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Stan "The Real Estate Man" Fikes and Rachel Nichols as they talk all things real estate in the Las Vegas valley. Get the latest information on the housing market from industry professionals with decades of experience!
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This is a k u and v studios original program.
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The content of this program does not reflect the views or opinions of 91.5 Jazz and more the University of Nevada Las Vegas or the Board of Regents of the Nevada System of Higher Education.
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Hello to you, Stan, the real estate man, and welcome to the Las Vegas real estate room where all roads lead to a home
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Welcome, everyone to the show. I'm Stan the real estate man. I'm a realtor with Vegas one Realty and I've been a realtor since 1988. I like to give you my license number also, which is 28 to eight. Also, that's a good lottery number. My contact number is 8092949. Area code 702. I'm here today with loan officer Mrs. Rachel Nichols. Please say hello to the audience. Miss Nichols. Hello,
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everyone. Happy Sunday.
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Before we get started today, Miss Nichols please tell everyone about your company experience license number and contact information. My
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company is fairway independent mortgage, my license number is 1699997. My phone number is 702-551-9511. That's my cell phone. And I am license here in Nevada, California, Texas, Georgia, Arizona and Tennessee. I have 20 years in finance, and specifically and mortgage. I have been a lender since 2018.
Unknown Speaker 1:55
As I recall, you also worked for bank somewhere in California, didn't you?
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I did I always say I grew up in banking. Because I started until 2001 as a teller.
Unknown Speaker 2:07
So that's a good background for you to be in banking and then move over into the loan business. Yeah, it
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was a natural transition for me.
Unknown Speaker 2:16
Well, let me ask you, which one do you like the best now?
Unknown Speaker 2:19
I love mortgages. I love the journey of getting people to the keys. You know, that's the home is the biggest purchase of their life. And I love being a part of that. Oh,
Unknown Speaker 2:29
that's great. That's great. Now, let me ask you a question about different types of loans. Now we have FHA most people should know about and conventional and VA. Talk a little bit about those type of loans for people that really don't know about them at this particular time. A lot of people do but a lot of them don't they did
Unknown Speaker 2:48
this true, very true. I will say the FHA loan is the most first time homebuyer friendly. Or if you have credit challenges. If you don't have much money saved and you're just kind of starting out, I would say FHA is the probably the most friendly loan you can get. It's the most forgiving. The minimum downpayment, I'm sorry, the minimum credit score is a 580. The minimum downpayment is 3.5% of the purchase price, need two years work history. What else? Yeah, we collect all your financials. So we'll get your W twos, your bank statements, your tax returns. And then I don't know, I would say would you would you agree? Yes, no. Okay, as far as conventional, that two has a benefit for first time homebuyers, and that is a minimum of 3% down. Now, the definition of first time homebuyer regarding mortgage is that you have not owned a home in three years or less. So if you had a home before you sold it or you moved or whatever happened, and you no longer have interest in the property. You're considered a first time homebuyer after three years. So that's great.
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So it's like a little circle, you can go around.
Unknown Speaker 4:19
Yeah, yeah, it's, you know, you get to a fresh start. A second chance, third chance, fourth chance, you name it.
Unknown Speaker 4:26
Absolutely. Go ahead and explain a little bit about the VA loan, VA
Unknown Speaker 4:31
loan, Oh, I love those. With 0% down. You have to be a veteran and you have to be eligible. So that's something that I can pull from the VA website. Usually you want to have what's called your DD 214 And I can pull the information with your social and the year you were born. Also, if you were a survivor, if you are a surviving spouse, I can pull The Veterans information as well. So
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can the surviving spouse of a veteran by under the veterans banner? Yes. Oh, yes, yes, absolutely.
Unknown Speaker 5:10
Yes. Yes. That's a big benefit, too.
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I wonder if a lot of people know that maybe they don't. I don't think
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they do. I. But I can always check. You know, if you're not sure, we can run the numbers, I mean, run the information before we even start so that we know exactly what loan we need to put you into. Okay.
Unknown Speaker 5:30
Now, once you get people approved for a loan, I know there's certain do's and don'ts that you let them know about, can you go over a couple of those items?
Unknown Speaker 5:39
Yes. I want to say one good thing is that my company also offers pre underwriting. So the difference between pre qualified pre approval and pre underwriting, I'll just run through those really quick. Okay. So pre qualified is, it's really just a conversation. We don't run any information. We don't have you do an application. We were sitting having coffee somewhere. And I'd say, Well, how much do you make? Or how much do you have in debt? Oh, you could probably qualify for about this much. That's a very general idea. We typically don't issue letters, you know, pre approval letters for anything like that. Because people sometimes just don't know. So they may tell us, Oh, I have a 900 credit score. And you know, we run the information off of that, but a 900 doesn't exist. By the way, I just want to throw that out.
Unknown Speaker 6:36
You know, speaking of credit scores, I'm kind of glad you brought that up. Because my daughter, she always comes to me and say, Dad, look at my credit score. She started out at 600. She's up to 805. Hello, okay. And I am so impressed. That is keeping a nose clean. She's paying the bills, your credit score keeps going up.
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I love it. Good job.
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So I'm looking forward to her getting enough money, not from day. So she can buy her first house
Unknown Speaker 7:09
downpayment, Assistant. Yeah, it's a thing. Absolutely. And I would say you want to find the people out there, you want to know what your mortgage score is. And how you can find that is my fico.com. That's one of the websites I reference, you know, before I pull credit, so that we kind of know what our starting point is. Otherwise, if you have an idea, and you just want to go for it, we go for it. We also offer soft poles as well.
Unknown Speaker 7:38
Now that that's the website, you speaking of zip pretty secure it
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is Oh yeah, absolutely. Okay, yeah. So you can actually pull your mortgage score, your auto loan score, credit card score, it gives you all the options, because there's different scoring models, when it comes to financing.
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No, is that something tied to your company? Or the satellite company? No, they're
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at they're an independent company altogether?
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Do they charge people to do it?
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I believe the seven there's a seven day trial. And then I want to say there's like a $20 charge. That's not bad. Yeah, it's worth it to know, especially if you're positioning yourself to purchase.
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Yeah, cuz you do need to know where you're going to stand when you're ready to buy a home. Absolutely. And the first thing you really need to do is call a loan officer. And one that I recommend is sitting in front of me. Hello, Miss Rachel Nichols. Thank you. And by the way, Rachel just had an anniversary. She's been married for
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two years, two whole years, to 2222. Yeah, I
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tried to get a husband and come out and play a little chess. But she told me I couldn't have him that day, because he was tied up with her
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he was tied up period.
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Very interesting. We'll go ahead and talk a little bit more about the VA people.
Unknown Speaker 8:57
So the VA people. So I will say that that loan is beneficial to them because they don't have to pay the PMI insurance. That's the mortgage insurance, private mortgage mortgage insurance. And so every loan, every FHA loan requires you pay mortgage insurance for the life of the loan. For conventional, if you get if you put down 20% Or you gain that much in equity, then you can get rid of the PMI. Now VA they don't even have to anticipate it and they don't have it at all at all at all. If they qualify for VA loan it's not even included. And how that benefits them is you know PMI is included in your debt to income so it affects how much you can purchase. And so if you don't have it, then the amount you can purchase is more.
Unknown Speaker 9:48
No absolutely. Now, you stated they can get rid of it is like 20% 10% equity that they needed. Eliminate the PMI
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thanks 20%. So if they put 20% down or say they put down 10, and they wait it out and gain another 10%, then that's the 20%. So however, we can get there, whether it's the market and the value of the of the homes going up, or you actually putting the money up to get there, then that's the option.
Unknown Speaker 10:18
Now, a lot of people don't know how to do that. But I think you're supposed to contact your lender and prove somehow that you have 20% equity, you
Unknown Speaker 10:29
have two options. The first one, yes, you can contact your current lender, and they will let you know their procedure on how to remove it. So basically, it they have you do ended appraisal, which they will order for you, and then they'll see if the value meets that 80%. Okay, yeah.
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You have to use their appraiser. Yeah.
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Okay. Yeah. Because you can't use a private one. You know,
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I can use my
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uncle Charles. Yeah, no, no, no, not this round. But they all you know, the appraiser is also not employed by the lender. It's a through a third party. So it's a neutral party. Okay.
Unknown Speaker 11:10
Now, let's talk a little bit about the loan you did for me, I found it quite interesting, because it was really a difficult loan. And you went all the way I think, to Florida to get this done. Yes. Yeah, this is, it was amazing to me, because I had a buyer that wanted to buy a house. And he wanted to use it for Airbnb. And it had ramifications to it. And Rachel solved everything. So please explain how you went through this long process to get this guy into this home. So
Unknown Speaker 11:45
this was what we call a debt service coverage ratio loan or de SC R. It is a real estate investor loan, he did put down 25% Because he was an inexperienced investor. There's DEF CON, like first time. Yeah, yeah. In investing, yes. And so we the loan is set up to where if the rent you can get for the property covers the mortgage, then you're good to go. You need a 660 credit score, and we order an appraisal and you need the funds to put the downpayment as well as the closing costs. But once the appraisal is done, that kind of brings the loan together. Now our issue was that the rent did not cover the mortgage. Yeah,
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he was literally short on that rent, because I think we needed like 15 101 And it came in at 12.
Unknown Speaker 12:42
Yeah, so we were $300 short, because it had I think had a high HOA Yeah,
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that HOA was a killer. I thought it would throw the loan out of the box from the HOA was $300 a month? Yes,
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yes. But there are different rules for different programs. And so I have access to at this point, I believe I have six DSCR loans altogether. And so in house, you know, ours require that you're at the mortgage amount or higher. Now, outside of that there are other brokers that I can broker a loan to, that allow you to be a percentage less. And so again, that's part of the appraisal amount, what you can get for the rent in the area from the rent schedule. So there's, you know, some ways that we can figure that out. And that's lovely did
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oh, great. Yeah. Because a lot of lenders don't know these types of lenders, how to find them, even how to contact them and use their service to get somebody alone. Oh, yeah. And you did that? Very well.
Unknown Speaker 13:52
Thank you. Thank you. I'm one of those people. If it's out there, I'm going to find it. If we need it. I'll do the training. I'm really kind of in tune. And that's kind of how I got some of my licenses. It's like, well, if we need it, you know if the markets there
Unknown Speaker 14:07
you were like a bloodhound on that. Yes, yes. That was a matter of fact, he called me a couple of days ago and gave me a shout out and thanks. Oh, okay. So he's very happy with his home. He's got it on Airbnb. Making money. Good.
Unknown Speaker 14:24
Good. I know he wanted it for Super Bowl. I think we close like the week before we
Unknown Speaker 14:31
before. Yeah, but he didn't have enough time to get his furniture in and stuff like that. But I talked to him, like I said on the day and he told me he's ready for March Madness. Oh, okay. And he's already got a booked up for the whole month. Oh,
Unknown Speaker 14:46
my goodness. So this was a great purchase. Yeah, that's absolutely yeah. Oh, I feel good. See, that's the journey I'm talking about.
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And that's what we try to do for everyone. We try to make sure that you're My real estate needs are taken care of, you know, so if you need any real estate help any loan help, we are here for you. You can contact Rachel at 702-551-9511.
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And you can contact me at 702809 to 949. When you have a website, too, don't you? Yes, my website is new home. safari.com
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new home safari.com. Okay, and I have an Instagram it is loans by Rachel Nicole. And so you can find me there are posts a lot of information on there. And say that again for is on Instagram, I'm at loans by Rachel Nicole. So loans by my first name are a CH E L. Nicole and I ce o l e. Now
Unknown Speaker 15:52
once you're doing a loan for a person and you're gathering information, how long does it take you to put the package together for this particular buyer?
