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Every fourth Sunday, Regana Kooman-Henry discusses various aspects of the home buying process and home ownership experience.
Unknown Speaker 0:00
This is a K und studios original program. You're listening to special programming brought to you by Regatta. kumin. Henry of Coldwell Banker Premier Realty 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.
Regana Kooman Henry 0:36
Welcome to the Southern Nevada real estate Show. I'm your host Regatta. I am a real estate agent and broker associate with Coldwell Banker Premier Realty. I have been a licensed real estate professional since 1991. I am also a full time licensed real estate professional. Some of my accomplishments are I am a quality service award winner. I have been ranked in the top 10% for all realtors in Southern Nevada by production, and I am a member of the Veterans Association, a real estate professionals. I have assisted in all types of real estate transactions over the years, from first time buyers to experienced sellers and also corporate buyers and sellers transferring in and out of Southern Nevada. Today I have a special repeat guest on my show you've heard her before you love her you love what she talks about all things mortgage, welcome kerosene and Bucky with the loan depot mortgage company. Welcome back again. Keirsey
Kiersy 1:39
thank you we're gonna always a pleasure to be on the show with you talking about real estate and mortgage. I'm happy to be here. Thank you.
Regana Kooman Henry 1:47
Yeah, I'm happy you're here to it's always exciting to get your knowledge of it everything regarding mortgages. So Kiersey Are there any new programs at loan depot mortgage company at the moment?
Kiersy 2:00
That is a great question. We're gonna and loan depot just rolled out not too long ago a new program and it is called Access zero. So would you believe that you could get a home with 0% downpayment? Wow. Access zero will provide qualified borrowers with downpayment assistance of up to 5% as a repayable second lien and 0% down and our credit scores for that program go down to as low as 600. And it's really an opportunity that you do not want to pass up.
Regana Kooman Henry 2:39
Definitely. And QRC what downpayment assistance is there right now for downpayment assistance.
Kiersy 2:48
So there's quite a few options right now for the folks out there that might need you know, a little help with their with their downpayment. We have a first time homebuyer program. And first time homebuyer just so you know, everybody's clear on what qualifies you as a first time homebuyer is going to be that you have not owned a home or property in the last three years. So you know, I think a lot of people think first time homebuyer they may have purchased before, a few years ago sold the property moved out of state, you know, whatever the situation might be thinking that, you know, maybe they don't qualify, but in actuality they do. So, on that program, we can do FHA loans, VA loans, USDA loans, and conventional the the minimum credit score is going to be 640. And then there's going to be a couple of different options, you can do a 2% grant, or a 4% grant. And the way that they calculate those is basically, it's not off the purchase price, it's off the loan amount. So you know, it's going to be different rates depending on which option you choose. And then that is a 30 year note that's attached to to your home, but it has zero interest and zero payments. So at the end, if you know, if you sell or refinance, then you have to pay back the amount that you got. But you know, if you stay in your home, there's there's no payment on that. And right now, rates for that program are in the sixes, which is pretty awesome. Because that's below market rates right now. It's great. So just in context for people because we hear all that you know what I'm talking about, I know what I'm talking about, but how does that translate into something I can use as a borrower? So let's just say, you know, the median home price is somewhere in the 400 It's right now in Las Vegas. Okay, so let's just use 415 as a purchase price. So if you chose to do that 4% assistance, then that would give you $16,000 towards downpayment and closing, how awesome is that?
