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Monique Buchanan, your real estate specialist, talks all things real estate. On this show she covers the processes of buying and selling a home. Welcome Home with Monique informs you on best practices to navigate the housing market so that you can start building your wealth through home equity.
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This is a KU envy studios original program. 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. You see me on the
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Good morning. This is Monique Buchanan, the host of the welcome home with Monique show. And on this show, I talk all things real estate. Listen, I want to thank you for tuning in. Well, hello, Las Vegas. It's Monique Buchanan, the host of the welcome home with Monique show. And I hope that you're having an amazing Saturday. I'm telling you guys the properties are flying off the market. We have such little inventory that all my listings have been going into escrow so quickly. I can barely keep up you guys. Listen, the last three that I sold sold in two to three days. Okay. I also want to say I over the weekend had an amazing, amazing time in Chicago. I have never been to Chicago, you guys and I went there for my birthday was Sunday, April 28. And I went to Chicago for the first time. It was such a blessing. I even went to church over there. There's a pastor out there. He's amazing. His name is Pastor Hannon. H A N N A H Hannah, I guess. Anyways, it was just the best time ever. Even at church on my on my birthday. My daughter flew up from Atlanta. She's 25 years old. I you know, I have three girls. But this is my oldest daughter. And it was just such a great time. I love Chicago. We checked out a blues lounge downtown Chicago was called Blue Chicago. It was great. So anything anyways, any of my k u and v listeners out there that are from Chicago. I love your city. I'm so glad that I got a chance to go out there and experience Chicago on my birthday. So anyways, just want to give a shout out to the Lord for blessing me with get another birthday. So guys, let's get back into real estate we're turning into LA. Okay, the prices are not going to drop. So people have been saying that for how many years now? Oh, wait till the prices you know, they drop. They slightly dropped only because the Feds lowered the rates or lower the rates in our dreams, right? Raise the rates last June, right? It's about to be a year, they raise the rates trying to slow down the economy. Okay. That is the only only reason we've seen a slight decrease in the prices. But as soon as they keep their promise of lowering rates, you can forget about it. Okay, we've got Sony that just, you know, just got their a okay to build their studios out here. We have the basketball team coming. I mean, we have baseball coming. We already have the best women's basketball team shots out to the aces. And of course my Golden Knights. You know what I mean? So, so much is happening in Vegas, that has never happened before. I personally do not see how people still think somehow someway, we're going to see low low prices for homes. No, I'm sorry, that boat has sailed. If you have been on your job for two years, any job, any job for two years, you have at least a 640 credit score if you want to use one of my downpayment assistant programs, okay? You are a great candidate to go ahead and have your downpayment paid for you and get into a home because the prices will go flying straight up once once these rates come down. But here's the good news, you can go ahead and get a home now and just refinance the house into a lower rate, which means a lower payment and six to you know, six months to a year. Right. So why not do that instead of being a fight and overpay for the house? And just six months or even less? Possibly okay? Because as soon as they just inch those rates down a little bit it's going to be a feeding frenzy. All right, we already seen somewhat of a feeding frenzy in January when the Feds went on the news and said hey, we plan on doing you know three to four rate rate cuts this year. Oh my goodness, my phone was blowing up with buyers you know and they just barely brought the rate down to I believe like 6% Oh my goodness, you guys all these people that have been sitting on their hands start coming into the market which is not a problem. But now they're back up you know the rates have went up ticked up a little bit now. But now that lets me know wait till they go down to about five and a half. Oh my goodness. Hold on to your pants guys. So anyways, let me get back to what I was talking about. If you have been renting for the past three years, guess what? You are considered a first time homebuyer, you heard me right. a first time homebuyer I don't care that you bought in the past. It doesn't bother me that you owned a home five years ago you short sold it you were on your mom's, you know mortgage whatever the case does not matter. If you have been renting for the last three years. Fresh Start you guys