Unknown Speaker 16:00
Um, once I get everything, so sometimes that is the part that takes the longest, they can't find their W two. So they have to contact their tax person to get a copy of their document. So
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are looking at. Yeah,
Unknown Speaker 16:16
yeah. So keep your documents in that briefcase or under the mattress wherever they used to be growing up. But once I get everything, I try to complete, run everything and put together a summary within 24 to 48 hours. Usually that summary list, if anything is missing, talks about credit, if they if they don't meet the minimum credit score, give them a game plan on how they can increase their score. And then I put a summary together. So if out if I pay stubs, I run the numbers and kind of let them know what we're working towards, or let them know what they qualify for. And then we can have a discussion on if we want to go higher if we want to make some tweaks and then kind of go from there. Oh,
Unknown Speaker 17:04
that's super. Now let's talk a little bit about new homes because you do loans for new homes too, right? I do. I do. Now Las Vegas, we have approximately 31 New Home Builders. And they are building 257 communities currently in homes for sale on the market with these new home builders are roughly around 1600. And the starting price is $250,000. So sometimes, you know you might want to think about a new home. The new home market is currently selling 40% of the homes in Las Vegas now. Wow. Were a few years ago was 10 to 15%. So their market share is totally increasing. Okay, and they're building what is called a lot of ready moving homes. Okay, and they putting in nice upgrades for you. They give me a little discount, you know, so you you really need to consider a new home at this time. Yes, you know, plus three plus, you're getting a nice warranty on these new homes. 10 year structural warranty, this sort of thing. You getting some amenities. And my job is to make sure that you get, you know, discounts and accessories thrown in the deal. That's right. A lot of these builders are telling me now because I went to a builders meeting that we can make offers on these properties, their prices and stuff like that are really not etched in stone. So just like resales, we can put an offer in on these properties and they'll look at it Okay, which is good for you as a consumer, you know, so you really want to come think about these new houses at the present time. And we have some excellent builders in town. I know a lot of you know about them, try point homes Luminar. Poke the American West, which is one company now they join hands. We got Richmond American we got Woodside, Dr. Horton, Toll Brothers Beezer century and on and on. So do consider buying a new home. And it would be my job to make sure that you have all this information for a new home. And again, you go through Rachel and get pre approved. Okay. Explain the pre approval process one more time.
Unknown Speaker 19:34
Okay. And so, what I do, I do a lot of work virtually so I can text or email you the link. You can click on it, fill out your application, and list the documents that you'll need which are your financial So, pay stubs, tax returns, W twos, bank statements, things like that. And then once everything is received, I run your credit I are working the numbers to see where it puts your debt to income and figure out how much you can afford. And from there, we have a discussion and determine if is enough. And you know, if you can find what you're looking for at that amount, or if we need to make some adjustments, you know, we can figure out if you need to pay some things off if you need to refinance something, so we kind of have a plan that we make together. Now,
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this is very important to folks, when you go into the process of getting a loan approved. You don't want to create any more debt. Please, don't go out and buy a new car. Don't go out and buy bubblegum machine. Hmm, you know, why not stay? On bubble gums, machines won't be a roof over your head, right? All right. Now, what are some of the do's you want people to do? When they're, you know, looking to buy a home,
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if you decide you're going to change employment, even if it's a promotion, you know, you get a raise of any kind, anything that has to do with how much you qualify for, let us know because we can make the adjustments, adjustments, if you go into contract based on the information that we pre approved you on. And when we go into contract, and we're running the information, we want to make sure it's accurate. So they will double check, triple check, you know, when they're lending you hundreds of 1000s of dollars, they're going to check
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exactly.
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Anything else that would be important. Like say, you had a car accident, and you need to get a new car. Let us know that because if it changes the payment that you had, or say you didn't have one, and now you do, that's going to add to your debt to income, and it could take us out of qualifying range. And then please get me my papers. That is my line. I always say, when I asked you for anything, please get it to me as soon as you can, preferably within 24 to 48 business hours. I understand weekends, you know, people have lives. But sometimes I work weekends and I'm emailing you doesn't mean I want you to stop what you're doing. But that is something that you want to pay attention to is your email or text or however, we decided to communicate. Let
Unknown Speaker 22:37
me piggyback on that a little bit, folks, because that's very important to get this information to Rachel, so she can get you pre approved and qualify for a loan. And then from there, I know what you can afford. And I can put you in the car and show you these properties that fit your needs. But continue, please, okay.
