Archive for April, 2016
Saturday, April 30th, 2016
Hi folks and happy Saturday,
We’ve got a rainy Saturday going on today. It actually rained all night long. It was great. I am now sitting at Starbucks people watching while trying to blog. It’s fun to people watch. Like my grandma always said “it takes all kinds to make the world go around”. I am trying to concentrate but I hear so many different conversations going on. Even the music that plays here at Starbucks is distracting me. I am totally going off track here. Focus Penny, Focus. Trying to ignore the snoring guy. So sorry, FOCUS, PENNY
Back to the Home at Last program. Let’s talk about who qualifies:
First-time homebuyers (buyers who have not owned a home in the past 3 years): or Qualifying Veterans who will live in the home as their primary residence.
Households meeting normal FHA, VA, Conventional or USDA RD underwriting requirement.
Homebuyers who meet generous income and purchase price requirements. The limits vary depending on county and household size. Please visit www.NvRALorg/MTC to review current income and purchase price limits.
Veteran And Military MTC benefit:
In appreciation for their service to our country, Nevada Rural Housing Authority has eliminated the MTC fee for all first-time homebuyers serving on active duty, National Guard service personnel, and Veterans who have been discharged. This FREE gift is a must-have for our Nevada Heroes!!!
Enjoy your day everyone!!! I greatly appreciate your time you’ve spent keeping up with my blog. Until next time: call me, Penny @ 702.321.9383
Wednesday, April 27th, 2016
Today let’s talk about VA loans. Most Agents and sellers I believe don’t understand the importance that they give to our Veterans clients. VA loans are a little bit different than your standard conventional or FHA or loan goes but come on give it a little effort and go with the flow. There are a few things that the program doesn’t allow the buyer to pay for. As written below:
- Tax Service
There’s really not that many issues that need to be addressed. I believe agents are lazy and don’t want to go the extra mile to help their client get a VA loan if that is what the client wants.
Many buyers are discouraged from using their opportunity. I say, go for it. Use it if it’s the best fit for you.
Here are a few things the buyer can pay for:
- A Appraisal
- C Credit Report
- T Title Insurance
- O Origination Fee
- R Recording Fee
- S Survey
The VA loan can be confusing but as long as you’re working with an lender who knows what they are doing then all should go ok. I hope this was of some help to you. if you feel your agent isn’t helping you with what your needs are you do have the right to fire them. Do what’s best for you. And, as always, Thank you for you service. Penny
Wednesday, April 20th, 2016
So, I’ve been looking back on my life and thinking about my homes I’ve purchased. My first place was back in 1977, in the little town of Solon, Iowa. I can’t remember the exact price of the home, I’m going to guess it to be around $37,000.00. Sounds really cheap now but that was 40 years ago. At the time we barrowed the money on a balloon loan. Does anyone remember balloon loans. It was a risk to go with a balloon loan. Usually, it consisted of after 3 years of making payments the loan would come up for review and whatever the current interest rate was is what you consumed. I think after my first 3 years when it was time to review my 8% or 9% loan rose to 18% or more. Can you image that? I know the loan amount wasn’t huge but that is a huge increase. At the time you just went with the flow paid it and after another 3 years reviewed the loan again and the interest rates had dropped back to guesstimating 11%.
Right now interest rates are extremely low and there are so many grant programs out there, it really does make it very easy and affordable to purchase a home. Lock in the rate and you don’t have to think about it again.
When are you ready to move? I would love to help you with your Real Estate needs. Please call, text or e-mail me anytime. Enjoy your night. Penny
Monday, April 18th, 2016
How are you? I have been using the term food for thought and for the past 3 days others/strangers have also been using it. I find it fascinating when I’m talking with someone or thinking of someone and they start talking about what I’m thinking. The power of thought is pretty amazing. Which brings me to the thought of Real Estate. You and many others think about Real Estate a lot I bet. Whether it’s how much is my house worth? Should I buy a house? Should I sell my house? What about the school district, are we in the right one now? Do I want to live closer to work? Should I buy a bigger house to have some other family members move in with me? Choices are wonderful. This is why I say, if you are thinking Real Estate call me and let’s think together. There are so many things to consider and I am a honest agent that truly will help you in deciding what is right for you. I am not saying I have all the answers but I can help educate you on pricing of homes and any other questions about Las Vegas Real Estate that you may have.
