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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. 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.
Unknown Speaker 0:16
Hello to you, Stan, the real estate man. And welcome to the Las Vegas real estate room where all roads lead to a home
Unknown Speaker 0:36
Hello, hello, hello, and welcome to the show. Um, standard real estate man. I'm glad to have you here with us today to talk a little bit of a little bit about real estate.
Unknown Speaker 0:49
First off, I'm with Vegas one Realty. I've been a realtor since 1988. My license number is 20 828. And I can also be reached at 702-809-2949.
Unknown Speaker 1:05
I'm here today with loan officer Miss Rachel Nichols. Please say hello to the audience. Miss Nichols. Hello, everyone. Good morning.
Unknown Speaker 1:15
Great. Before we get started today, Miss Nichols please tell everyone about your company experience license number and contact information. Sure thing My name is again, Rachel Nichols. I'm with fairway independent mortgage Corporation. My license number is 1699997. Few more numbers than you Stan
Unknown Speaker 1:40
Are you going all over the country I just been to Barstow
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and my phone number is 702-551-9511. I have been a lender since 2018, specifically for mortgages, but I did, as I say grow up in banking. So I started as a teller in 2001, working my way up to branch management within a year and kind of ran with it from there. Oh, great, great. On today's show, we will talk about different types of real estate loans, how to get approved for such a loan. And also we were talking about buying and selling real estate. Miss Nichols you have a little more information you want to give the audience please yeah, go ahead and start with that.
Unknown Speaker 2:29
I was going to talk about making sure that your lender works in your future property taxes into your estimated payment when you're buying a new build. So typically, new builds are are new. And so
Unknown Speaker 2:53
the area is not developed. And so the property taxes are based on dirt.
Unknown Speaker 2:59
Once the area has developed, then of course the property taxes go up the value of the homes everything. So you want to make sure that your lender anticipates that because I have been seeing a few articles in recent weeks. And I've been getting a few phone calls from lenders, I'm sorry, from realtors
Unknown Speaker 3:21
who are saying they they're getting calls from clients because the preferred lender or the builders lender, unfortunately, did not predict those estimated taxes. And so their mortgages are going up $1,000 Or, you know, that's a shocker. I'm so shocked. Oh my god, I might be lawsuit territory. Let's hope not hope not. But I'm hearing it more often than not. And we do have a lot of new build communities in Vegas. So I just want to make sure that is a question, you know, top of mind if you're looking at those options. So like she said, make sure you know the answer those questions when you're buying a new bill. Because that's very important. You don't want to have a $700 a month payment for a few months and all of a sudden it turns out to be $2,000.
Unknown Speaker 4:10
You know, that's that's not a easy pill to swallow. No, no. One of the articles I've read that young lady was saying that.
Unknown Speaker 4:19
They told her she could spread it out or she could make just a one time payment. But she wanted to she was like, Well, what if I want to sell it? And it had only been a year. She didn't have any equity. So right wasn't an option. She's like, I would move home and my parents I would. Yes, she was really shocked. Yeah, yeah. Yeah, I can imagine that. Well, let's talk a little bit about
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FHA, VA, conventional, and
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on the types of loans that you offer at your company. What do you see that's the most common loan that people are applying for? I would say
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FHA.
Unknown Speaker 5:02
FHA bars are out there right now they are they're out there the most common, you know, FHA is the most friendly, especially for first time homebuyers or the people who need a second chance. And so if they've had what we call credit events, like bankruptcy or foreclosure, the waiting period for FHA is shorter than most other loans. Oh, great. Now, if I was ever a VA person, I can
Unknown Speaker 5:33
make investments to write and I could own a home and then I can use my certificate to buy an investment property awesome. No, sir. No,
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no, absolutely not. VA only allows for in primary residences. So how you get around that is, you buy a home, you stay in it for at least 12 months. And then you can buy a second home and rent that one out or keep it in the VA. You don't have to refinance it or anything, but you are allowed to have two VA loans maximum at one time. Okay. Now you have to qualify for the payments. Is that correct? Of course. Yeah, absolutely. And we can use rental income for the existing home. But one of those hacks, I guess, is what they call them.
Unknown Speaker 6:26
You can buy a four Plex live in one unit, rent out the other three, stay there for a year and then buy another one. And so you're kind of setting yourself up for rental income or you know, passive income or whatever you want to call it. But you can set yourself up those types of units. What do you require for the downpayment? VA loans requires zero downpayment for the first time. Even on the four Plex, correct. Yeah, long as you live in it for 12 months. You're good. Now, investors, can they do the same thing? Not before for no, nothing, not the investor, VA, just regular investors for the four Plex they need 5% down, so but they have to live in the property. So technically, they're still primary residents or, you know, purchasers, but not investors. But technically they're receiving rental income. So I guess, you know, right? Yeah. So they all stay in one unit rent on a 312 month. That's it. Now, for qualification purposes? Do they have to show the rental incomes versus the payment that they're going to make on the property? Yes. So kind of how we do that is when we ordered the appraisal, we we can order something that's called a rent schedule. And what that does is it has the appraiser do an evaluation of the market, and they determine how much you can get in rent for those units. And so that comes back with the appraisal report. And then we use those numbers to make it work. Now, a way around that is if there are tenants in the property, and they've been there, I believe it's three months, at least, then we can use those if we can prove that that's how much has been paid over time. Okay. So that's where investors are people. They just want to get their life started with an investment property. Right? Absolutely. Yeah. As far as sitting down, because it used to be 20% or 25. It was not pretty. It was really hard to get a four Plex before last year. Okay. Yeah. So they made some adjustments. I want to say in July 2023, you can reach Rachel at 702-551-9511. And you can reach me at 702-809-2949.
Unknown Speaker 8:50
Now, FHA, commission, VA, they have maximum loan amounts. are they holding steady? Or did they go up at all? They say the same. So they usually change at the beginning of the year. And that's normally when they adjust them. Yeah. January 1, is when the adjustments show up. So they announced some a few months before and so you can actually go into contract based on those numbers as long as you close by January 1, or after, okay.
Unknown Speaker 9:21
Okay. Do you have those numbers what they are? I believe I do. Let me see your, your Why are you getting that information? Let me ask you about FICO scores, okay, because there's different types of loan evaluations based on people's FICO scores. So give me some ranges that are good, bad or ugly. Well, five ad is the minimum score for FHA. That's the lowest you can go that's the lowest 620 is the lowest for conventional
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and VA is five add as well.
Unknown Speaker 10:05
But of course, the higher the better you get better interest rates, you know better terms, and you'll actually get a system approval. So just because those are the minimum does not mean it's an automatic qualification. Okay, yeah, those are just the bare minimum. So they look at the entire profile. So for example, if you have 50,000 in the bank, right, you're less have less of a risk, if you have a lower credit score. Okay. Yeah. So it's, you know, the few different things that are looked at, but risk is top of mind for underwriters, when they're looking to give an approval. Now, what do you recommend people do to increase their credit score,
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there is something called Experian boost, that is probably the easiest thing you could do.
Unknown Speaker 11:00
It's instant, it only impacts your experience score, though. So don't expect it across all three bureaus. And then what it is, it takes into account your payment history for your utilities. So if you pay your gas bill on time, your electric and all of that it can increase your score. And when you're looking to do it, it'll connect it to your bank accounts, or that's how they kind of trace when you make your payments and things like that. I don't know how exactly, it all works. But I know you have to connect everything, and then it all talks to each other. And then it gives you an estimate of how much your score will go up. So you can accept it or, you know, if you if it's going down, like if you had a late payment, it'll tell you if it's worth it or not ahead of time. Now, when people come to you to get pre qualified, which we call pre approval, what types of documents do you need from folks to get this done? Financials. So we're talking about pay stubs, tax returns, your W twos,
Unknown Speaker 12:14
your bank statements, your retirement, your anything that has to do your financials, I know, I have one now that I'm working with, that's Robin Hood, you know, so they have fun saved there. And so that's what they're going to use to purchase their home.
Unknown Speaker 12:31
So yeah, that's pretty much the most important part because that's how we figure out what you can afford. We don't want to put you at risk for foreclosure or you know, anything like that, because, of course, it puts the lender at risk to of losing a loan. So we and underwriters are very particular. So
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they find everything they did you know, when they're looking when you're looking to borrow hundreds of 1000s of dollars, you guys come to FBI, yes.
Unknown Speaker 13:05
Everyone's involved everyone, the IRS and Social Security Administration, they're going to check to make sure number one year you But number two, that the information you provide is valid.
Unknown Speaker 13:18
Don't think that just because you submit pay stubs, that's the end of it. They do third party verification, so they will contact the employer or you know, if it's adoption, or foster care income or anything like that. They're they're gonna do the digging. So I have received paperwork like in the beginning earlier in my career, and I was like, Oh, this is so obvious.
