Home Buying in Summerlin>Question Details

Rahel Lemlem, Home Buyer in Las Vegas, NV

Hi guys! I am recently moved to lasvegas and I was wondering what will be the best type of home I can get by $50000 in summerlin? my credit is zero

Asked by Rahel Lemlem, Las Vegas, NV Thu Apr 26, 2012

Help the community by answering this question:

Answers

7
Hi Rachel,

My first question. Is what do you mean by your credit is zero? Do you have zero credit? Or do you have bad credit? If you have zero credit there is still a possibility that you can get a loan. So I would recommend that you speak with a lender. I work with loan officers that can help you get a loan without any credit. You will need some alternative credit with a good history. Like car insurance, utility bills, phone bill, etc.

As far as what you can buy in Summerlin for $50k. Not much, I did a search before responding to your email and there is nothing in Summerlin for that price. There are condos in the surrounding area of Summerlin for $50k. So you can be next to Summerlin without having to pay the price to live in Summerlin. And if your going to get a loan, I would recommend buying a house. It's tough right now to get FHA financing on a condo right now. Due to investors gobbling up these inexpensive properties and renting them out. If your paying CASH that won't affect you.

I hope this helps you out. Give me a call, text, or email and I will do my best to point you in the right direction and do whatever I can to help you get into your next home.

Best regards,

Chris Harrison
Barrett & Co., Inc
2885 S. Jones Blvd
Las Vegas, NV 89146
(702) 592-9510 ph
Chris.Harrison@msn.com
0 votes Thank Flag Link Thu May 10, 2012
Valerie,

In Summerlin with $50,000 you might be able to get a condo; however, you can use some of the money as down payment and get a loan. I work with great loan officers and will help you with your closting costs, please give me a call at 702-684-7000.

Luke
0 votes Thank Flag Link Tue May 8, 2012
Hi Rachel,

Glad to see your looking to invest your money in a home. The best thing for you to do, would be to contact a lender first, he/she will guide you through what can be done, as you have a variety of options. Just because you have no credit (zero credit) doesn't mean you can't by a home. There are programs out there that utilize your current utilities bills, car insurance payments etc to help establish alternative credit. It can be done. If you are saying your credit is zero because you've had lates, repos &/or foreclosures, you should still seek the advice of a lender as he/she can give you a list of items to complete to re-establish or help rebuild your credit.

When you say you can get [by] $50,000, are you asking how much of a home you can buy for $50,000? or are you saying you have $50,000 in cash to put on a home or condo? This makes a difference, because if you have $50,000 in cash you can do several things;

1) Buy a condo cash and only worry about the monthly utilities, monthly HOA, Quarterly taxes and maintenance of the unit
2) You can put all or a portion of those funds towards financing a property for example a home in the $125K range. There are options for financing depending on your credit, again I'll reiterate go talk to a lender.
3) You can look for alternative purchase sources such as Owner Will Carry, Rent to Own, Lease Options etc.

In any / all these cases your first steps are to find people that make you comfortable and confident and help educate you about the process, so that you know what is happening every step of the way... Again find a lender and don't just talk to one person and then find yourself a great agent who will help make your goals of home ownership a reality.

It can happen! Have a wonderful day.
0 votes Thank Flag Link Fri Apr 27, 2012
Thanks Valerie! It kind of brief me on what are my options. I have $50000 in cash. It is just that I moved to US recently and not sure how to invest it in the right way! I realize the option u gave me but I was having difficulties to choose b/n those in the long term!
Flag Fri Apr 27, 2012
Rahel. Are you working at a steady job? You can get a 2+2 in Summerlin Adj. but you will have HOA on around $100 to $200 a month, Plus, taxes, ins, upkeep. Ir would not be wise to put all your savings into a condo until you have a little cushion.


DAVID COOPER Investor with a Buyers Agent License at Since 1917 Realty 702-499-7037
Follow us on Facebook: http://www.facebook.com/davidcooper.lasvegas
Any Questions: Twitter Me: http://www.twitter,com/lasvegaswinner
0 votes Thank Flag Link Fri Apr 27, 2012
I just moved here and I am looking for job. I make this decision so that I pay for investment rather than rent expense. Thank U for letting me know the related expenses. I was not aware being novice here. I realize It would be difficult putting all my money with out saving.
Flag Fri Apr 27, 2012
If you have cash, you might find a one bedroom condo for that price. If you don't have cash, you won't qualify for anything.
0 votes Thank Flag Link Fri Apr 27, 2012
Yes I do have the cash and want to invest until I 'll be qualify for credit and buy better house. I was not sure it will be flexible option if I want to resale it again after a year. That's why I ask what would be the best way to invest it now. I am specifically worried about the resale value as this is all amount I got. Thank you for your respons Myra!
Flag Fri Apr 27, 2012
Hi Rahel,

If you're willing to live adjacent to Summerlin, you can get a nice 2BR/2BA condo for $50,000. You'll be near all the amenities Summerlin has to offer, and save a lot of money.

Will you be paying cash? If you are financing, an FHA loan might be best for your situation. Let me put you in touch with a lender who can advise you on smart steps to take to improve your credit before your purchase this summer.

Thanks!


Michael Coxen
Prudential Americana Group, REALTORS®

c 702.339.8891
o 702.312.7070
f 702.317.3853

http://linkd.in/p2DIWP
http://facebook.com/michaelcoxen
http://twitter.com/michaelcoxen

Search for all current properties in Las Vegas at http://michaelcoxen.com
Web Reference: http://michaelcoxen.com
0 votes Thank Flag Link Fri Apr 27, 2012
Thankyou so much Michael!
Flag Fri Apr 27, 2012
Well the first thing you need to do is contact a Realtor that can get into the listing service to locate a property with your criteria in that area. $50K in Summerlin, your probably looking at a condo. Hope this helps, if not, contact me through Realty ONE Group LV (Northwest Office)
0 votes Thank Flag Link Thu Apr 26, 2012
Thank you I 'd like to take your opinion. Would you recommend a good realtor as I am new to vegas?
Flag Fri Apr 27, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer