I must have received a dozen or more calls within a matter of minutes after the news announced that there was a possibility the $8,000.00 tax credit could be extended past the original expiration date of December 1st, 2009. KXNT news radio announced on Thursday, September 17th, @ about 2:00 pm that a bill was set to go to the Senate to extend the $8,000.00 tax credit for an additional 6 months. Other Networks and Stations announced the same.
Since then I have had numerous phone calls and inquiries about the truth of this announcement. I have read and re- read many articles referencing the $8,000.00 tax credit. I have talked to anyone and everyone I know about this announcement. The entire Las Vegas Valley is talking about nothing else.
At this point there isn't any confirmation on the bill being passed, however; I am very optimistic and hopeful that this bill will become reality and that all of the first time homeowners that have been trying to get their offers accepted will now be able to breathe a bit easier knowing that they have been granted an extension, enabling them extra time to get their offers accepted.
In the past several months I have seen first hand how investors have put in offers for more than the listing price, who have had their offers looked at first and who have paid cash for homes that first time homebuyers so desperately wanted to buy. First time homebuyers who have strong employment histories, who have savings put aside, who have great FICO scores and who are using traditional FHA and conventional loan programs. How can we allow the investor to come in and take precedence over the first time homebuyer, how can we allow this to happen again? This is a question that I and so many other Real Estate professionals, Banking Professionals, Appraisers, and Inspectors are asking. Once again we are seeing the first time homebuyer unable to fulfill their dream of homeownership because of the unfair practices taking place in the Real Estate Market.
Wouldn't it be great if the First Time Homebuyer's offer was the first one to be considered, the first offer to be accepted? Wouldn't that be the fair and right way? In my opinion YES. However; is this reality?
When I look closely as what is happening in the Las Vegas Real Estate Market, I see a repetition of history. What I want to see and what I am hopeful for, is for the first time homebuyers, the people who are qualified, who are out their every day looking at properties diligently, putting in their offers and playing the waiting game, that these people and their offers will be taken into consideration first. My vision for Las Vegas is a vision of First Time Homebuyers getting first crack at the purchase of an REO, these are the buyers who are going to be the glue for Las Vegas. First Time Homebuyers are going to be the guarantee that our housing market stays strong. If we let the investors in again, as we already have, where does that leave us in the next few years? Where will Las Vegas be in the years to come if we don't start thinking about the people who are going to become permanent residences, who want to plant themselves, grow roots, and raise their families? This is where our mind set needs to be, as a City......We need to be thinking about the people who are going to stay, the people who are going to plant themselves and grow roots. We need to protect the future of Las Vegas. We need to make sure that the investors are not the only people purchasing the share of properties that are priced within reach of so many First Time Homebuyers. These investors won’t be planting themselves, putting down roots and raising their families. They are only here to make their profit and leave....Lets all take a better look at what we can do to push for the First Time Homebuyer.....Those of us that have established our roots in Las Vegas need to push for others that want to do the same.
My family and I have planted and established our roots in Las Vegas and we are here to stay. I hope that our voices will be heard and that other liked minded people will take an interest and push, as we are pushing, to keep Las Vegas a thriving, growing, wonderful place to live.
If you have a response to this e-mail or want to start a discussion please feel free to contact me.
Melanie Dages
Southern Fidelity Mortgage
6585 High Street
Las Vegas, NV 89113
702-921-1800
702-468-8737 Cell
Each new day brings New Beginnings.
So many people are looking for that new beginning. So many people are optimistic about each new day and some people feel despair. With Las Vegas “leading” the states with the highest foreclosure rate, so states the media, it is no wonder anyone who lives in Las Vegas is feeling a bit blue. I would love to see the newspapers and the news stations start reporting the good news in Las Vegas, that homes sales reached the highest in the month of June than ever before, that homes are once again affordable for the “average” person.
Which brings me to this point; My Blogs are designed for the “average” person. I too am an average person. I have a husband, adult children, grandchildren, a cat that I adore, a home that we bought 7 years ago and investment properties that we purchased when we thought it was the best time to buy. I moved to Las Vegas with my Husband, Mike, 7 years ago, full of excitement for the opportunities that were available and I do not regret it for one moment. We have made a life here and it is a good Life. The climate is perfect for Mike's allergies; the climate is moderate, for the most part. During the summer months we get a laugh over the statement “but it is dry heat”.
In my opinion Las Vegas is a terrific place to live, and believe this; 7 years ago I never thought I would say that. Mike and I are originally from San Diego, California, “The Best place to Live” and Mike says he will never go back. That is debatable for me, LOL….however; I have learned to enjoy the many aspects of Las Vegas. The entertainment is fabulous; the dining is out of this world and very diverse. Lake Mead is 45 minutes from the city, Mount Charleston is a very short drive from any part of Las Vegas with hiking and camping that is truly wonderful, Redrock is located on the west side of town, with sites and scenery so spectacular it will take your breath away. The dunes at Armargosa are 90 minutes from the North Side of Town and the Dunes at Dumont, southwest of Las Vegas, are only a 2 hours drive from the City.