per FHA guidelines. You are are a first time homebuyer, which means you get the incentive of 3.5% down on a home. So you don't have to go putting 20% down or 10% down, you know, that's a myth. A lot of people think they have to save up all this money to buy a home, it's just not true. The only time you have to put those kind of numbers down, is if you want to get rid of something called mortgage insurance premium, if you can afford to do it, you've got money in your 401k, you have savings, whatever the case, you can afford to do it, by all means, go ahead and put that 20% down, you'll get rid of like two or $300 a month from having to insure your own loan, but that is not necessary. Okay, it's not required. So if you don't have the means to, you know, put 20% down, guess what, you can put down 3.5%. Heck, you could put down as little as 3%. Going conventional. So and especially if you have your own money down, let's say you've been working in the casino, for years and years and years, you have a 401k that you forgot about, you can take your 401k and take your downpayment out of your 401k. And in every case, since I've been doing this, which is almost a decade now, they do not penalize you for pulling money out of your 401 K to put down towards your home. All right. So you will not be penalized if you take money out of your 401k. And of course, you're gonna check with them and talk with them. But as far as I know, and as long as I've been doing it, you will not be penalized, okay? So you could pull your little 3.5% down out of that. And in just a you know, 3.5% Let's say that you're buying at $450,000 3.5% for your downpayment is $15,000, basically. All right. So if you got at least $15,000 in your 401 K, you can purchase a home and pay your own down payment and guess what else you can purchase with as low as a 580 credit score, because you're not asking anybody for their money to put down your you have your own money to put down. So your credit score does not have to be 640. It only has to be 640 with the downpayment assistance programs. Okay, so let's dive back into it. All right. So my veterans, okay, remember, you get a tax break when you purchase a home. Okay, I'm pretty sure a lot of you already know that you can get a tax break when you register your car. But guess what, it also applies on your home. So what does that mean? That means that a lot of times, you could purchase more of a home because you're not paying the taxes, or as much as a regular person would be paying. Let me give you an example.
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Let's say that you're approved to or you're a veteran, you have zero down already, right? So you have no downpayment, okay, and you're approved for a home at 450,000. Let's just use that again. So here's the thing, you could probably go ahead and go up to 480. Because when you pay a mortgage, part of your mortgage is the taxes. So now I can go back to the lender and say, Hey, listen, he's a veteran, he really likes his house it let's just say 480. Well, guess what? Yeah, he's approved, we can take him up to that because a regular person's taxes on that house 3000. But because he is a vet, and he does get a break, that's going to allocate you a little bit more that you'll be able to, you'll be able to spend, does that make sense veterans, so thank you for your service. That's why I learned that stuff in and out so I can help my veteran buyers, you know, get what they truly want, and understand how everything works for them. Because it's a little different than regular, you know, civilians. So zero down for my veterans, of course, right. And then when you buy brand new homes, as a veteran, you pretty much in many cases, walk away with nothing out of your pocket. And why do I say that? Because I negotiate the builders to pay your entire closing cost. Okay, they'll do that in many cases for the veterans, you know, and to be honest with you, I've been lately, lately guys. I've been having them do that for even my non veterans. So that's what I say if the zero down, they don't have to pay a down payment as a veteran. And then with a new build. You don't have to pay your closing costs. So there's nothing really left for you to pay. And if you're saying well, I don't know if I'm gonna stay here. I might, you know, decide to move. Well, why not take the equity with you, or even rent out the property after you move as long as you know, you've been in it for one year. As long as you're stationed here for one year. Why not cash out when you leave and go buy something else wherever you're going, or get that residual income. If you're just tuning in. My name is Monique Buchanan. I am your local Las Vegas Real tour. And you can reach me at Instagram at Monique Buchanan as B uch N A N. It took me a minute to learn how to spell my own name when I got married. So our LC can jump up my website welcome home with monique.com You know, or you can call me 702-984-3700 If you have more questions about all of this, no worries you can reach out to Me and my team 702984 3700. Also, if