Regana Kooman Henry 5:18
That is excellent for people that might be short of funds that I'm sure that's very helpful, very helpful. Yeah,
Kiersy 5:26
exactly. And I know, you know, it's it's tax season right now, and a lot of people get those tax returns, they might have enough for maybe closing costs or a little bit of downpayment, they're just not going to quite make it there, you know, this program would be, would be for them to be able to purchase without having to wait too much, you know, too much longer to save up that money. Because for some people, you know, it's it takes a little bit of time. So the second one that there is, is kind of a specialty program, it's for teachers and for veterans. So the teachers program, we can do an FHA loan of 11, VA loan, USDA, or Conventional, you need a 640 credit score. And the way that one works is, it's a little bit different from the first time homebuyer, this one gives you $7,500 towards, you know, closing costs or downpayment. And that one is a five year prorated. So after, after five years, it is forgiven. But during the first five years of your loan, it the amount goes down a little bit like by a little bit until you reach that fifth year, and then it's completely forgivable. So the only way you would need to pay that back, because if you refinanced or sold before that five years, so that's, you know, that's a great option to help our teachers out there. We appreciate all that they do. It's definitely a thankless job, I that's true, I know, I would not be able to do what they do. So me, God bless them. And then the second one under that the specialty would be for our veterans, we absolutely love our veterans. You know, we're a military city here, and we have a lot in there. So for that one, it requires a 640 credit score. And there's no downpayment assistance, because VA doesn't require a down payment most of the time, but it will give you below market rent. So, you know, you say well, what good is that, to me? Well, that can help you qualify for more of a house, the lower the rate, the more you can qualify for. So that's a that's a great option for our teachers and for our veterans out there. And then, you know, we've got a couple other ones. You know, what, what happens if I had a home, maybe a year ago, I sold it. Now I was gonna move out of state or I moved out of state I'm coming back. I want to purchase again, but I've owned a home in the last three years. So now I'm not a first time homebuyer are there options for me, there are options for you. So you don't need to be a first time homebuyer for this third option of downpayment assistance, and you can actually own one other property, as long as it's outside of the state of Nevada. Wow. Excellent. Yeah. So that's, that's kind of a new development with this program. And, you know, that opens it up, you know, for other people to be able to purchase, if they've owned a home in the last three years. We can do you know, all the loan types FHA, VA, USDA, conventional 640 credit score, most of them have below market rate typically. And then the option on those is 3% assistance, or 5%. assistance. And then that's going to be the same as the first time homebuyer as in it's a 30 year note, no payment no interest. Right now, those rates are probably mid mid to high sevens, you know, so rates change daily. Don't quote me on those but right now as of today, that's what they were, they were quoting for those. And again, let's say okay, curiously, you're just talking a lot of mumbo jumbo how does that relate to me as a borrower tell me something told me something exciting that I can get excited about that yes, let's let's tell Alright, so let's work on example, let's say it was still a conventional loan under this downpayment assistance option. Okay, so Max purchase price right now in Clark County for conventional loan is 766 550 Sheesh That used to be a mansion back in the day right back
Regana Kooman Henry 10:02
in the day, it was a huge house. huge mansion. So
Kiersy 10:06
Max purchase price 766 550. And then it does have an income limit on this program of $140,000. And that would be, you know, combined household income. Sure. It's no interest and no payments second, just like the other ones. At that, so at that purchase price, if we did the 5% Assistance, you could get up to are you ready? I'm
Regana Kooman Henry 10:35
ready curious. All
Kiersy 10:36
right. You could get up to $37,000 towards downpayment and closing Oh, no way Wow, on a no interest, no payment loan, what banks gonna give you that?
Regana Kooman Henry 10:50
I haven't heard of any.
Kiersy 10:53
So that you know, that's a that's an awesome option out there for you know, if you're in that little bit higher price range, maybe you had had enough money for down payment and or in closing, but now we've been bumped up. So the last one that I wanted to talk about today is going to be the home first downpayment assistance program. Now, as of today, there are 43 loans still available, this one's a kept, they only had so much money to give, and we're down to 43. Okay, so this one isn't gonna last long. If you are super excited about hearing about this one, you know, give us a call, we're gonna can find you a home, I can help you with the loan, but this one minimum credit score 640, the rate as of today was 6.6 to five, so that one gives you $15,000 $15,000, okay, and that is for downpayment only, you can't use the other ones you can use for down payment or closing costs. This one, the 15,000 is strictly for downpayment. And that one is forgiven after December 31 2026. So we're in we're almost done with 2024. Now, halfway done already. So it's only a year to two and a half years versus you know, the other ones that are almost 30 years. So those are the downpayment assistance programs right now that we are offering.
Regana Kooman Henry 12:34
Wow, that's a you have a wealth of information. Like I said, I'm sure the listeners are very pleased this morning, things that they did not know before. So here's the let's talk about the VA mortgage a little bit. Is there anything for the listeners this morning, regarding VA mortgages that we may not know about? Keirsey? I
Kiersy 12:57
think we kind of decided on this one, we're gonna that we want to make this like, did you know for VA loans, because there's so much information out there, and I just feel like, you know, some people are safe keeping it. Yeah, exactly. And knowledge is power. So right. The tips and tricks. So today, let's say Did you know that if you currently have a VA loan, you could potentially purchase another home with 100% financing on a VA loan?
Regana Kooman Henry 13:33
That's a good one.
Kiersy 13:35
So I think that a lot of people out there think that if they've used their VA, that they can't purchase another home, let's say they moved here, you know, 510 years ago, and they purchased with a VA. Now now they've got a family, more kids, a lot of parents are moving in with their kids now. And they need a bigger house. But they don't really want to sell the house that they have, you know, they've got a low rate, it's a good, a good property, they could potentially rent that out. But they still they need a bigger home for their families. So, you know, depending on how much entitlement you have left, you could potentially purchase another home with 0% down.