I really do look forward to hearing from you. Enjoy your day/evening. Until next time, take care of yourself. Penny O’Brien your friendly Realtor,
Monday, April 18th, 2016
Have you been wondering where did all the foreclosures go here in Las Vegas? Well they did kind of disappear for a while. Banks have been holding on to properties for a very long time and are now starting to release them. It really does sadden me to see houses left unattended for years. I have been helping people buy and sell properties for a very long time here in Las Vegas and have helped so many people short sale their homes. It really is unbelievable how the whole process works. Depending on the bank, how many loans on the property, is there a hardship? Many, many variables are a part of what happens to a property during a short sale and or foreclosure. Some banks are so much easier to work with than other banks. There’s not a lot to be excited about when you are dealing with having to short sale or being foreclosed on. I have helped many families successfully close on a short sale.
Now that the foreclosures are making a comeback I am hoping these houses will be sold at a fair price and banks cooperate well. As you all know, in a short sale and foreclosure sale the bank has the final say-so in the decision on the sales price. If there are two banks or more involved in a short sale, you have to hope those two institutions will cooperate together.
If you are moving or ready to buy please give me a call or text. Or, come by my office. Send me an e-mail. I look forward to helping you and making your Real Estate transaction as enjoyable as I can. Enjoy your day/night. Until next time. Peace out. Penny
Friday, April 15th, 2016
Nevada Housing Division Home is PossibleTM (HIP)
• Nevada HiP HFA Preferred: 30 Year Fixed Rate, Conventional fully amortized first mortgage with 3%, 4% or 5% Assistance Grant
• Nevada HiP FHA: 30 Year Fixed Rate, FHA fully amortized first mortgage with 3% or 4% Assistance Grant
• Nevada HiP VA: 30 Year Fixed Rate, VA fully amortized first mortgage with 3% or 4% Assistance Grant
• Nevada HiP USDA: 30 Year Fixed Rate, USDA fully amortized first mortgage with 3% or 4% Assistance Grant
• Available Statewide
• Minimum 640 FICO
• Maximum 45% Debt to Income Ratio
• Primary Residence Only
• No First Time Homebuyer Requirement
• Home Buyer Education Required
• Income and Purchase Price Limits apply
Thank you for your time, enjoy your weekend. Penny
Friday, April 15th, 2016
Hi Everyone, Happy Friday from Sunny, Windy Las Vegas:
Words: The Central Banker’s Conundrum April 8, 2016 — Mortgage rates declined a bit this week,
April 8, 2016 — Mortgage rates declined a bit this week, as investors refocused on global economic troubles and the words and deeds of central bankers around the globe.
Although modest U.S. economic expansion continues, doubts remain that it is durable enough to continue in the face of considerable worldwide headwinds, or strong enough so as to be an engine to help lift the world from its malaise. Certainly, many central banks are employing novel approaches to try to spark growth in their economies, but so far the only success story to be seen is here.
Much as it might like to, the Fed cannot lift interest rates as desired, at least not without causing the kind of market-disrupting outward ripples we endured in the aftermath of the Fed’s small move to the Federal Funds rate back in December. That move — and plans for as many as four more this year — so unsettled markets that the Fed was forced to back down its expectations for lifting rates in 2016 from four moves to two.
As they usually do after tumultuous periods, markets settled, and now, with Fed policy de-tuned, there aren’t any immediate rate changes for which to plan or hedge. The Fed is watching the data for clues, the market is watching the Fed for clues, with both reacting accordingly when they come. At the moment, the Fed is “talking down” expectations for growth and rates by highlighting the risks and challenges the economy faces. This has helped mortgage rates to fall, but presents a bit of a quandary for the Fed’s messaging to markets.
HSH.com’s broad-market mortgage tracker — our weekly Fixed-Rate Mortgage Indicator (FRMI) — found the overall average rate for 30-year fixed-rate mortgages eased by eleven basis points (.11%), slipping to an average 3.67%, its lowest value since May 2013. The FRMI’s 15-year companion found a little less space to fall, with this week’s average trimming nine basis points to an average rate of 3.07%. Rates on fully-insured FHA-backed 30-year FRMs remain considerably below their Fannie and Freddie counterparts but declined far less than they did, falling by just four basis points to land at an average interest rate of 3.55%. Meanwhile, the overall 5/1 Hybrid ARM continued tracked the FRMI completely, sliding by eleven one-hundredths of one% to land at 2.90 percent for the week.