Unknown Speaker 13:43
I didn't even put them through it. I was just like, I'm gonna need the contact for the case manager and they disappeared after that. So right yeah, just beware, we scrutinize everything. So get all your papers, gather together, put them in a box and keep track of the money that you have hidden under the bed. Put it in the bank. That's right, because it has to be seized and how long is Nickel, two months, two months. Okay. We don't want to see the deposit on the bank statement. So if you make the deposit say and in March, and this is going to show on the April statement statement, we don't want April statement we want May and June and then we can get started.
Unknown Speaker 14:26
So that money that you got tucked away in the shoebox under the bed and the peanut jar hidden from your spouse somewhere in the garage, put it in the bank. That's right so you can get it home this year. And you can reach Miss Nichols at 702-551-9511 and I can be reached at 702-809-2949 and once you get pre approved with Miss Nichols then it's my job to help you find
Unknown Speaker 15:00
To home, that's when they get in the car, right? Yes when they get in the car, but I usually show homes in the tractor
Unknown Speaker 15:10
you know, I pull my clients around in the tractor with a bale of hay, you know, and we drink some cider and stuff like this. We have a good time looking at home. I love Shawn homes and I love helping people find the home that they need that they dream about. And that they want. Yes, yes, we closed a few deals and yeah, it always sounds like a good time I'm I'm behind the desk on the laptop and you you in the house in in your office looking at windows, and I'm driving around looking at scenery, yes, eating doughnuts. But like I say, I really do love my class. I love what I do. I love helping people find a home, you know, and Rachel and I, we make a great team. Yeah, she makes sure you get along, she makes sure that you're ready to buy, you know, and if you got any problems with your loan qualification, she'll tell you what to do to improve your situation. Yeah. So you are ready. Yeah. You know, at once that takes place, and it's my job to help you find the home like I said, and buying a home in Las Vegas is really, really a good thing because we have
Unknown Speaker 16:18
low property taxes. We have no personal income tax. We have no corporate income tax, no gross receipts tax. No franchise tax, no inventory tax, no tax on the insurance, issuance of corporate shares, no tax on the sale or transfer of shares. No sharing of information with IRF simple annual requirements, protection for directors and officers. No initial or minimum minimum capital requirements. anonymity of owners total privacy, business friendly environment, high value investments. So you notice I said a lot of no tax information. That's the benefit for you of buying a home in Las Vegas. I want to live there. Yeah, me too.
Unknown Speaker 17:15
I think our move to Las Vegas.
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By the way, did your team win a NC? Yeah, of course they did.
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That was quite a game you kind of Purdue it was it really was I enjoy watching two big guys go ahead for a change.
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I don't know if I really liked that three point shot, but I'm trying to get accustomed to There you go. There you go. I grew up in a time when there was shoulder to shoulder and bumping and grinding.
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In grinding it out in in in the low key.
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Will Oh man, I know. I'm dating myself. But me too. I was there, which
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was the day. Yes.
Unknown Speaker 18:03
So what's the current interest rates right now for FHA and VA and conventional? How are we doing there? So
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I'd like to focus on payment.
Unknown Speaker 18:14
That's probably a better thing. Because you want to, you know, marry the payment and date to rate exactly the rates change. I can tell you this week alone, they have crept up I've I so rates come out first thing in the morning, every day, every day, okay. But sometimes something will happen. And it will cause the rate to change during the day. That has happened twice this week so far. And it's I mean, maybe the billionaires lost some money. It's possible, but I know it's hurting me because when I get that email reprice for the worse that I Yeah, it's not a good feeling, I get a sunken stomach. But I will say rates are in the sevens.
Unknown Speaker 19:02
Mid sevens are just starting rate. Okay. But you know, if you get a new home folks, the builders have a lot incentives for new homes, they do. And they have reduced rates, you know, by downs and this sort of thing that helped you out? Yes, there's something called a forward commitment. It's a lender term. But if you kind of look into that a lot of builders will do a forward commitment with a lender like me. And what that does is it buys the rate for by buyers are down for a certain amount of time. And so they'll put up money in order to get that rate. Now, they can do a 90 day 120 day and so a lot of times you'll see these specials come out do it now. Do it now do it now, because they're up against that clock. So I'm familiar with that. I've heard you know, I compete with them too. So I just had a email yesterday for like
Unknown Speaker 20:00
4.99 Yeah, so if you're interested in a new home, I have access to all the builders information, all their incentives, you know, in race, we can do the loan for the for you for these new home. Yeah, I, I've done several new builds where the builder still gives the credit. It was one situation where the lender, their lender could not approve the loan. And we could, but they still honored the incentives. Because we could get it approved. So it just, it just depends. But I would say something you want to do is takes stand with you when you go look at a new bill, because you want your own representation, right? Absolutely. That's what we do. Yeah, yeah. So you don't want to walk in because the sales rep represents the builder. So your best interest is to have your own representation.
