88 DAYS LEFT FOR THE $8,000 LAS VEGAS FIRST TIME HOMEBUYER'S TAX CREDIT
Team Ratliff - Weekend Report – September 4,
2009
LAS VEGAS INTEREST RATES ARE DOWN THIS WEEK.
Below 5% on most loans!! Rates are at a three-month low.
Pending home sales jumped this week to a two-year
high.
The tax credit
expires on November 30, 2009, if not extended. If you do not close
escrow by this date, you will be ineligible for the $8,000 tax
credit. You should allow 30- 45 days to close escrow
today. This means you want to be in contract by October 15,
2009.
WEEKEND RATES - PLAN ON AROUND:
4.875 % (APR 5.129) FOR A
30 YR FIXED CONVENTIONAL LOAN (OWNER OCCUPIED OR SECOND HOME) with 1.125 points
, NO ORIGINATION FEE!
4.875 % (APR 5.096) FOR A 30 YR FHA / VA LOAN, WITH
.750 POINTS, NO ORIGINATION FEE!
5.500 % (APR 5.763) ON A 30 YR JUMBO
LOAN OVER $417,000 with 1.125 POINTS, NO ORIGINATION FEE!
5.000 %
(APR 5.244) ON A 5 YR JUMBO ARM OVER $417,000 with 1.000 POINTS, NO ORIGINATION
FEE!
6.000 % (APR 6.260) ON A 30 YR INVESTOR (NON-OWNER OCCUPIED)
LOAN UNDER $417,000 WITH 20% DOWN with 1.000 POINT, NO ORIGINATION FEE (720 mid
score)!
5.375 % (APR 5.636) ON A 30 YR INVESTOR LOAN (NON-OWNER OCCUPIED)
UNDER $417,000 WITH 25% DOWN with 1.125 POINT, NO ORIGINATION FEE (720 mid
score)!
HUGS: (Help Us Give To Our Schools) www.hugsfoundation.com or call 702-677-2100 HUGS provides between $2,000 and $12,000 toward a down payment or closing costs. To be eligible a homeowner must use a HUGS foundation mortgage agent or REALTOR. His or her combined income cannot exceed $82,500 for families or $41,000 for singles, and liquid assets cannot exceed $15,000. The Las Vegas home buyer must invest a minimum of 1 percent of his or her own funds and occupy the Las Vegas home for at least a three years. Donations, sponsors, partnership fees fund the program. REALTORS pay $495 a year to belong.
NHD: (The Nevada Housing Division) www.nvhousing.state.nv.us or call 702-486-7720 ext. #222 Has a first-time Las Vegas home-buyer program that provides up to $10,000 in assistance on a fixed rate, 30 year loans. Las Vegas home buyers may not have owned their own residence within the past three years. Total gross household income must fall within the NHD's Maximum Income limits, which vary from $65,000 to $97,300 depending upon the particular county where the house is located and the number of persons in the household. Maximum purchase price limits range from $237,000 to $429,619. A Las Vegas home buyers assets may not exceed 50 percent of the purchase price of the residence, with exceptions for disabled and elderly. The Las Vegas home-buyer must complete a six to eight hour Home-buyer Counseling Course.
The City of Las Vegas: www.lasvegasnevada/gov/information15952.htm or call 702-229-2555 Applicants can borrow up to $10,000 for help with down payment and closing costs. The loan is interest free, with no monthly payments. It is deferred over a five year period, after which time it may be forgiven. Las Vegas home buyers must be first time buyers and be able to secure a first mortgage loan, make a minimum investment of $500.00 (in some cases up to 3 percent of the loan) and complete an approved Las Vegas home-buyer training course.
The City of North Las Vegas: Operates its first time home-buyers assistance program through two non-profits: Neighborhood Housing Services of Southern Nevada and Consumer Credit Counseling Services. The City's assistance is in the form of zero interest, deferred payment loan of between $1000 and $37,500 secured by a deed of trust. Eligibility requirements are similar to other city run programs. Las Vegas home-buyers are required to have a total gross household income at or below 80 percent of the area's medium income. Total household assets cannot exceed $30,000. Buyer's must occupy the property as a principal residence, not have owned a home in the last three years, qualify for a first mortgage and contribute a minimum of $1000 from personal funds to be used as an administrative fee for the nonprofit organizations.
City of Henderson: The city will assist with a 0 percent, interest-deferred loan not to exceed 10 percent for down payment only, and will loan up to an additional 3.5 percent in closing costs and include extra financing for the home repairs. Applicants must either work or reside in Henderson for at least one year prior to applying. They must not have owned a home within the past three years, and complete a city's First Time Homebuyer Education Program. They must have a minimum investment of $750 of their own funds toward the home and $750 in reserves. Annual income caps range from $35,750 to $67,450 and take into consideration the number of persons in the household. For more information on Henderson's first time home-buyer-assistance program, go to www.cityofhenderson.com, click on departments, neighborhood services, housing resources, services to citizens, then first-time homebuyer or call 702-267-2010.
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