Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Las Vegas : Real Estate Advice

  • All715
  • Local Info69
  • Home Buying305
  • Home Selling35
  • Market Conditions35

Activity 36
Tue Jul 26, 2016
Joe Borelli answered:
The FHA Streamlined 203K version allows for up to $35,000 in non-structural renovations whereas the Standard version can be used for almost anything. Both are limited to the maximum FHA mortgage limits in your county. Both are based on the purchase price plus the cost of improvements.

Find local FHA lenders with expertise in handling 203K loans in Nevada:
http://203klenders.org/nevada-nv/
... more
2 votes 12 answers Share Flag
Thu Nov 12, 2015
Devan Reaves answered:
Yes FHA financing is available up to 97% of the purchase price, and there are still state and federal down payment assistance programs available that can makeup the difference in the event you do not have it. In the event of the write-offs you have to provide letters of explanation for derogatory credit. They do not need to be overly detailed, but are necessary for FHA loans.

Give me a call directly if you would like to explore some options. I am an FHA approved broker which allows me to provide the products from a variety of lenders. I can help you get pre-approved for financing, and my brokerage is partnered with an in house real estate company.

Devan Reaves
Mortgage Consultant
North American Financial
(702) 686-4819
... more
0 votes 7 answers Share Flag
Wed Oct 14, 2015
answered:
Hi Jannette,

The answer is may be. I can do FHA loans down to 580 score but it will depend on whether or not your new job is in the same line of work as your previous job and how you're paid.

The best thing you can do at this point is to just apply for a pre-approval.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/profile/john-burke-mortgage-broker-or-lender-austin-tx-993995/reviews
... more
0 votes 1 answer Share Flag
Tue Sep 8, 2015
Tony Garcia answered:
Hello,

We have a portfolio product with no waiting period. It does require 20% down and only available in arm product. Minimum credit score is 660 (will consider as low as 620 with compensating factors). Email me at tony.garcia@banchomeloans.com to discuss. ... more
1 vote 1 answer Share Flag
Sat Jul 18, 2015
Chris Harrison answered:
Contact Jared Penn at First Cal Mortgage. (702) 419-6342

Best regards,

Chris Harrison
Barrett & Co., Inc.
702.592.9510 ph
1 vote 4 answers Share Flag
Tue Nov 5, 2013
Madhukar.tanna answered:
I am a non resident Canadian living outside Canada. I wish to buy a one to two bedroom apartment in LV. My target price is 75K. Kindly contact me at madhukar.tanna@gmail.com
I do not require any mortgage. Thank you. ... more
0 votes 13 answers Share Flag
Tue Oct 15, 2013
Robert Adams answered:
f_steve posted this question in Dec 2012. Hopefully they received the answers they needed by now. If now please let me know as I would be happy to point you in the right direction.






I look forward to hearing from you!

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com

CONNECT with me on LinkedIn: www.linkedin.com/pub/robert-adams/2a/971/a93/

LIKE me on FaceBook: https://www.facebook.com/pages/The-Adams-Team-at-Rothwell-Gornt-Companies-LVrealestateHELPcom/148902465176255

FOLLOW me on Twitter: https://twitter.com/ShortSalePros
... more
0 votes 5 answers Share Flag
Sun Aug 18, 2013
Chad Roberts answered:
Most lenders will require that you wait 3 years before getting an FHA loan with 3.5% down, or 2 years for conventional financing with 20% down.

Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
... more
0 votes 12 answers Share Flag
Tue Jul 9, 2013
Michelle McDermott answered:
If you need a real estate attorney to handle your HOA, HOA auction-quiet title or evictions,Short sale, foreclosure or mediation needs you should call Robert Noggle, Noggle Law PLLC www.nogglelaw.com
702-525-4113
... more
0 votes 7 answers Share Flag
Mon Apr 8, 2013
answered:
Hi Cbvgax,

It may not be as sticky as you think.

VA has a 2nd tier or bonus entitlement.

Here's how it works:

You basic entitlement is $36,000 for a home of $144,000 or less. If you go higher, your entitlement is 25% of whatever VA has set the county loan limit it at. In most areas that limit is $417,000 so your entitlement would be $104,250 ($417,000 X 25%). VA requires that you have enough entitlement and or down payment/equity to cover 25% of the loan amount.

So let's say your first home was $144,000, you would have used $36,000 of your entitlement. Now fast forward to today. Let's say you're looking at a new home for $250,000. You would need to have $62,500 ($250,000 X 25%) of entitlement for a VA mortgage which you would. Here's how the math would look.

Entitlement of $104,250 minus what was used, $36,000 = $68,250. This would be your remaining available entitlement which would be enough to "buy" home for $273,000 without a down payment.

What we need to do is figure how much entitlement he has available and whether or not it's enough to cover the loan amount on your current mortgage. The idea is to basically sell the house to your ex so that your existing VA mortgage gets paid off which in turn means your entitlement will be fully restored.