Regana Kooman Henry 14:21
Wow, that is amazing. Keirsey I bet there are a ton of people listening this morning that didn't know they could have two VA loans at the same time. Thank you so much. Keirsey that is wonderful, wonderful. information, lots of things that have to absorb this morning regarding mortgages. So thanks again. Keirsey you're always a great mortgage information person and Keirsey please give the listeners your contact information, your name, your phone number, your company and your license number twice. All
Kiersy 15:00
right, well, thank you, we're gonna I always appreciate the opportunity to, you know, have you on have me on the show with you, not you on the show with me. So I am Keirsey and Bucky with the loan depot, my NMLS number is 1398336. And my You can reach me at 20858911812085891181. Again Kiersey with the loan depot.
Regana Kooman Henry 15:33
Thank you so much here, see. Now there must be some homeowners out there that are listening this morning that are thinking about selling their home and out of all of you listening this morning that are thinking about selling your home, there are some of you that may be thinking that you are not in the best financial position to put your home on the market because there is too much work needed for repairs on your home. And you think that you can't afford to have the repairs done in order to sell your home for the highest amount possible. Well, I would like to talk about the real vitalized program that my company is a part of. With this program, you're able to have the necessary repairs done on your home upfront, and don't have to worry about paying for the repairs until your home is old for any homeowners that don't have the money to do the necessary repairs of the home upfront. Now if you would like more information I know I've talked on my show previously a few times about this on previous shows. But if you'd like more information, more detailed information, my number is 702-596-1267 that 702-596-1267 Now for example, your home may need repairs such as plumbing, electrical roofing, painting, professional cleaning, yard clean up, maintenance, hauling away trash and things that you don't use anymore. So the house looks larger if you have a lot of things cluttered around the house. You know and the list goes on and on as to how this program can help sellers that are sellers that don't have the money to fix up the home. Now sellers if you have been thinking about selling your home, now is the time while the housing inventory is still considered a shortage because you have far less competition right now. And with there being a housing shortage, that is the number one reason why it is a great time to sell right now. You might even have a job transfer that you just found out about and if you need to sell I definitely can help you. Now's the right time. us all. You know in my business I use only professional photography for my sellers home as long as the home is ready for professional pictures. I use personally state of the art marketing for your home. Also I do have very strong negotiating skills. I am a full time not part time real estate professional and have been in the real estate business for over 30 years. I know I'm aging myself, but it has been over 30 years. And experience really does matter when negotiating in order to get you the top dollar for your home. So don't settle for less. My number again is 702-596-1267 I truly treat all my clients with respect and dignity because without my clients, I would not have this wonderful career and golden opportunity to help so many people throughout the years. For all of you homeowners thinking of selling this morning, I know personally what it takes to get your home sold. Being a real estate professional for as many years as I have. I've seen the market go through all different types of stages. And I know I know what it takes to get you the top market value for your home. I will help you with staging the home because as you know the way you live in your home is not the way you show your home to potential buyers. I can offer suggestions for getting the home ready for professional pictures, virtual tours, showings and everything in between. I am very assertive and I will go that extra mile to get you the highest dollar for your own. Also my services come with a guarantee in writing so at the time that we get together and we do the listing contract to get your home on the market. There is that piece of paper that is a guarantee in writing when you signed to hire me that I will do what it takes as your real estate agent and do everything it takes as a realtor in general to get your home sold and for the for highest market value, I have a very high quality service rating, mainly because I listen to my clients and I do not rush them with signing contracts without explaining in full detail what is being signed. And I will go through all the offers received on your home in detail. I will ask the buyers lenders a series of questions regarding the buyers loan approval, because not all lenders are alike. So I do all that screening with the buyers lender just ensure that we have as smooth of a transaction as possible because after all, you're taking your home off the market for maybe 3045 days, you want to make sure that that buyer sticks. And this will ensure a greater chance of a successful transaction. Knowing that the lender verified the buyers documentation and didn't just approve that buyer just off of a telephone conversation and a credit pool you'd be surprised people do that. You they do QRC I can't believe it myself. Sometimes they don't even pull the credit. It's just all about telephone conversation, then they spit a letter out the letter is not worth anything saying they're approved. So when selling your home, you as a seller have to have a knowledgeable strong a strong team of professionals in order to have the most successful transaction possible. You need a true professional like myself to guide you through all the hurdles and any obstacles that get in the way and present you to and represent you to the fullest extent possible. There are so many moving parts when representing a seller that you may not realize. For example, like I said earlier the next 30 days or so there is constant things going on such as the buyers final loan approval