| Las Vegas, NV: Zero Down Home Loan (OR) 100% Financing for First Time Buyers. Zero Down or 100% Financing Home Loans still exist in Las Vegas, NV. Most people will say it is not out there, but rest assured it is! You just have to know where to find it and how to make it work. More and more home loans that close in Las Vegas are FHA Loans. There are many great features of an FHA Loan, but one of the most important is the flexibility of the 3% down payment. It can come from many sources as long as it is documented and structured properly. Many Down Payment Assistance (DPA) programs have been instituted and approved by FHA to help borrowers. You may have heard that FHA DPA programs are no longer allowed. This is only true in part. "Seller Funded" DPA programs like Nehemiah and Ameridream are no longer allowed, but there are still many forms of FHA down paymnt assistance that are alive and well! Like I said before, you just have to know where to find them and how to make them work. I have spent quite a bit of time researching the many different programs and methods of 100% Financing with the FHA Loan in today's Las Vegas market and have separated them into three categories. Gift Funds: This is used quite often because it is the easiest way to obtain a down payment for a Las Vegas home. FHA will allow the down payment to come in the form of a gift from a family member, close family friend and in some cases an employer. While this option is EASY, there is a very specific procedure required by FHA for the gift funds to be used. If it is done incorrectly or too early in the process it may not be allowed which could end up costing you the home. A qualified, experienced FHA lender is vital to your transaction so that the process is executed correctly. Community Seconds and Grant Programs: This is one of the best kept secrets in Las Vegas! There are many Community Second and Grant programs that are already inexistence and ready to be utilized now! A community second is a second mortgage that can be used for a down payment and in some cases closing costs. A Grant is non-repayable gift that is used for the down payment and in some cases closing costs. Many of these programs are funded by municipalities such as the City of Las Vegas, City of Henderson, and the City of North Las Vegas for their current and future residents. Each program has different qualifications, guidelines and procedures. Some of these programs assist teachers, first responders, and disabled citizens. Many of these programs require that the Mortgage Lender and/or Real Estate Professional be registered before they can offer them to their clients on their Las Vegas home purchase. It is important to find a Lender and Agent that have access to most if not all of these programs. This will ensure that you have as many options as are possible. Nevada Bond Program: The Nevada Bond Program is a state program that will assist a buyer with the down payment and closing costs to purchase a home. This program is designed for first time home buyers and people who have not owned a home in the last three years. This option is quite attractive because the funding for this program is unlimited. There are only a few Lenders in town that have access to this program and all of the Nevada State Bond mortgage loans are routed through one master loan servicer. If you know which lender to go with, the process is very simple. Now you can see that there are still many options for 100% Financing or Zero Down on your next Las Vegas home purchase. With prices as low as they are, right now is an amazing time to buy! Lenders must be approved to use the grant and bond programs! If you need more information feel free to contact me. I would be happy to put you in touch with an FHA Home Loan Consultant that has experience, expertise, and access to the appropriate program for you. 702-966-2494 press option 3 to speak with a financing specialist. |
For ALL of your Las Vegas, NV Real Estate Needs!
I have a team of professionals that can assist you with:
Relocation: Most people who relocate to Las Vegas, NV will do it on a wing and a prayer as many employers will
not hire you until you have a Las Vegas area address! We will work diligently with you until you can find a home
to purchase or to rent!
Residential Rentals: We take the time to help find our clients rental homes. The landlord pays us, no money
comes out of your pocket! We can search by almost anything you can imagine! Length of lease, pets allowed,
square foot, bedrooms, baths, price, etc! In many cases a residential rental will be less expensive and
comparable or better than an apartment!
New Construction Purchases: Again, the builder pays us and if you walk into an office and sign a contract with
the builder, no one is representing you! We have great search tools to help you find the right new construction
home. You simply give us your criteria (beds/baths/square feet/area and price) and we do the searching for you!
Resales - Listings & Purchases: If you are ready to buy a home, we are ready to find one for you. The MLS
allows us to search so many different sets of criteria right down to the granite countertops if necessary!
Highrise Condominium Sales & Purchases: Many high rise builds are literally crap shoots whether the project will
be completed or not. Get together with a professional who knows what stage the builder is in before you tie up
precious money and valuable time!
Commercial Property: Leases & Purchases
Land Listings & Purchases
Foreclosures/REO/Shortsales: Yes we have access to these listed properties also!
Condos/Townhomes/Single Family Homes: Find out what type of property suits you the best. Just because a
condo is less expensive price wise, it may not mean your mortgage payment will be lower than a single family
home! When buying a condo, make sure you are doing it for a lifestyle/amenity choice!
Estates/Probate: Feel confident to list with someone who has experience!
Not Ready to Buy Sell or Rent? Go to the top left hand corner and sign up for our e-newsletter to stay on top
of the market. The only information we ask for is your name and email address - no annoying calls!
I have a team of professionals that can assist you with:
Relocation: Most people who relocate to Las Vegas, NV will do it on a wing and a prayer as many employers will
not hire you until you have a Las Vegas area address! We will work diligently with you until you can find a home
to purchase or to rent!
Residential Rentals: We take the time to help find our clients rental homes. The landlord pays us, no money
comes out of your pocket! We can search by almost anything you can imagine! Length of lease, pets allowed,
square foot, bedrooms, baths, price, etc! In many cases a residential rental will be less expensive and
comparable or better than an apartment!
New Construction Purchases: Again, the builder pays us and if you walk into an office and sign a contract with
the builder, no one is representing you! We have great search tools to help you find the right new construction
home. You simply give us your criteria (beds/baths/square feet/area and price) and we do the searching for you!
Resales - Listings & Purchases: If you are ready to buy a home, we are ready to find one for you. The MLS
allows us to search so many different sets of criteria right down to the granite countertops if necessary!
Highrise Condominium Sales & Purchases: Many high rise builds are literally crap shoots whether the project will
be completed or not. Get together with a professional who knows what stage the builder is in before you tie up
precious money and valuable time!
Commercial Property: Leases & Purchases
Land Listings & Purchases
Foreclosures/REO/Shortsales: Yes we have access to these listed properties also!
Condos/Townhomes/Single Family Homes: Find out what type of property suits you the best. Just because a
condo is less expensive price wise, it may not mean your mortgage payment will be lower than a single family
home! When buying a condo, make sure you are doing it for a lifestyle/amenity choice!
Estates/Probate: Feel confident to list with someone who has experience!
Not Ready to Buy Sell or Rent? Go to the top left hand corner and sign up for our e-newsletter to stay on top
of the market. The only information we ask for is your name and email address - no annoying calls!
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