected that about 350,000 military personnel and an unknown number of federal employees may be affected by the new law.
This is more than like to pass through the Senate...
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HOUSING NEWS

Pending sales rose once again for the seventh consecutive month across the United States. The NAR states that the contracts signed and placed in off market status was up 6.4 percent to 103.8, the longest month to month gain since 2001. Most were expecting a rise in home sales but it was estimated to be not more than 1 percent. This is definitely showing a steady amount of home buyers returning to the market and newcomers joining homeownership.
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Are we in a BOOM?

Las Vegas set a record in June of home sales- at a record of 4,702 properties sold. Wow!
In addition to that great news the median price of single-family homes sold in June was $140,000 which was the same in May. So we did not have a decrease in value. This is showing signs we are on the way to recovery. Yes, to all you skeptics out there.. we do have a wave of foreclosures that need to be released....but we are currently in a BOOM!!!
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Refinance Option

Refinancing Options for Most:

Do you have a FHA Mortgage- then you can refinance with out an appraisal, with low documentation. Refinance only if you save a point or more.

Do you have a Conventional Mortgage-you can refinance up to 105% of the value.

Do you have a Reverse Mortgage-get a lower rate, get more money, and provide little documentation.

Do you have Two Mortgages- you can still refinance and lower your payment.

Refinancing options are changing daily. Keeping up with your options . Call me to save money.
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The Information shows the Single Family Homes 1st Qtr Sales Volume for the past 5 years. (January, February, March)

WOW LOOK AT LAS VEGAS NOW!!!!

Year #of sales
2005 7150
2006 6086
2007 4409
2008 3559
2009 7391

Great prices, great interest rates and possible tax credit- Buy Now before it is to late.
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$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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