you are unfortunately, the spouse of a fallen soldier, did you know that you can still take advantage of the benefits of their DD 214. So for more information, I am here to assist. Okay, so now we have all types of CPAs, which we call them their downpayment assistance program. But before I jump into that, I want to go over just a couple more nuggets, guys, did you know that multiple people can be on your loan, so if you have, you know, the adult child living with you, and then I'm working and, you know, you can put multiple people we're talking four or five people on the loan, that's fine. Okay. A lot of people don't realize that they can do that. All right. Business owners, you can be approved by using your p&l statement, or even just your bank statements, okay. So just know that you can do bank statements, or your p&l, your profit and loss. And let's go on back to that, too, when I said, if you've been on your job for two years, or longer, but if you've also owned a business for at least one year, as long as we have your taxes, okay, as long as you've done your taxes, let's just go ahead and say two years, I do not have a lender that could possibly do it for one year. But typically, you want to do two years worth of taxes on your business. And we can move forward with, you know, with the purchase of a home, my Uber drivers, my 1090 nines, same thing applies for you just like a business, you know, as long as you've done your taxes, we can move forward with purchasing you a home based off of that, okay. Now, listen, we have something called a three one buy down, this is what I've been doing with each and every one of my clients. Since the rates have been so high, the majority of them opt in for the buy down. And this is why it's no secret, you guys that the feds are going to be lowering the rates that came out of their own mouth, you know, right there on the news. And they already did lower them a little bit. They took the backup because it said wait a minute, you know, I don't know if the economy is quite where we want it to be, we may have jumped the gun. So they did pick it back up just recently. But they've announced they're going to bring these rates down eventually, right. So what the three one buy down does is it basically buys you three years of lower mortgage payments while you wait out the time of the you know, for the Fed to lower the rates. So year one is going to be 2% lower than the average rate today, let me give you an example. Let's say the rate today is 7%. Okay, so you're one you'll be at a 5% rate, which means your mortgage will probably be about four or five, five, or 600. Actually, dollars less than it would be if you just didn't do the buy down today and took today's rate. So you're about you're saving about 500 bucks, let's just say that on year one, year two, it'll be about a savings for and what I'm talking about guys is your monthly mortgage, let me just do it like this year one, your your mortgage would be $1,200, right? Year two to your mortgage would be 15 $1,600, right? Your three, your mortgage would be, you know, $2,000. And these are not numbers I'm not doing I'm just giving you an idea to see. That's it. And then from that year three through 30, it's fixed and locked is not is not one of those balloon payments, where it goes up and down and all around, you don't know what's going to happen? No, from year three through 30, it will stay locked into the same rate you would have had today. Right? All it's doing is saying hey, let me help you out with the mortgage payments while you wait on the feds to lower the rates. If for some odd reason, they don't lower the rates, then here you are at the payment you would have had today. And guess what I get that paid for because it's not something you're gonna pay for. I'm gonna get that paid for by the seller that has to be purchased. It's not free to do the three one buy them. I get the seller, I negotiate the seller to pay for that for you in order to buy their property. So that's a great deal. That's why I'm telling you guys it's a great time to buy. Listen, Vegas is turning into little Los Angeles. Do not miss this boat, my friends and family my k u and v listeners. If you love Vegas, you live here. You know you don't want to end up paying $4,000 for a one bedroom apartment. Because that's what we're heading to lock in your mortgage, buy a property. My team is ready to assist you 702984 3700 So yeah, guys, if you want to be able to say hey, I know what my mortgage is. I know what I owe for my residence every single month. You know what I mean? Because guess what we don't have in Nevada. We do not have a rent cap. Your landlord can go up as much as they want once that lease is done, and they've already showed us that because even just what last summer it was all over the news people were you know upset about their their rent going up $500 In some cases $600 In some cases, right. So hey, it can happen again. I had my best friend she, well, this is something else that can happen. My best friend. She's a great tenant. She had been renting on