The median price for condos was also up for the 47th month in a row.
with home sales have been higher than the year before ten of the last twelve months.
The housing market continues to be on the side of sellers.
The median price for single-family, re-sale homes in the Greater Las Vegas area rose, year-over-year, for the 47th month in a row in March.
I will say once again, INVENTORY is very low. If you are ready to move please give me a buzz so we can go over your Real Estate needs. I am here to help. Thank you for your time. Penny
Friday, April 15th, 2016
I believe it’s very important to know as much as you can about the Realtor/Agent you chose to market your home. Whether you are buying or selling it really is necessary to know who you are working with. Here are just a few of my clients testimonials. And as always, I hope all is well for you and always. thank you for your time, Penny
I have worked with Penny O’Brien on both purchasing and selling a house here in Vegas and I highly recommend her. She is professional, knowledgeable and skilled. If you’re looking for a Realtor in Las Vegas, call Penny.
When it came to selling my house, I found Penny to be very trustworthy and was very helpful in explaining all the papers I was signing. If I called her and she wasn’t available, she would always get right back to me. I highly recommend her.
We have known Penny for approximately 8 years and she helped us purchase our first property in Las Vegas after renting for several years. The condominium was a great fit when we initially purchased it and then the housing market plummeted and we found ourselves wanting to be in an area of town that was more conducive to our jobs and actually felt that we also wanted to be in a house. Penny found us a great home in Summerlin and we still live there and have for the last 4 years. While living in the house, we rented our condo and did so for 4 years and finally decided to try to part with it once our tenants eventually were ready to move on rather than to try to rent again. Due to the condition of the housing market we decided to short sale our condo and Penny throughout the entire, lengthy process showed tremendous patience and responsiveness with the banks and was always available to answer our questions along the way. I would totally recommend Penny and her expertise to anyone looking to purchase a property in the Las Vegas community to purchase or sell.
We worked with Penny for a year on a very complicated home sale. Penny was always right there guiding us and making sure we were protected all the way. She went the extra mile to correct items that were not represented correctly and knew the in’s and out’s of the Purchase Sale Agreement with us and the Buyer’s and the bank. I would recommend her for any home sale, in any bracket, and in any market. She really knows her business! Thanks again Penny!
penny is a professional. she kept me updated through out the whole process. it was in a highly competitive market and there was a lot of ‘outbidding’ going on, and penny was onto the next place to show me. we saw about a dozen places which i put offers in about 6 after each offer was outbid by another. with her persistence, penny was able to land me the perfect fit. 9 years later in my same condo that penny found me, i couldn’t be any happier.
Thursday, April 14th, 2016
If you are in the market to buy a home and are a first time homebuyer. A new homebuyer is considered not having a mortgage for 3 years. The Home at last is a wonderful program for down payment assistance. It is a grant, here are a new of the qualifications for the program:
$95,500 maximum income limit for qualifying borrower, 640 minimum credit score, 45% maximum debt-to-income ratio. Manual under writing okay, grant options: FHA and VA, 2% to 5% , USDA 2% to 4%, Fannie Mae HFA Preferred Conventional .
Mortgage tax Credit program:
Homebuyers can take the annual tax credit or increase W-4 exemptions to increase take home pay. Average savings is $2000 a year divided by 12 equals $166.67 a month in extra income. Available for the first time homebuyers and qualified veterans. Fees: $995 (no fee for veterans, active duty and National Guard Service personnel) $300 optional lender application fee. Income and purchase price limits vary by county and household size.
This is a wonderful grant program that can be used with other programs for down payments and closing costs. Please call me if you’re in the market to purchase. Thank you for checking in with me and my blog. I’ll try to keep everyone updated as much as I can.
Enjoy your day, Penny
Thursday, April 14th, 2016
on my way to a business meeting, I’ll be back shortly. Enjoy your day, Penny
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