first time home buyer in vegas and need to relocate from california?

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Hi, my husband and i are looking into buying a home in vegas. we would have to relocate from california and we are thinking of doing it by october this year. we are looking into properties from $150k to $200k but are very confused on the whole loan, down payment, interest, buying process. can anyone help? what is the least we can put down? how can we get a loan? is the loan for the entire amount of the property? how does all this work? HELP PLEASE!

2 comments to first time home buyer in vegas and need to relocate from california?

  • Mary P  says:

    If your real estate agent has not answered your questions, or put you in touch with a local lender, you need a new agent. He is not doing his job.

  • David B  says:

    Speak with a mortgage professional to collaborate on your expectations for a mortgage payment, how much you want to put down (if any), and to resolve any credit issues.

    Currently there are only 3 ways to get to 100% financing.

    1) VA benefits if you are a current or former serviceman/woman in good standing.

    2) USDA Rural housing if you are buying in a area outside of a major metro area

    3) FHA to 97% with the contract negotiated so that the seller pays 3% in down payment assistance (Ameridream, Nehemia) and another 3% to your closing costs.

    With all of these programs you will need to qualify based on your income, assets, and credit history.

    DTI = Debt to Income ratio. Your Mortgage payment (PITI + MI) + HOA fees + monthly bills that show up on credit (cars, loans credit cards) / GROSS monthly income must be less than 45-50%. Paystubs/W-2/tax returns are the way to document income.

    You should have as MUCH $ in the bank as possible. You will need to show your Bank/Retirement statements.

    You both should have scores above 620, and have no collections unpaid (FHA will insist that you pay them off), your credit cards should NOT be maxed out.

    I closed a handful of FHA purchases this month (all bank owned or short sales). Usually the buyers ended up putting a total of $1000-$2000 into buying the house (credit report, appraisal, home inspection, earnest deposit fees), but they walked into houses with equity!

    Home prices are 30-40% lower in Las Vegas than they were 2 years ago. Values will come back when the inventory of all these foreclosures gets bought up by good buyers like yourself.

    Best of luck!

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