time payments. You know what I mean? For seven years, you know, her and her landlord were dang near best buds. But guess what, at the end of the day, this is business that landlord needs to do and wants to do and is going to do what's best for his family. Right? So while my best friend was on her trip to Costa Rica for her birthday, she called me in tears. She said, Monique, I don't know what to do. They've just sent me an email saying that the landlord's decided to sell his home. She couldn't believe it. She said, I've been such a great tenant. I say, You know what, at the end of the day, that that's great. But that does not matter. You know, when money talks, okay? The man seen that he needed to sell he got to the, you know, whatever price point he wanted to. And he gave her 30 days and told her she had to move out. Now, of course, I came swooping in, and we ended up buying the home from him when I negotiated a great deal for her and she's happy as all outdoors and she lives over by Bishop Gorman. So she's made a ton of equity. So yeah, so we we went ahead and purchased that home. But, but that that was a scary moment for her you guys to be told that you have to move out within 30 days, and you've been there for years, and you've made all your payments on time. This can happen to you. Best trust and believe it can happen to you. So while you can take advantage of a downpayment assistance program if you need to, why not make equity? You know, I'm selling my house, I'm gonna walk away with over $200,000 worth of equity. You're renting your house, you're gonna fight like he double hockey sticks just to get that $2,500. What deposit back? Am I preaching? Hello, you guys know I'm telling the truth. So even if you don't plan on living here, well, I don't know if I'm gonna stay here. I'm thinking I might move to Texas or wherever else. Well, you'll be here for the next couple years, you know, at least that much. Why you see that we're on the rise. You see the houses are going up in price. Why not? Go ahead, and me and my team sell you a home get you locked in. And then you go ahead and call us back in a couple years and say, okay, Monique, I told you I was gonna move, we're ready to move. And I say, well, guess what? Take this two $300,000 with you on the Texas because if you rent guess what you take in a security deposit if you take video and pictures and fight with them about getting it back the deposit.
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So I'm just being honest, you guys. So listen, you only have to put 20% down. If you are an investor, if you are looking to not make this property, your primary residence. Yes, you have to put 20% down, you have to put 10% down if you're buying a vacation home. So when me and my husband decides to buy a vacation property over in Georgia, we're gonna have to put 10% down Okay, so those are the times that you have to put a huge you know, we're not huge, but a decent amount of money down I should say. All right, so let's go ahead and jump into the downpayment assistance program portion of this and if you're just tuning in, I am only you can in your local Las Vegas Real tour. I represent all all parts of Las Vegas, Henderson mountains edge. Summerlin, the new Northwest Las Vegas, Centennial Hills, you name an enterprise that will take care of you if you're not quite knowing where to start. That's what we specialize in. You know, you can give us a call and we will walk you through it. We will hold your hand the entire way and get you to the finish line. That's what I love to do. I'm very blessed with this career. Because I don't feel like it's work. I actually love to meet all of you out there. I met some great people through KTNV I gotta tell you, I really have and I feel truly blessed to have met my KU envy listeners. You guys are pretty awesome. I gotta say. But anyways, that's what I'm here for to help you guide you if you have questions. I'm here to answer them. Monique Buchanan at realtor Monique Buchanan on IG. My YouTube channel has most of my my shows previous shows uploaded on there. And that's welcome home with Monique and also you guys can always give me a quick phone call if you so choose 702984 3700 and I am there to answer your questions. Okay, so, downpayment assistance program what it does is you guys, it's going to pay your entire down payment as well as a portion of your closing cost. Okay, so you do need a 640 credit score or higher. As I previously previously mentioned. If you have been on your two on your job at least two years or even if you've been self employed for two years, we'll just need your tax returns previous tax returns for the last two years. Or if you've been working on a job you've got a W two. Yeah, you're good to go okay 640 credit score or higher. Now remember, this is not for investors, you guys GPAs are not for investors. You must live in the residence okay. You must live and make it your primary residence for at least a year. If you do have to be a first time homebuyer, for this particular one just means you've been renting