Please feel free to contact me for more information or help with your VA mortgage. You can also find more info on my VA mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust Co.
(877)228-9069
http://www.trulia.com/profile/johnburke/#__rec
... more
1 vote 5 answers Share Flag
Thu Feb 7, 2013
lvhomeproperties answered:
Everyone has said all things that are true. First is the financing. As a second home or investment property, you will be required to put a minimum of 10% down on a conventional loan. These rates are a bit higher due to the risk. As you put more money down, the rate and mortgage insurance will go down(slightly). It is a matter of debt ratio with your current debts and what you are looking at for a new loan. So, can you refi your current home to get a lower rate first? This all needs to be discussed with a quality lender.
I have several lenders that are very familiar with second home and investor property loans that can assist you in the planing.
However, are you aware of the tax ramifications of retiring in CA? Also, I would check with a financial planner regarding this. With the state taxes of CA and property taxes, it takes a large chuck out of retirement income. This is a situation that you need to be aware of and plan for if this is the goal for yourself. As retirement gets closer, you need to get all the information you can for a big decision like this. This includes what to do with the Las Vegas house once you retire. I E selling it or using it as a long term rental property(another reason to look to refi to the lowest possible rate or pay it off)

James Battaglia
702-361-6994
Elite Realty
Realtor
Property Manager

lvhomeproperties.com
... more
1 vote 8 answers Share Flag
Tue Feb 5, 2013
answered:
Hello I would need a 640 to help you, I can do mortgages nationwide. If you would like to contact me I can pull your credit and if it is lower than a 640 I can run a rescore program which will tell me what you can do to get your scores up. It can be as simple as paying down the balance on a credit card under 50 -33% of the credit limit on the card, to give you the extra points. My phone is 262-649-5439 and email is bsorenson@englending.com

Regards,
Brynn
... more
0 votes 9 answers Share Flag
Mon Jan 21, 2013
Robert Adams answered:
These loan programs are not around anymore to my knowledge.

It basically, means you have 2 loans on your home. This is the same as 100% financing. One loan for 80% of the homes value and the other loan at 20% of the homes value.

The 80% loan would have a lower interested rate than the 20%. The 20% would be a much higher rate.

Again, these programs are a thing of the past.

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
... more
0 votes 5 answers Share Flag
Sat Jan 5, 2013
Deluxe Realty answered:
Absolutely, that's called a 1031 Exchange.

In a typical transaction, the property owner is taxed on any gain realized from the sale. However, through a Section 1031 Exchange, the tax on the gain is deferred until some future date (e.g., the future resale of the home you will purchase with the proceeds from the sale of a current property).

To learn more, check out this post:

http://sellstatedeluxe.com/2012/12/21/1031-tax-free-exchange-delay-capital-gains-tax/
... more
0 votes 2 answers Share Flag
Thu Nov 15, 2012
Son Olney answered:
Hello there,

If you have the cash then Las Vegas is the place to consider to buy investment properties. In our market Cash is King. With the amount of inventory we currently have, we are seeing multiple offers and cash is usually the one that gets a accepted offer. If you have any questions, you can conact me. Thank you and have a great day.

Son Olney
Cosmopolitan real Estate
702.810.1420
sonolney22@gmail.com
... more
0 votes 18 answers Share Flag
Thu Nov 15, 2012
Son Olney answered:
Hello there,

If you are looking for a Hard Money Lender then visit this site and you will see the various programs that are offered. Obviously you will be paying higher points but you have the weigh the good with the bad. Here's the link for your review. http://hardmoneyinlasvegas.com/how-much Thank you and good luck with your purchase. ... more
0 votes 3 answers Share Flag
Fri Oct 12, 2012
David Driscoll answered:
Wed Oct 10, 2012
David Cooper answered:
If you are seriously looking for a realistic assessment of your credit qualifications for getting a condo iand verifying what help you need to make you credit worthy,
I would email or phone for a private, no obligation consultation to
Sharon @Southern Fidelity Mortgage 702-862-6775
email http://www.Sharonmaylee@gmail.com

David Cooper Investor 702-499-7037
... more
0 votes 10 answers Share Flag
Tue Oct 9, 2012
Jeff answered:
Hello Mark, we can definitely examine both options. Please give me a call at 702 348 7573 and we can discuss your options in more detail. We can definitely do better.
Thank you,

Jeff Wucinich
Firstcal Mortgage
... more
0 votes 8 answers Share Flag
Tue Apr 17, 2012
Rena Levy answered:
Hi Eric,
You can contact me at 702-612-7099 or email cvegashomes@gmail.com
We have great professional knowledgable lenders that can help you with all your re-finance and new loans needs.
Rena Levy
Broker/Associate
Realty Executives of Nevada
702-612-7099
cvegashomes@gmail.com
... more
0 votes 12 answers Share Flag
1 2
Search Advice
Search

Followers

847