I read the papers, watch the news and listen to the radio. I can get a bit discouraged by the way that Las Vegas is being described. What I would like to see is more of the positive news being published and discussed. The people who report and write for the media should start taking a look at the greatness that is Las Vegas. It is out there for any average person to see and for any person who can and will look past the negative. The negative, which by the way can be seen in any other City or State. Las Vegas has been and still is a wonderful city, full of opportunity. Let’s start spreading the news that Las Vegas is a thriving City, full of people who see the opportunities available to them, average people who are optimistic about each day as a new and wonderful beginning. A New Beginning, just waiting to happen.
Let’s all work together and start writing and talking about Las Vegas. A City full of optimism, wonderment, opportunity and New Beginnings........
Melanie Dages MLD #43006
Direct Access Lending #405
650 White Drive #200
Las Vegas, NV 89131
702-617-9900 Ext. 1176
Melanie.dages@dalusa.com
Fannie Mae
Home Path Program
Eligibility Requirements for Fannie Mae Home Path Program
Introducing the Fannie Mae HomePath program. The Fannie Mae Home Path Program is specifically designed for borrowers purchasing a REO Home Path Property directly from Fannie Mae.Second Home and Investment properties where the borrower has 4 or less financed properties are eligible for the Home Path Program.*Fully amortized fixed and adjustable rates.*Up to 95% LTV 1-2 units primary residents and DW manufactured homes. Full doc, FICO 660minimum.*Up to 90% LTV second homes and investment properties. Full doc, FICO 660 Minimum.*Warrantable Condos and PUD (Planned Unit Development): Primary residence 80% LTV FICO 660minimum.*Second Home or Investment 80% LTV FICO 660 minimum.*Mortgage insurance not required and appraisal not required. LTV is based on purchase price.*Program requires HomePath Disclosure form to borrowers.*Seller’s concessions up to 6% on Primary and Second Homes with LTV from 75.01% to 95%.*Investment Properties*Seller’s concessions up to 2% with LTV from 75% to 90%.All Fannie Mae REO properties are not eligible for the HomePath financing. Property must be registered at www.homepath.com to be eligible for HomePath financing.Melanie Dages NV MLD #43006Direct Access Lending NV Mortgage Broker #405650 White Drive # 200Las Vegas, NV 89131702-617-9900 ext 1176
What I see is HOPE......
Every day I see that the Real Estate Market is turning, and I am Hopeful that this turn is for the better. I hear the frustration in the voices of Buyers, Real Estate Agents and Mortgage Lenders, however; I also hear Hope. I hear Hope in the voices of those that are ready to purchase. I hear Hope from the Real Estate Agents that the market is making a turn. I hear Hope from so many people, as they realize that their dream of becoming a home owner is within reach.
As each new day starts I focus on the Hope that I am hearing. I focus on the much needed positive conversations that are taking place throughout the day. The Real Estate Industry has had many ups and downs over time. This time may seem like the worst, however; I choose to look at today with an optimistic attitutude. I choose to look at today with Hope. Has there been a time when we have seen interest rates this low and homes so affordable? There is such opportunity out there for people who have never owned a home before. Have we ever before seen a gift from the government for $8000.00 available to any person who has not owned a home in the last three years?
As a Mortgage Banker I am excited. I am excited to be working with buyer's who are Hopeful for the first time in their lives, Hopeful that they are going to become homeowners. I am excited about the change that is taking place and I am thankful that I am involved in the lives of some many people who feel the change and are taking advantage of the change.
My question is this? What are you waiting for? Why would you sit back and let the opportunity of a lifetime pass you by? Why would you pay rent when you could purchase a home and have a house payment that is less than what you are currently paying for rent?
I have been assisting people with the purchase of homes for many years. I have seen the joy on their faces when they sign their Close of Escrow Documents. I have witnessed first hand the change that takes place when a person becomes a homeowner.
I have seen HOPE and it is incredible.....
Melanie Dages NV - MLD #43006
Direct Access Lending
NV Broker #405
Las Vegas, NV 89119
702-617-9900 Ext. #1176
**News on Fannie Mae New Home Path**
Eligibility Requirements for
Fannie Mae Home Path Program
Effective Monday February 9th, 2009, I’m pleased to announce the New Fannie Mae HomePath program. The New Fannie Mae Home Program is specifically designed for borrowers purchasing a REO directly from Fannie Mae.
? Standard fixed and adjustable rate products.
? Fully amortized fixed and adjustable rates.
? Up to 95% LTV 1-2 units primary residents and DW manufactured homes. Full doc, FICO 660 minimum.