for at least the last three years. And yes, you will qualify as long as you've been renting for the last three years. Guys, this is a statewide program. All right, so it's not just Las Vegas is statewide, statewide, it is a 30 year fixed interest rate. And the interest rates are very close to what what the interest rates are currently at right now. So it is fixed. In other words, there is no updown. And all around once they tell you your payment, the only thing that can change your payment is your insurance on on your home loan, or the taxes if the taxes go up, nobody can you know, we can't control Uncle Sam. So, but usually that's very minut, you know, when it goes up, both of those are very, very small fluctuations. Okay, now they're gonna give you like I said, up to 4%, three, and a half of that is your down payment, the other point five will go towards your closing cost, okay. Now there's another one. And there is no first time requirements. So you don't have to be a first time homebuyer for this one, you guys. Now listen to this, you can buy a home all the way up to the amount of $766,550. Okay, so that's a good size home, you can buy up to that amount, you'll get 5%. So that's pretty much going to cover all of your downpayment, and pretty much all of your closing costs, okay? You have to have at least a minimum score of 640. And something unique about this one is it allows you to buy manufactured homes, okay. So you know, a lot of people have been going that route, so you can also own property outside of the state, you just cannot own in the state of Nevada. Alright, so just understand that. Now, your qualifying income, they'll let you make all the way up to $160,000. And you can still qualify for this downpayment assistance program that's going to cover not only your downpayment, but your closing costs. So let me give you an example. First example, our average median home price here in Las Vegas is around 450,000. Remember, I told you your downpayment at 3.5%? Down is $15,750. Okay, so using one of these programs, you will have that entire amount covered for you by the program, it'll pay the $15,750 on your behalf, as well as it's going to give you an additional $2,200 towards your closing cost. Okay. So if you were to pay your own closing costs, you would be looking at around $13,500. Okay, but it's going to take care of 20 to 50 of that for you, which means you can buy a $450,000 home and you'll only be out of pocket around $11,000. That's it. Everything else will be taken care of through my downpayment assistance programs. All right. It will be taken care of through my downpayment assistant programs 640 Credit Score you've been working for at least two years does not have to be the same job. You guys. This is a statewide program. All right, me and my team will take care of you. All right. So let me give you another story story, too. If you're thinking about, Oh, my goodness, I've got student loan debt. I've been told in the past that, hey, I've only qualified for $200,000 and I can't buy anything with $200,000. So here's the thing. A lot of people don't know, in fact, I have a lawyer client of mine. We're buying in Pahrump, we just went into escrow. And he found out through my lender, you guys know I love my lender, he found out that he he does not owe $70,000 worth of student loans that he thought he's still owed. Yes, that was wiped clean. Okay. Remember, when Biden was wiping clean the student loan debts, he was one of them to benefit from it. So congratulations. You know what I mean? That's that's something to find out. So a lot of you guys are out there thinking that you owe all this money in student loan debt. And you need to find out and we're here to help you find out and don't let that hold you back. Because even if you do, oh, my lender works miracles with that, and can get you approved. So don't don't let that hold you back. Back. If you think, Oh, I've talked to a lender in the past, and they told me this, or they told me that you guys hear me preach all the time. Don't give up because you talked to a bank, and they denied you banks are extremely strict. They're really strict. You know, that's just how they are. So it may be there's other lenders that are super strict, so not just banks. So what I'm trying to say is that not every lender is the same. They don't all have the same guidelines. Let me get you in the hands of somebody that you know has different guidelines. Let's see what they say before you give up on your homeownership dreams. It's a five minute conversation and he doesn't even do a hard pool which means your credit will not drop if he looks at your credit because he does what's called a Soft Pool. All right, so why not find out you guys are willing to let the the rents or people there the property managers pull your credit when you go rent when Why not take five minutes to find out if you can, you can become a home owner and stop paying $2,500 for rent, you're paying because at the end of the day, guys, you say, Oh, I'm not ready. I'm not ready to own a house. I'm not ready to