My booyfriend and I want to buy a home. We have app $50,000 saved but live only on Social Security. What is the best way to go?

Asked by Kim Miller, Las Vegas, Las Vegas, NV Sun May 15, 2011

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James Bellile, Agent, Las Vegas, NV
Thu Oct 20, 2011
Hello Ms. Miller,

My website http://www.LasVegasRealEstate.com has an exact, detailed, step by step process for you, just click on the BUY IT sublink and read on. I would like to interview to become your exclusive agent when you are ready. Thanks for writing in on Trulia.
0 votes
Rick Ream, , Las Vegas, NV
Tue May 17, 2011
Hi Kim
There are a lot of answers out there… which one is right for you???
As Realtors® most of us are not financial planners nor advisors.
The first thing I would suggest to do, is contact a lender to see what your financial options are.
There are numerous options and programs available.
A lender / mortgage broker will review your financial situation and credit scores along with other factors to determine what kind of rate and programs you could qualify for.
Then do a pre-qualification and / or a pre-approval.
This way, you and your realtor will know what you can afford, and more importantly, what makes financial sense for you.
If you would like, I have several lenders / mortgage brokers, that you could speak with; just contact me and I would not mind putting you in touch with any or all of them.

I hope this helps

Thanks for reading

Rick Ream - Realtor ®
Coldwell Banker, Wardley Real Estate
7670 W. Lake Mead Blvd #100
Las Vegas, NV 89128
702-528-5207
RickReam1@GMail.com
0 votes
Gary Williams, , Las Vegas, NV
Mon May 16, 2011
kIM,
BEING A SENIOR MYSELF i WOULD LOOK AT THE POSSIBILTY OF USING A REVERSE MORTGAGE TO PURCHASE THE PROPERTY WHICH WOULD ONLY HAVE YOU PAYING TAXES AND INSURANCE. IT WOULD USE ONY PART OF YOUR DOWN PAYMENT AND HAVE NO MORTGAGE PAYMENTS.
CALL ME IF YOU WISH TO DISCUSS
GARY WILLIAMS
ALLIED HOME MORTGAGE
702-253-6099 OFFICE
702-807-7908 CELL
garymoney@alliedhomenet.com
0 votes
David Cooper, Agent, Los Angeles, CA
Sun May 15, 2011
Kim: With today's low interest rates and decent foreclosure homes selling for $60,000 to $80,000 you might get an FHA mortgage with payments for just about the same as rent. I definitely would NOT spend all your hard earned savings on a downpayment, but if you can get a mortgage close to the rent you are paying, you would be wise to check it out


David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with Huge Cash Flow. for FREE daily list email: davidcooper@lasvegaswinner.org or Call +1-7024997037 not a real estate agent
0 votes
Yarbrough Re…, Agent, Las Vegas, NV
Sun May 15, 2011
Hello Kim,
I have a great lender who can help with financing you, she approved 100% of my clients to buy the home of their choice. I can also help you find a home that you want. I am comitted to assisting all my clients and I'm always available answer your questions. You usually don't get my voice mail and I promise to always return your call within the hour. Give me a call and let's get started finding your new home.

Mike Yarbrough
Simply Vegas
702-985-5566
0 votes
Michele Dutc…, Agent, Las Vegas, NV
Sun May 15, 2011
Hi Kim,

In today's market you have many options when purchasing your home:

1. You could by a resale or used home. There are several different type of sale types for a resale home:
a. Traditional Sale (the owners of the house are selling and do not owe more thanthe house is worth). This type of sale is not as common as it once was, although they do still exist today.
b. Short Sale (this is when the owner is selling and owes more than the home is worth.) For a short sale to be completed the bank or mortgage note holder needs to ultimately approve the sale. A short sale can take an extended period of time to be completed - with average time frame being 90 days; but I have heard of them taking as long as two years. Statistically only about 50% of short sales actually get approved and close.
c. Bank Owned/Foreclosure Sale - These take less time but can also be a more stressfull type of sale. Just like buying a used car you are ultimately buying someone elses problems. I foreclosed property many times has been sitting vacant for longer than a year before it is purchased.....this can have severe consiquences on the heating, cooling, and water systems in the home.

If you are considereing a resale house please make sure you use a good Realtor and do your homework. You can apply for an FHA 203K loan and finance the repairs of the home into the loan as well.

Or You Can Buy A New Home From a Builder like the one I work for. There are many advantages to purchasing a new home:

1. It is brnad new and build to higher energy efficient levels than a used home.
2. You get a 1 year everthing is covered warranty and 10 year structural warranty
3. We have Quick Move In Homes - these are built to dry wall, so you still get to pick your counters, cabinets, and flooring options to suit your personal taste. You can move into the home within 30-45 days.
4. You could choose a "Showcase" Home - these homes are complete and have some upgrades and amenities already included at a discounted pric. This can equal a pretty substantial savings and you can move in within 30-45 days.
5. Builders general have a promotion of some kind going on. Right now my employer is offering to buy down interest rates on a 30 yr FHA fixed loan and put money toward closing.

