Home Buying in Las Vegas>Question Details

Mamadhector, Home Buyer in Las Vegas, NV

we want to buy again..is it possible with 20% down payment,previous foreclose and 620 fico score?

Asked by Mamadhector, Las Vegas, NV Wed Jul 11, 2012

any home under 40,000

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12
Jim Simms’ answer
Not from a traditional mortgage company, try a finance company, the interest rate is going to give you a rush. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
1 vote Thank Flag Link Thu Jul 12, 2012
I would recommend meeting with a Loan Officer to find out your options and obtain a pre-approval. If you would like me to provide you with the preferred lenders at our office feel free to contact me. Also, this price point will be difficult as investors are buying many of them with cash deals. You can search MLS listing for free on my website!

Michael Stone, REALTOR
Keller Williams The Marketplace I
Michael.Stone@KW.com
http://www.VegasHomesbyMikeStone.com
702-824-4011
0 votes Thank Flag Link Fri Aug 17, 2012
You will NOT be getting a low interest rate loan and will pay points. Get that score up first if you want to get these sub 4% loans


David Cooper Investor and Licensed Buyers Agent 702-499-7037
0 votes Thank Flag Link Tue Jul 17, 2012
There are 3 essential Las Vegas Investing Strategies which primarily depend on your current location. The other factor determining your strategy would be your financing. You can’t get a loan to rehab a property. http://lvpropertysearch.com/las-vegas-investment-homes/las-v…
0 votes Thank Flag Link Tue Jul 17, 2012
Homes under $40k? Probably not that can be financed. Perhaps a condo. Keep in mind that interest rates are higher when you finance a condo and will be even higher with low FICO score. Best to talk to a loan officer and go over the scenarios that are best for you. Great question and thank you for posting on Trulia! Raina Musser
0 votes Thank Flag Link Thu Jul 12, 2012
Yes. Congratulations, it seems you have done your homework. 620 score, 20% down is the base at this time with most lenders, however, in todays market, most lenders will not lend on less than a 60-75,000 loan amount. As prices in the Las Vegas market are at rock bottom, you should think of buying the nicest home you can. A 130,000 loan with normal taxes and expenses is around $950 per month.
0 votes Thank Flag Link Thu Jul 12, 2012
Do you realize you will be paying a higher interest rate and points because of your low score. Better to get your score higher and ge a better loan.


David Cooper Investor/Agent 702-499-7037
Check out my Facebook page for latest real estate news
0 votes Thank Flag Link Thu Jul 12, 2012
Good moning,
It may be possible to get a loan based on the information you provided. However, most lenders want loan below $50,000. My lender may be able to get private money for you if you are willing to increase your amount and put a little more money down. Otherwise it may be too soon after foreclosure to obtain traditional financing. Give me a call and we can discuss the details

Mike Yarbrough
Simply Vegas
"Real Estate Made Simple"
3042 S. Durango Dr.
Las Vegas, NV 89117
Direct: 702-985-5566
0 votes Thank Flag Link Thu Jul 12, 2012
Yes I do have an area n prices around the area are low..and honestly want to pay off soon and use it as an investment if later we Want to own something bigger..just want to get out of renting asap..
0 votes Thank Flag Link Thu Jul 12, 2012
so u want to put 20% down and spend 40k on a home, why not more? Do you have a home or condo and area in mind already?
0 votes Thank Flag Link Thu Jul 12, 2012
The home foreclosed october-Dec. 2011..we currently have no debt :)
0 votes Thank Flag Link Wed Jul 11, 2012
has the property transfer, when was the forclosure? Can you document income? Email me directly at tacksweety@yahoo.com/ I am Nevada Manager/QE with Underwriter EXP, in the industry for 15yrs.
0 votes Thank Flag Link Wed Jul 11, 2012
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