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Heather Peck

Agent

RETIRED (12 years experience)

Advice

  • (112 Contributions,
  • 5 Best Answers,
  • 40 Helpful)

Contributions are sorted newest to oldest.

what are my options in getting a home with a no qualify loan and 5000.00 down?

Answer

If you're talking about owner financing, it won't happen.  Owners want 10-20%, sometimes 50% down and will only carry the balance for 5 years, sometimes 10, almost never 30 years.If you're talking about lease option, maybe depending on the house you want. That's where you give them an option deposit of $5,000 plus you pay them rent and agree to exercise your option within 1-3 years by getting your own financing.  You'll pay above market rent, which hopefully you'll get credit for some to use towards your down payment and or closing costs when you exercise your option.  But if you don't exercise your option or are unable to get financing within the agreed upon period of time, you lose the option and any credit you have towards your down payment.There are loans that only require a 620 credit score and you can finance 99.5% of the mortgage. I have a loan officer whose great at these loans.  And after 6 months, you can streamline it down and get even a better rate.There is another program that offers zero down, zero closing costs, fixed rate for 30 years (today is 3.875%) and no credit score required. They do character based lending, meaning they look at your credit over the last 12-24 months, and if you've made payments on time, they can get you qualified to buy a house.  Its conventional financing underwritten by Citimortgage.  Let me know if you'd like to know more about it.Heather

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How do I know if a property has mortgage on it or not?

Answer

In Nevada this is public information.  Get the assessor parcel number from the assessor's website.  Then go to the recorder's website and look up the property by the APN (assessor's parcel number).  If there is a mortgage, a lender will be listed on the property after the sale date.clarkcountynv.gov 

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best area in las vegas to live?

Answer

There is no best area.  It all depends on what you're looking for, how long of a commute you're willing to have, and what amenities in the community and nearby are important to you.The northwest has lots of rural areas, great for horse owners.  The southwest also has horse properties, but also some beautiful planned communities like Rhodes Ranch, Mountain's Edge and Southern Highlands.  Henderson offers Green Valley, the District for great shopping and dining, the Galleria across from Sunset Station, and now a new water park.  Or east Henderson offers the horse properties, the foothills with a rural overlay (no sidewalks or streetlights), a short drive to Lake Mead, or a couple of beautiful planned communities (Tuscany and Lake Las Vegas). On the west side of Henderson, you have Anthem, MacDonald Highlands and Seven Hills area.  The east part of town has large lots with no HOA and some planned communities in Sunrise Mountain, close proximity to Nellis AFB and another entrance to Lake Mead.  So what are you looking for?

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Closing Cost for Loan

Answer

It depends on the appraisal company your lender hires.  The agent and loan broker have no control over this.  That price range is about right, depending on the size of the house.  Most are between $400-$500.

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Do real Rent-to-owns exist?

Answer

OK, as a Realtor who has done rent-to-own deals, yes they exist. Are they easy to find in this market? NOLas Vegas has very little inventory for sale and the only reason a seller will agree to a rent-to-own is:1-You agree that the deposit you put down is nonrefundable if you don't qualify or can't complete the deal2-You will agree to paying over market value for a property and hope that you have enough equity from rent credits (part of your rent that will be credited towards the purchase) when you actually go to get financing.3- You will be limited to houses that are usually older, not necessarily in the neighborhood you hoped for, What you need to know - there are loan programs out there where your mid credit score only needs to be 620 AND they have down payment assistance. The City of North Las Vegas has one called the "Home Program".  So does Clark County.  Both programs have certain income and geographic areas that you may be limited to.  You need $2500 in the bank and $1,500 that can be used towards the transaction (but that can be gifted).  Henderson also has one with similar restrictions.  The City of Las Vegas has a LIFT Program.Lastly, there is another mortgage loan program that has NO credit score requirement, ZERO down payment, ZERO closing costs, ZERO points.  They offer a fixed 30 yr mortgage underwritten by Citimortgage.  Today the rate is 3.85% fixed for 30 years.  You need at least $1,500 which is used for the earnest deposit and home inspection.  You can buy anywhere in Clark County and any property that can be financed.  If it needs some repairs, and your income qualifies, you can get Any of these may be a better option for you than rent to own.Heather PeckNationwide Realty[deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

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average utilities for a 6000 sq ft home single story

Answer

If you have an address, you can call NVenergy (even if its not your address) and ask what the average bill was last year or the July bill.  All you have to tell them is you're in escrow and want to plan your budget.

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can i get a $30000 loan to buy an apartment.,.....

Answer

You need to be prequalified by a loan officer and then it will depend if the property (condo) is loanable.  Not all are.  You will need a little money for an earnest deposit, appraisal and home inspection.

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PreQualify for Loan

Answer

You may still be able to get an FHA  loan but you'll probably have to come up with more than 5% down.  Talk to a loan broker about subpar score loans.Another answer for you is to consider lease optioning a property until your score comes up and then you can buy that house from the understanding seller.There is another non-credit score driven program out there, HUD approved, zero down, zero closing costs, zero points offering a 30 yr fixed rate mortgage (today it is 3.875%).Contact me for info, it may be available where you live.  They're in 28 states at least but not all.Good luck.

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