Unknown Speaker 23:00
You want to stay current on all your existing accounts. So that's your bank accounts. That's your credit accounts. You don't want to show overdraft on your bank account because you're showing yourself as a risk. And an underwriter does not like risk. So stay as positive as you can on your account of saying with your debt, you want to make sure you're making those payments on time. Don't suddenly put them by the wayside, just because you've gone into contract on the home. And then what else? You know, if you have any questions, you want to communicate to me I think that's the that's what causes the stress in the purchase process, lack of communication, and I am I do my best to make sure I'm available as much as possible for my clients. You know, if I can't answer your call, I will text you and say is this oh my god, you know, you can text me I'm in the middle or something. But I do my best to be responsive because I know you're sitting there and you're overthinking something or you're guessing and it's just easier to get an answer. So definitely communicate with us.
Unknown Speaker 24:10
And again, that's why we are here. Yes. Like Rachel says she's been doing loans for 20 years. I've been doing long since 1988. So that tells you you got a lot of experience between the both of us. And we are here to help you. We're here to make sure that you get home and that you are relaxed during this process. We don't want you running around like a chicken with his head cut off. You know, right? Whatever you do for a living. You continue doing that. And you put your trust in us. We love our jobs. We love our careers and we want to help you Yes, you know and if you let us help you you will be in on in the house. ASAP. Yeah, yeah. That's right. That's all it is. So what else you got on that do's and don'ts list there? Let's
Unknown Speaker 25:05
see paper trail. So let's say you get some kind of settlement, whether it's a claim from your insurance, you hit it big at the casino,
Unknown Speaker 25:17
can they send it to me?
Unknown Speaker 25:19
I don't think you want to give out your information. But let's say you do and you make this random large deposit into your account. Oh, that's not good. No, we just, well, it can be that will be good for you. We like deposits, but we need the paperwork. So you can't just put that in your account and then expect us not to question it. So any paperwork tied to that you want to hold on to and submit with your documentation. So
Unknown Speaker 25:48
you need to prove it. Yeah. We mess basically because they don't want druggies buying home. Right. Stuff like that. Is that correct? That is
Unknown Speaker 25:57
correct. That's true.
Unknown Speaker 25:58
You know, the government wants to know where the money came
Unknown Speaker 26:02
from. Yes. Yeah, they go, yes.
Unknown Speaker 26:05
You got to disclose there's no harm in that. Right. If you win $10 million $500. And you throw it in the bank? Just disclose the paperwork. Yeah. So
Unknown Speaker 26:18
yep. And I'll tell you what I need we'll walk you through, you know, we need the application. We need that, you know, depending on what it is because 401 K loans or it's another one, so it's just depends on where it comes from. I've had people cashing gold coins. Oh, remembering the receipt as proof that shows you Yeah, right. Yeah. Right. And get real creative. Finding some fun. Now
Unknown Speaker 26:42
give us those 401 K loans. Do they have to pay that back? Yeah,
Unknown Speaker 26:46
they're on a payment but not for the loan. Okay. I'm sorry. No, we just include the payment and the debt to income. Okay. Yeah. So that's okay.
Unknown Speaker 26:58
Great. So that is really super. So, Rachel, please give me your phone number. Again. It
Unknown Speaker 27:05
is 702-551-9511. And my Instagram is loans by Rachel Nicole. Great.
Unknown Speaker 27:14
Now I want to inform everybody about this house that we have available. It's a brand new home, and it can be purchased for 330,000. It offers 13 109 square feet with three bedrooms, two car garage, two and a half bedrooms. And it's a two story. I can be reached at 702-809-2949. Rachel has a loan ready to go for you. So you can move in ASAP. Her number again is 702-551-9511.
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Now
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remember, we are here to help you put your trust in us. We'll have you in the house before you can close your eyes. Thanks for listening. We look forward to hearing from you. And do tune in to our next show next month. It'd be on the second Sunday of the month.
Unknown Speaker 28:17
Thank you.
Unknown Speaker 28:18
Thank you, everybody. Appreciate you listening. We're waiting to hear from you. Thank you for listening to the Las Vegas real estate rule. I can be reached at 702-809-2949 or you can go to my website, new home safar.com And please remember, nothing comes to a sleeper with dreams.
Transcribed by https://otter.ai