Even if you don’t have enough for a down payment right now, and your credit isn’t the greatest, why aren’t you considering buying a home in Las Vegas? There are ways to improve your credit, and there are programs available for down payment assistance.
Here is an example of a client that worked with me to buy a home, who had good credit, but very little down payment.
We found a cute two bedroom, two bath home with a one car garage in the Southwest area of Las Vegas. The buyer offered $85,000 for the home, and the offer was accepted by the bank.
The buyer had qualified with a lender, who was able to offer her a Nevada DOWN PAYMENT ASSISTANCE program of $4,500 (paid back over 20 years at less than $35/month). The buyer also received an FHA loan at 3.5% interest, as part of the program.
The offer included that the bank would pay 3% toward the buyer’s closing costs, which helped lower the amount out of pocket the buyer needed to come up with. After all costs were included, the buyer paid LESS THAN $2,000 out of pocket to purchase the property.
The buyer’s monthly payment, INCLUDING PRINCIPAL, INTEREST, TAXES, INSURANCE, THE BOND PAYMENT AND HOMEOWNERS ASSOCIATION FEE is …
Wait for it …
Wait for it …
Ding, ding – $650/month
Of course, every case is different, and only a lender can review your information and determine if you are eligible. If you can meet the following requirements, you may be eligible:
- Minimum credit score of 620
- Maximum income of $78,000 for one or two people
- Must be a first-time home buyer (cannot have owned a home in the last three years)
Even if you don’t qualify under this program, you could be able to purchase sooner than you think. It doesn’t hurt to ask and I’m here to help if you would like to consider buying instead of renting.
Visit my website to look for homes for sale in Las Vegas