? Up to 90% LTV second homes and investment properties. Full doc, FICO 660 Minimum.
? Warrantable Condos: Primary residence 80%-95% LTV FICO 660 minimum, Second Home or Investment 80%-90% LTV FICO 660 minimum.
? Mortgage insurance not required and appraisal not required. LTV is based on purchase price. Program requires HomePath Disclosure form to borrowers.
? Sellers concessions up to 6% with LTV from 75% to 95%.
? All Fannie Mae REO properties are not eligible for the HomePath financing. Property must be registered at www.homepath.com as being eligible for HomePath financing.
This is a quick overview of the new Fannie Mae Guidelines for New program called Home Path. For more information please contact:
Melanie Dages MLD # 43600
702-468-8737
Economic recovery is about making people feel more confident, says Mark Zandi, chief economist of Moody's Economy.com. Zandi evidenced increasing home sales and gains in the stock market are some promising signs that the worst is over and people will start spending again.
"We're starting to see some pent-up demand for goods," he says.But Zandi warns that the situation is still fragile. "Confidence is a very fickle thing. It can go from abject pessimism that pervades now to a more balanced view of the world rather quickly."Robert Brusca of FAO Economics is predicting strong growth in the last half of the year and a quick recovery for the labor market. "You've lost 5 million jobs. It shouldn't be hard to put 2.5 million jobs back on rather quickly after you hit bottom," he said.Joseph Carson, chief economist at AllianceBernstein, calls improving home sales, a rising stock market, and better-than-expected retail sales in February and March good signs of a turnaround. By the time President Obama's stimulus package takes effect, the economy will be ready, he says. "The stimulus has a much better chance of working if trends are already turning up than if it needs to halt a decline," he said.Source: CNNMoney, Chris Isidore (04/06/2009)
NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke said Tuesday he sees "tentative signs" that the economy's dramatic decline is easing, but that full recovery won't come until the financial system is stabilized.
"Recently we have seen tentative signs that the sharp decline in economic activity may be slowing," Bernanke said in prepared remarks for a speech he is set to give at 1:30 p.m. in Atlanta.
Bernanke said "a leveling out of economic activity is the first step toward recovery," adding that "we will not have a sustainable recovery without a stabilization of our financial system and credit markets."
Among the positive indicators Bernanke mentioned were recent upticks in home sales and new home construction. He also pointed to improvements in consumer spending, notably sales of new vehicles.
? Warrantable Condos: Primary residence 80%-95% LTV FICO 580 minimum, Second Home or Investment 80%-90% LTV FICO 580 minimum.
702-617-9900
Understanding the FHA Mortgage
In 1934 the FHA was founded after the depression to help people buy a home to regulate the loan terms and interest rates on the mortgages it insured. FHA is a Federal Housing Administration loan guarantee and is backed by the Federal government. This is done through the purchase of Upfront Mortgage Insurance Premium fees that are added into the back end of the loan and MIP monthly fees that are collected each month for 60 months. FHA loans are not held by the US government, but are bundled together over a wide geographical area, and then sold in the secondary market allowing more capital to be raised through these sales.
FHA is not a sub prime lender, but do give the clients the ability to get a home loan if the borrowers have shown the capacity to make payment on the loan. Technically, FHA does not have any FICO restrictions but most Automated Underwriting will give approval with a 580 FICO or above. That does not mean that exceptions are not made, if the manual underwriter review of letters of explanations detail the reasons for past payment problems satisfactorily they are likely to get an approval also.
FHA loan limits are based on a complex logarithm to determine the loan limits in each county of the US. FHA Mortgage Insurance Premium is now a risked based pricing meaning that the lower your FICO score the higher the up front and monthly fee will be. Pending legislation will raise this limit to $417,000.00 for all counties. (HR3221)
The Benefits of a FHA loan are:
1) Lower Fico scores preferably 580 or above, but with extenuating circumstances and letter of explanation can be lower.
2) FHA loans allow non owner co-borrowers, but must qualify with both parties’ debts.
3) Lower down payment needed, 3% of the sales price which can be from a family member as a gift funds.
4) FHA allows the seller to contribute 3% down and 3% seller’s contributions for recurring and non-recurring closing costs.
5) FHA allows you to have someone assume your loan, if they can qualify.
6) FHA loans are very competitive in pricing and terms offering 3 and 5 year ARMS (can be converted to fix after 12 months through a streamline re-finance) and 15 and 30 year fixed.
7) FHA allows for a streamline refinance of the existing loan terms without income documentation or appraisals, but must show a benefit in reduction of rate or terms.
8) The streamline fees are set by FHA to reduce the costs associated with typical refinances. Streamline loans can also be done on non owner occupied properties as well.
This is a very short overview of the FHA product and its benefits. Next week we will discuss the VA loan and its requirements. If you have any questions please feel free to e-mail me at melanie.dages@dalusa.com
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