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October 30th, 2014 5:21 PM
After a seemingly endless number of down payment assistance programs with extreme limits on location, income, or unavailability of funds, Nevada finally has a program that caters to the masses, in the Las Vegas Metro Area.  Nevada Housing has rolled out the HOME is Possible down payment assistance grant program.   Finally, Clark County has an all inclusive program with perpetual funding, providing a grant for 4.00% of the loan amount for FHA and VA borrowers.  

This non-repayable grant makes a true zero down FHA loan possible, at a competitive interest rate, with few restrictions.  With no first time buyer restriction, the qualifying borrower(s) income limit of $95,500, and a $400,000 maximum home purchase price, this program fits the vast majority of home buyers in southern Nevada.  Stay tuned for details of the addition of a Conventional Conforming Loan Product being added to the program next month. 

Posted by Andy Gutman on October 30th, 2014 5:21 PMLeave a Comment

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July 29th, 2018 10:23 AM
Recent legistation legalizing cannabis, recreational marijuana, cbd vape in the Las Vegas area has brought new visitors and entrepreneurs to the area. These cannabis entrepreneurs are starting small businesses and financial processing services for the cannabis industry. ;That means less investors and more actual homeowners to attempt to stabilize the market.  Due to the lack of inventory, and spike in interest most sellers are not giving seller contribution.  Still, people that actually want to buy a home as their owner occupied place to live are getting a better chance at finding their home.

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Posted by Andy Gutman on July 29th, 2014 10:23 AMLeave a Comment

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If you are looking to purchase your home in Las Vegas, Henderson, or Summerlin you probably have had your offer denied on more than one occasion.  Unfortunately since the banks are still holding their foreclosure inventory there is a very small amount of homes on the market.  Anything under $200,000 is getting multiple offers in the first 24 hours it is listed and are usually only accepting cash and conventional offers.  On top of that, every home listed is the new high price for the neighborhood and most accepted offers are being asked to pay the difference between appraised value and purchase price.

If you are the typical purchaser of your owner occupied home you are usually trying to do an FHA loan and don't have the means to pay the difference if/when the appraisal comes in lower than the contract price.  Since Realtors here believe that FHA appraisals come in artificially low, they are not even looking at your offers.  As the laws change, the lawmakers unwittingly make it easier for investors to purchase or delay the foreclosure process so we cannot continue with the natural progression of getting these people out of their homes and getting in borrowers that will pay their mortgage.  Hopefully the tide will turn soon.


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Posted by Andy Gutman on May 5th, 2013 10:29 AMLeave a Comment

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January 8th, 2013 2:57 PM

What is going on with listing agents in the Las Vegas/Henderson Nevada area?  They are doing absolutely nothing to help make the transaction go smooth.  Either it takes them 2 weeks to get a simple addendum signed or they blame everyone else for the transaction not running smoothly.

I am currently doing a loan where the borrower signed the purchase contract and it took the listing agent 10 days to get the seller's signatures.  The listing agent had the nerve to call me and ask why the appraisal wasn't done yet after I only had the fully executed purchase contract for 4 days.

On a recently closed transaction, I had a 30 day close of escrow.  There was litigation where the HOA was suing the builder for minor defects in common areas.  I had a lender that said that would be ok but once they saw the litigation paperwork said "no" to the loan.  Because the borrowers wanted the home so bad they had already agreed to their $7500 Earnest Deposit being non-refundable after 15 days, paid half the transfer tax, and were paying $14,000 over appraised value.  Once again, the hold up was the litigation, not my borrowers.  The listing agent insisted on a $50 per diem for every day that we did not close on time????


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Posted by Andy Gutman on January 8th, 2013 2:57 PMLeave a Comment

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June 21st, 2011 12:58 PM
Yesterday I get a call from a woman who would like to buy a home but doesn't know what to do.  Her Realtor gave her my name and the name of a loan officer from one of the Big Banks.  The loan officer at that Bank pulled her credit and told her there was nothing she can do right now.  When the woman asked for a copy of her credit report she was told that would not happen.  Then she asked if the loan officer had any advice for her to work on her credit.  She was told to call back in a few months and the loan officer would check again.  If you don't tell her what she needs to fix and you don't tell her what she can do as a positive on her credit, the score will pretty much be the same in a couple of months.  Thanks Big Banks!  Keep up the good work!!

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Posted by Andy Gutman on June 21st, 2011 12:58 PMLeave a Comment

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