We love Realtors so if you hvae one please bring him/her with you when you stop buy for a tour. If I can answer any questions or help in any way please dont' hesitate to contact me.

Michele Dutchess
Sales Associate – Selling North & South Las Vegas
Richmond American Homes
Falcon Ridge
1905 Magdalena Ridge Ave.
North Las Vegas, NV 89081
Michele.Dutchess@richmondamericanhomes.com
Office: 702-656-3017
Cell: 702-324-9281
Fax: 702-656-8619
http://www.RichmondAmerican.com
0 votes
Julia St. Ma…, Agent, Las Vegas, NV
Sun May 15, 2011
Hi Kim.....I am happy to help you!

STEP ONE: Line up your financing: http://lvrealestatelady.com/Pre-Approval.html
Below are some reputable lenders whom you may consult with and consultation is free and with no obligation.

Kevin Helm
Bank of America Home Loans-VP / Senior Mortgage Loan Officer
Kevin.Helm@bankofamerica.com
Phone: 1.702.515.8704---219-9078
Fax: 1.866.517.9965
6900 Westcliff Dr, 2nd floor,Las Vegas, NV 89145

D. Jed Wunderli-Alterra Home Loans
Certified Mortgage Planner
2520 St. Rose Parkway #205, Henderson, NV 89074
jwunderli@goalterra.com
C: 702-812-1214/O: 702-588-5430/F: 866-920-8568

STEP TWO: Please contact me and I will show you homes that interest you and get it for you!

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
Certified REO Specialist
Realty ONE Group
702-355-H-O-M-E (4663) direct
LVRealEstateLady1@yahoo.com
http://www.LVRealEstateLady.com

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
David Drisco…, , Las Vegas, NV
Sun May 15, 2011
It is possible to buy a home with your social security income if everything else is in line. Feel free to call 702-340-0888 if you wish to prequalify.
0 votes
John Longeway, Agent, Henderson, NV
Sun May 15, 2011
Hi Kim,
As mentioned before, you should talk to a few lenders to see what options are available to you.
I feel confident that home ownweship can become a reality for you.
If I can help you with the names of some lenders please let me know.
Call me or shoot me an email and I will be happy to help.
Thanks,
John J. Longeway
Keller Williams Realty So. Nevada
Office: 702-777-0002
Cell: 702-325-4833
Web Reference:  http://www.JJLVRealtor.com
0 votes
David Cooper, Agent, Los Angeles, CA
Sun May 15, 2011
Dear Kim: You say you are in Social Secuirty, is that permanent or short term, and how much do you get each month? Also, your credit score would be helpful to determine the financing available to you. You can certainly buy a nice 3 Bed 2 bath house in a good neighborhood for under $100,000, so your ability to pay the mortgage is based on your income

David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with Huge Cash Flow. for FREE daily list email: davidcooper@lasvegaswinner.org or Call +1-7024997037 not a real estate agent
0 votes
Jamie Maxwell…, , Henderson, NV
Sun May 15, 2011
Go see what your property options are first. You need to make yourself familiar with the current market.
http://www.702listings.com
0 votes
Rhonda Brink…, Agent, Las Vegas, NV
Sun May 15, 2011
One of your options would be to only put 3.5% down and get a FHA loan, then you would have plenty of money for renovations. I would reallly like to talk to you. If there is a will there is a way. You just need someone to stay positive for you and dont give up on you until after many lenders all say there is no way. I work with two very good lenders. Always remember the glass is half full, not half empty.
0 votes
Rhonda Brink…, Agent, Las Vegas, NV
Sun May 15, 2011
Kim, I would love to talk to you about your options. There is so many ways to go. Please feel free to call me at 702-239-6900 or email me at Rhondasellsvegas@gmail.com. My website is http://www.AllLasVegasHomes.com. I would love to discuss your options with you.
0 votes
Jeff Wallenf…, , Las Vegas, NV
Sun May 15, 2011
It's great that you have that much saved! However, I don't think you'll be able to buy anything in move-in condition for that. Your best bet is to talk to a really good mortgage person, explain your situation, and ask how much you can be pre-qualified for. It goes without saying that you'll have one reply to your question shortly. Once you know how much you can spend, you can start to consider your options.

I wouldn't recommend putting more than $40,000 down; you'll want to have cash set aside for renovations and repairs. Even the nicest house has something that needs to be fixed.
0 votes
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