Unknown Speaker 20:53
And she said, It's my job to make sure you get a solid deal. You know, I attend any walk through that to build the offer for you, I made sure that the home was constructed in a proper manner, through these walkthroughs. I look for any errors, any problems, you know, it's my job to solve those problems for you and for the builder, because we work as a team. That's right, you know, they pay me to bring you to them. You as my buyer, I want to make sure that you find the right home, especially a new home that fit your needs. And I want you to make sure I want to make sure that you have all the information that you need to buy a new home or resale home so you can make an
Unknown Speaker 21:43
informed decision on your purchase.
Unknown Speaker 21:47
Okay, well, that was one thing we wanted to cover. And that was loan limits, right? Wrong. Glad you brought that up. I totally forgot about I know we're running out of time, I said, let me go ahead and jump in. So for Clark County, the National I'm sorry, the loan limit is for FHA is $498,257. Now that's the loan limit, which means it's after the down payment, so it puts your purchase price at around 515,000 or so, if you put the bare minimum down. For conventional, the loan limit is $766,550. And that's also the limit for VA. So any if it's $1 above that, then it takes it into jumbo land. Jumbo takes it into jumbo land, that's luxury home land, folks.
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There's nothing wrong with that.
Unknown Speaker 22:48
So if you're interested in luxury, we have that for you too. Absolutely. And like she said she she can get that done for you. What's the jumbo loan limit? Oh, my company I believe we go up to 6 million, but we can probably broke her out and find something else if it's you know, higher than that. Right? And I work with other partners so if I can't do it, I'm sure I can find someone who can you find that did broker in Florida for that class in trouble? I'm working with him on one now. Matter of fact.
Unknown Speaker 23:25
Okay, so how long does it take for you to get somebody to qualify for a loan, if they get me my papers as I like to say, just give me my papers.
Unknown Speaker 23:39
I typically can give back to them with some numbers within 24 to 48 hours and that's typically business hours I try to have somewhat of a work life balance. But if I get a call on a Friday night and they want to go shopping on Saturday you know afternoon or something then I do my best to you know if I'm not out or whatever. I do not drink
Unknown Speaker 24:06
it's dry April stand is dry April is real. Yeah. Listen folks that got a little offering for you. Is 402,003 to four bedrooms. Two and a half baths is 14 180 square feet. This homes for your flows into an open concept living space. The kitchen is highlighted by us and Ireland, counter and cabinet space and access to a patio in adjacent casual dining look and great room for entertaining and everyday living. The primary better bedroom features a walk in closet and a primary bath with a dual sink vanity and a private water closet. secondary bedrooms feature clauses and share a full bath.
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Additional highlight
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Ice include a powder room and second floor laundry.
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If you're interested in this home in any other home, you can reach me at 702-809-2949. And like I said, Miss Nichols can do the lawn for you. And you can reach her at 702-551-9511. And then Stan, you have a website too, don't you? You know, I keep forgetting by my little website, but I do. And you can go to my website, it's called new home safari.com.
Unknown Speaker 25:33
And you can check out homes on my website, get a lot of information about real estate. And, you know, like I said, We'll be glad to help you find a new or resale home. Right? That's right. I don't have a website, but I have Instagram, and it is loans by Rachel Nicole. And that's my ad.
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So I'm not social media savvy ish, but it works. Understand. So I like to thank you for attending our well not attending.
Unknown Speaker 26:08
I feel like you here I just I get this vibe that people around me right now. But I like to thank you for listening to our show, and listening to our previous shows. And you can always listen to our show, the second Sunday of each month at 8:30am. Okay, so again, thank you for listening. And you know, the holidays are coming up and you want to be in that home so you can have that. Thank you. Yes, yes. Or play some pickleball
Unknown Speaker 26:40
Yes, when we get ready to do with summertime, you want to be in a home. Thank you, Rachel for giving that loan information. Thank you. And we look forward to hearing from everybody. Happy Sunday. 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 safari.com And please remember, nothing comes to a sleeper with dreams
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you're listening to community programming on public radio K you envy we still need a few moments to get the next show ready. In the meantime, enjoy this moment of smooth
Transcribed by https://otter.ai