being worked on the title company making sure that the home has no bad liens or judgments. You know how many homeowners are actually on the title ordering payoffs already ordering HOA demand ordering the HOA resale package for the buyers approval of the appraisal on the property, the home inspection, the pest inspection, dealing with the buyer's realtor, dealing with the buyers, family, and so much more that is based on a case by case situation with every buyer and seller. I will be there for you with every step throughout the process from the beginning until the end of the whole transaction. This is what I do people this is what I love. I love to help my sellers to the best of my ability. I love to negotiate on behalf of all my seller clients in order to get them the highest market price possible with the least hassle possible. Now my number is 702-596-1267 If you would like more information and to schedule an appointment, I promise you will be glad that you made that call to me. Now I am going to switch gears and talk about some deals right now that I see out there as I go with my buyer clients, people listening this morning. Did you know that you can purchase a Las Vegas 24 hour guard gated community with many amenities including even a golf course in the community starting just under $400,000. And currently, you can purchase a single family home let's say you want to purchase in Summerlin, which is been on the top 50 list for the United States for sales in the last few years. You can actually purchase a Summerlin home at the Summerlin community from the low $400,000 range California people I know you could not get the same deal in California for the same atmosphere and community for that kind of price. And for any buyers listening this morning that are interested in a Summerlin, let's say a Summerland 24 hour guard gated community, you can purchase currently a single family home and a 24 hour guard gated community in Summerlin starting in the lower $600,000 range. You know, if you live in California, you couldn't touch that same home and a guard gated community for that price. Now if you would prefer to live let's say in the Green Valley Ranch area not far from the district, there are single family homes starting from the lower $400,000 range. And if you'd like to live in anthem, there are single family homes starting in the $450,000 range. Now if you would like to live in inspirada, which is on the top 50 list for the United States also for the last few years based on the number of cells you can own a home and inspirada for just died Under $400,000, a single family home not a condo. Now if you would like to live, let's say in a 55 plus Sun City community here in the Las Vegas area, I've seen the single family homes starting as low as $350,000 listeners $350,000 for 55 Plus, Sun City, Sun City home in the Las Vegas area. Now is there anyone interested in purchasing a condo out there in the Las Vegas area? I'm sure there's someone this morning listening that is interested in condos. Check this up. Two bedroom condos that are built in the year of 2000 or newer are starting in the lower $200,000 range. Now is there anyone that is interested in high rise condos out there? Well, now I have some news for you guys this morning. Two bedroom high rise condos on the south side of the strip. The south side of the strip are starting just under 250,000 Yes, you heard me right. $250,000. And is anyone looking for a luxury let's say a high rise two bedroom condo close to the Summerlin area well, I know where they are listeners, listeners to my show this morning. Yes, I know. You currently can purchase a luxury high rise condo very close to Summerlin, starting in the lower $900,000 range. With amenities galore, including concierge service listeners out there this morning, I've got you covered for anything you need for selling your home or purchasing a home. I am your professional real estate agent and broker associate of choice. With over 30 years of experience with countless numbers of transactions, I am here for you to navigate through the ever changing and fast paced real estate market here in Southern Nevada. Now if you ever need to purchase or sell a home, that's not in Southern Nevada, I can still help you through my resources. And because I'm a member of my company's corporate relocation department, I can have a real estate professional assigned to you. And whatever state you need to purchase or sell a home. And you know, and the beauty of this service is that if you're not happy with the realtor that's assigned to you with a decent reason, you know, not, you know, just because the market is not the way you want it. But if it's a decent reason, that you're just not happy with that realtor, we can reassign you through our corporate relocation department with no confrontation, you know, if you're if you don't have an agent in mind, and this service is very much hands on, we get someone from our corporate relocation department to check in every two weeks to see how it's going with with you in that state if the realtor is working out to helping you to help you to sell or purchase your home. Again, if you'd like more information about this program, my number again, it's 702-596-1267. And now, I would like to say again Keirsey. I want to thank you again, for being on my show today this morning. And talking about everything related to mortgages and how this information is just so important. If you're a buyer looking to purchase this year Keirsey please say your name again, your company name, your phone number, and your license number tries for the listeners.
Kiersy 28:41
Well thank you again we're gonna it was it's a pleasure always. I again, I'm Keirsey maki with loan depot, my NMLS number is 1398336 and you can reach me at 208-589-1181 again Keirsey and Baki loan Depot 208-589-1181.
Regana Kooman Henry 29:05
Thank you so much Keirsey for being on my show again this morning. And I am regatta kumin. Henry with Coldwell Banker Premier Realty, your host for the Southern Nevada real estate show that airs every third Sunday of the month at 8:30am. My number is 702-596-1267 that 702-596-1267 And my license number is BS 27880. Thank you so much for listening to my show this morning. And I wish everyone listening a great Sunday and a great week
Transcribed by https://otter.ai