I wanted to know my chances toward obtaining a mortgage in order to purchase a 2nd home in Vegas. I currently owned a single family home in northern

Asked by Realestate94588, 89139 Fri Apr 29, 2011

CA estimate worth $540K and just refi 1 yr ago of $400K 30yr fixed @4.32%. I have a 780 Fico and was never late with any payments. I’m currently employed at the same company for 3yrs average $34K/yr with a self-employed biz of over five years with $14K yrly extra income. Currently I’m renting out part of the property to my family for $1,600/mo. Will I be able to purchase a 2nd home in Vegas to make it as my primary home? Your inputs greatly appreciated.

Help the community by answering this question:

+ web reference
Web reference:


Pete Arangur…, , Seattle, WA
Fri Apr 29, 2011
Lenders will be looking at your loan to equity status unless you are able to produce a large down payment you may have trouble qualifing for a conventional loan. Are you a Veteran or qualify for a VA loan? These are possible options to a solution for you. Hud has a program for teachers firefighters or policemen that could also be a solution for you. Need to know more info on your particular situation
1 vote
David Cooper, Agent, Los Angeles, CA
Mon May 2, 2011
$34,000 a year provable income and you got $400,000 loan. I'd sure like to know how that loan officer snuck that one thru. You lucked out. I don't think you could pull that one off again.

David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. email or call for FREE
daily list. +1-7024997037 not a real estate agent
0 votes
David Drisco…, , Las Vegas, NV
Mon May 2, 2011
Dear Homebuyer:

Would need more information to determine if you quaify to purchase the home as a second home based on your debt to income ratio and available assets. To make it a primary, you would need to show that in fact you are moving here and intend to occup the home as your primary residence. Contact me if you would like to discuss further.
0 votes
Penny OBrien, Agent, Las Vegas, NV
Mon May 2, 2011

Couple of important enities you should be consulting with. Your CPA and your favorite Lender. You don't want to get into a situation that is going to be a burden to you.. Too many homeowners and investors have made that mistake in our Las Vegas housing market. I'm not trying to discourage you, I just have seen so many people over spend on housing, I don't want you to become one of them.

Simply Reply to me @ 702.321.9383

Penny O'Brien
Simply Vegas
3042 S. Durango
Las Vegas, NV 89117

0 votes
David Cooper, Agent, Los Angeles, CA
Fri Apr 29, 2011
During the height of the real estate boom, you could have filled out the loan application saying you made $500,000 a year and with your FICO 780, you would have your loan in seconds. I don't know any loan company today that would think this is possible. There are just too many bumps with your current situation for me to believe this loan is viable

David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with cash flow. email or call for FREE daily list +1-7024997037 not a real estate agent
0 votes
Julia St. Ma…, Agent, Las Vegas, NV
Fri Apr 29, 2011
Hi Realestate94588....
First step....consult with a lender. Below is a knowledgeable, reputable and seasond lender. Consultation is with no charge or obligation....
Aaron M. Gordon--VP, Home Loan Manager--Senior Mortgage Loan Officer
Platinum Club - Bank of America Top 5% in Nation
Bank of America Home Loans
8359 West Sunset Road #130, Las Vegas, NV 89113
Office Phone: 702-697-8300
Cell Phone: 702-283-2333
eFax: 1.866.905.7922

Extra Info: http://lvrealestatelady.com/Pre-Approval.html

Please feel free to contact me at anytime and I shall be happy to get for you your second home....
Thanks and have a great day!

Julia St. Marie, Prof. Corp. RRG, ABR, RSPS
A Trusted Buyer Agent for Las Vegas Real Estate - If you need something specific, please let me know
No Realtor Inquires Please
Certified REO Specialist
Realty ONE Group
702-355-H-O-M-E (4663) direct

No Costs-No Obligation.....
Be one of the first to know....."Instant Email Notification" of Foreclosed properties -- http://lvrealestatelady.com/Foreclosure_Notification.html
Look at MLS Inventory—Easy-- http://search.lvrealestatelady.las.mlxchange.com/
0 votes
Melanie Dages, , Las Vegas, NV
Fri Apr 29, 2011
In order to better answer your questions I will need a bit more information. If you are considering purchasing a primary home in Las Vegas you would need to be employed in Nevada or your current employment situation would enable you to work out of Las Vegas, You mentioned you are self employed, what type of business do you own? Would this business income continue once you moved to Las Vegas? If the answers to these questions were yes, then we would need to take a look at your income and debt more indepth. We may be able to use the rent you are currently receiving if you claimed the rent on your tax return for 2010. This would help lower your DTI (debt to income ratio). Something to consider if your DTI is too high, is to co-borrow with a family member.

Give me a call if you would like to discuss your situation further.

