Home Buying in Reno>Question Details

Bernice Isra…, Home Buyer in Reno, NV

Any good deals in Reno, for two young guys to take advantage of with no money down ?

Asked by Bernice Israels, Reno, NV Mon Sep 8, 2008

I'm sure it's impossible. But, I would like to see my boys buy a place, are there any 100 percent financing deals out there? Ive seen some condo at some very resonable prices, they are currently renting a house and the landlord has became a real PITA, visiting unannounced, unlocking the door going in the house at 7 morning going through their mail, so they gave their notice to move, I would like to see them buy, instead of having to rent again. I saw a condo for 42900 and another for 79900, how much cash would they have to have for one of these places ? thanks

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Hi and Happy Thanksgiving !

There are many 100% financing programs available.
Please give me a QUICK call @ 775.351.5117

Talk soon,

Annie Christian
Keller Williams
0 votes Thank Flag Link Wed Nov 26, 2008
There are financing options available and it is my job as a Realtor/Broker to have the Seller pay the closing costs. Opportunities exist all over Reno, so the guys just need someone to sniff them out.
How is their credit? They need high scores, but negotiations are possible.
0 votes Thank Flag Link Fri Sep 26, 2008
FHA financing is capped at 96.5%. There are downpayment programs available that will be around after Oct. 1. Only the seller assisted programs are being eliminated (Nehemiah, Ameridream and others of that nature). 100% financing is gone, and the condo needs to be FHA approved which is very easy to check. That can be done in two minutes on Hud's website. If the condos are being sold at that price I would doubt the sellers are going to contribute to closing costs at all.

The safe bet is to come up with 10% in the event they are not HUD approved.

Devan Reaves
Mortgage Consultant
North American Financial
2600 Paseo Verde Parkway Suite 100
Henderson, NV 89074
Office: (702) 407-9335
Direct: (702) 686-4819
0 votes Thank Flag Link Wed Sep 10, 2008
Hi Bernice,
Even though FHA has tightened up effective at the end of this month I believe, PROVIDING credit and income are good, there are still a few programs out there. The best one to talk to of course is a loan officer regarding these programs as they are constantly changing.

Any Realtor can search for Owner Financing/no money down and perhaps a lease option. The problem will be covering the commission/closing. You can also go on Craig's List and RGJ.com and search similar parameters.

Keep in mind with dealing with private parties that no money down, lease options etc. can be a huge scam, overpriced etc. Do your homework.

In regards to a Condo, our model is showing 2 to 5 years to stabilize let alone appreciate. They also tend to be awash in lawsuits and scandals as many Attorney's are targeting HOAs now (also residential HOAs as well). Fleur De Lis for example is down almost 50% because the Homeowners are sueing the Developer over a fountain, cracks in the swimming pools and a couple of alleged construction defects.

You may also try a real estate wanted ad at the papers and Craig's List etc. I would put in the ad "No properties bought or refinanced after 2004" as those tend to be buried and Sellers are doing anything to dump them to an unsuspecting Buyer.

I hope this helps, let any of us know if we can help, this is a great time to buy, I look every day and am in the process of picking up a home a month now myself.

Ron Bell,
Reno Realtor selling Reno real estate
0 votes Thank Flag Link Tue Sep 9, 2008
Hi Bernice,
John is right, 100% financing is a challenge in the current credit enviroment. Most of the programs that were available end Oct 1st., but there are a few still available. I would suggest checking with a few lenders to see what is out there. B of A is one. If you need some names and numbers, let me know and I will be glad to forward them to you. John is also right in that not all condos will qualify for 100% or FHA. If the occupancy is greater than 50% rentals, lenders tend to reqire a 20% down.

It may be challenging , but it is possible! If tey already gave notice, don't hesitate and get started right away.

Best of luck!

Fred Kissinger
775 771-1670
0 votes Thank Flag Link Tue Sep 9, 2008
100% financing is a real challenge is the current credit environment. Are either of the boys Vets? VA has financing that might work for them if they qualify. Otherwise I would look towards family and friends to come up with a 15% down payment. You could have additional financing issues in Condo's if more than 50% of the community is rental property.

Good Luck

John Graham
775-530-1728
tahoejg@netzero.com
0 votes Thank Flag Link Mon Sep 8, 2008
100% financing is a thing of the past. Sorry to hear about the landlord I would recommend to check the tenant right HERE IN TEXAS we have "tenant bolts" which prevents a landlord walking in at anytime, keyless from the exterior, any property owner, apartment complex must have these installed if not violation of Texas law. You might be able to turn tables on the landlord..... PS I LOVE THE PITA I need to remember that one
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Sep 8, 2008
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