have a mortgage. Well guess what you already do. You know, at the end of the day, you're just not paying your own mortgage, but you're already paying a mortgage. You're paying your landlord's mortgage, and you're making wealth for him and his family when you're renting. But when you pay your own mortgage, let me tell you something that hits way different you guys, it hits way different you're gonna have fun going to Home Depot, making the house your own. Like all my clients, I talked to my client today shots out to the DS family, they also bought in Herat, let me tell you that testimony real quick, you guys. She said, Monique. I just love you. I thank you guys, you and Anthony so much, because she said you know what you did? You did not let go of my hand. You did not let go of my hand. You told me you wouldn't at the beginning. When I called you she's one of my k u and v listeners. In fact, she said she's gonna come on the show and share her testimony because she's so grateful. She said, Monique, you did not let go of my hand. Let me tell you something we got into escrow with a property. You know, maybe eight months ago, something popped up. She had to pivot. And we walked her through that thing and told her Don't worry about it, we'll get you to the finish line. So we cancelled that escrow, held her hand through that thing. And now, let me just say this, the house that she got today, because I told her I said, Honey, God blocked that for a reason. You guys know, I'm a believer. I'm
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Christian. And I truly, I share that with my clients. You know what I mean? I said, Listen, you know, she was depressed a little bit like, oh, no, I said, No, listen, God has something better for you. And I truly believe that he he stopped that sale. And let me tell you, the house that she has today in Vermont, is on 8000 square foot lot. It's a it's completely remodeled. It's nothing like the one that God stopped. Let me tell you, let me just say that it's way better. So she's so happy. She's gonna come on the show and share her experience and, and, you know, her husband out there and her they're just so happy, so thrilled with their babies out there. And she said, You know what, Monique, at the end of the day, people from LA and all these big cities, they drive 45 minutes to an hour every day to work. And I can do the same. And she said, I've been doing it the last week moving in. And let me tell you, we are so thrilled and so happy. So anyways, I'm here to assist you guys. I'm here to walk you through it all the way to the finish line. And that's what we do. Me and my team. So we're here to help I share this information to enlighten you guys. Let's recap. We've got downpayment assistance programs, you need a 640 credit score or higher. If you want to use a downpayment assistance program, you need to be on your job or have your business for at least two years. Okay, this is a state a statewide program and there's a 30 year fixed loans, there will be no funny business, okay, you're gonna get up to 4%, which covers not only your down, but a portion of your closing costs. There's another option where you don't have to be a first time homebuyer which only means you've been renting for three, three years or, or you know, more. Now, this other program, you don't have to be a first time homebuyer, you can own property in another state, no problem you just can't own in Nevada, you're gonna get up to 5%. That's gonna cover almost everything you guys, so downpayment and pretty much your closing cost. All right? Now you need a 640 credit score for this one as well. Same thing, you know, at least two years on the job or two years tax returns. All right, you can buy manufactured homes with this, but you will need a 680 credit score if you want to do the manufactured homes. All right. You cannot make over 160,000 for this program, both programs, you have to be a primary resident. All right. Now, if you don't want to use the downpayment assistance program, you say, You know what, Monique, I've been on my job I've been at MGM for 20 plus years, I've got $50,000 or more sitting in that 401k I'm just gonna pull that money out. And I'm gonna pay my $15,000 on my own down payment on my $450,000 home. Then guess what, you only need a 580 credit score you guys I'm here to shed the light home ownership is a achievable if you have the right people if you have the right team helping you and walking you through in that as knowledgeable of all the ins and outs. Okay, so I love you guys. I give honor in the glory to God for this program. And I want to say have an amazing weekend. And until I hear from you hope you enjoyed the show. Monique Buchanan Thank you for listening please remember all terms discussed are simply an estimate my license number is S 1788 46. My phone number if you'd like to contact me is 702-984-3700. You can also find me on YouTube and please join me tomorrow at my church Living Word Church on hassle. I'm part of the EXP Realty Group.
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