Melanie Dages NMLS #327096
Castle & Cooke Mortgage, LLC
6900 Westcliff Drive 8th Floor
Las Vegas, NV 89145
702-304-8332 x325
0 votes
Nimfa Fontan…, , Las Vegas, NV
Fri Apr 29, 2011
Great question but please contact your CPA because there are rules in owning a second home.
And also you can contact a Mortgage Broker that can give your more specifics in obtaining a loan.

Good Luck !!
0 votes
Gregorio Den…, , San Diego, CA
Fri Apr 29, 2011
No one can know for sure without seeing your full financial profile, but from what you tell me I would say you will have a very difficult time qualifying.

1) You already have a 400K mortgage you are responsible for.
2) Your income is 34K + 14K = 48K
3) A 30 year payment on 400K @ 4.32% = $1984.19 making your debt to income ratio 49.6% (DTI) before you even add taxes, insurance or any other obligations you may have.
4) When you add taxes and insurance to your current mortgage you at around 63% DTI.
5) The max DTI for qualification will be 50%.
6) You will need 6 months of liquid reserves for each property, That means 6 months or principal, interest, tax and insurance payments (PITI)
7) If you convert your current home to a rental, you "may" be able to count a portion of the $1600 as rental income with a signed lease agreement and assuming you have 25% equity, but it will still not cover your current mortgage obligation.

I am not trying to be negative, just giving you a complete picture of the factors involved. You should speak with a licensed loan officer and have them review the complete picture.
Web Reference:  http://WeFixRates.Com
0 votes
Suzie Marqua…, Agent, Las Vegas, NV
Fri Apr 29, 2011
Thank You for the question. From what you have listed you look very good. There are some great deals in the market place right now. I have a great lender that I have worked with for over 11 years. I can put you in touch with her and she can start the process. I have helped many families purchase second homes in Las Vegas. I am available to answer any questions you might have. I look forward to talking with you.
Thank You
Suzie Marquardt
0 votes
Rick Ream, R…, , Las Vegas, NV
Fri Apr 29, 2011
That is a great question for a lender...
Call me, I have several great mortgage brokers that I can refer you to.

Rick Ream
Coldwell Banker Wardley
0 votes
Doreen Mulca…, Agent, Las Vegas, NV
Fri Apr 29, 2011
Dear Buyer,

If you would consider a Manufacturer home, we likely be able to help you.

I have included my Web site and Sunrise Mobile Home Community site at the bottom of this letter.

These homes are Park financed. Most of the homes we have listed are in Sunrise Mobile Home Community. This is a “very well kept" 12 year old Family Park with Desert Landscaping and Modern Conveniences. This community is 6 miles East of the Las Vegas Strip and is very close to the Boulder Highway Strip. We are a Gated community with transportation service at the gate.

Most of our homes are in the 1998 to 2005 age range. They are double wide and have been brought back to as "near as new" condition as possible. New paint inside and out. New carpet and vinyl and window blinds throughout. They all come with reconditioned Range, Refrigerator and Dishwasher where applicable . All of the homes come with Central Air Conditioning. Many of them come with an additional storage shed. There is also a covered 2 car carport. Most have fenced yards.

We have 2 bedroom 2 bath homes starting at $19,900 to $29,900. Our 3 bedroom 2 bath homes that we have listed at this time are from $29,900 to 45,900.

The financing is as follows: $2500 down, which includes the $1000 Earnest Money. There is also Closing Cost. It is a 20 year loan at 7% interest. Your 1st month Mortgage and Space Rent would be FREE. Your monthly cost this could be between $712 and $982 depending on the home price.
I hope this information is helpful and that I will be able help finding your new home.


Doreen Mulcahey, Mobile Home Sales Specialist
Manager, Sunrise Mobile Home Community
0 votes
Gary Williams, , Las Vegas, NV
Fri Apr 29, 2011
We do this tye of loan every day of the week. You just need to provide the required documentation and it will be a easy process. Contact me at 866-822-8282

Gary Williams
Allied Home MOrtgage Corp
866-822-8282 toll free
702-253-6099 direct
0 votes
John Longeway, Agent, Henderson, NV
Fri Apr 29, 2011
Hi Realestate94,
You should talk to a lender here in Las Vegas if you wish to purchase here.
Call or shoot me an email and I can give you a list of local contacts that you can speak with.
John J. Longeway
Keller Williams So. Nevada
Office: 702-777-0002
Cell: 702-325-4833
Web Reference:  http://www.JJLVRealtor.com
0 votes
Mark Fleysher, Agent, Las Vegas, NV
Fri Apr 29, 2011

Please, contact a mortgage specialist directly, and they will best be able to accurately answer this question.

My recommendation:

Anthony Tuason, Mortgage Loan Officer
Nevada Federal Credit Union
Phone (702) 948-5498
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more