Archive for the ‘BUYERS’ Category
Tuesday, August 1st, 2017
Let’s talk about lending:
The best way to explain what a conventional loan means is that a home buyer’s mortgage is not backed or insured by a government agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA). Buyers can use a conventional mortgage to purchase a one- to four-unit home, a condominium, modular or manufactured home as a primary, secondary or investment property.
A loan that conforms to conditions and terms of the government-sponsored enterprises Fannie Mae and Freddie Mac is called a “conventional loan.” The down payment of a conventional purchase loan is generally higher than that of a government-insured loan, such as an FHA loan, which is 3.5%. Conventional borrowers generally must pay between 5% to 20% percent of a home’s purchase price for a down payment. On a refinance a conventional loan can go up to the Loan to Value (LTV) of 95% with the addition of PMI or LPMI factors.
On a conventional loan the lender will consider a buyer’s debt-to-income ratio, which he/she determines by calculating the projected housing costs and actual recurring monthly expenses. A buyer/buyer’s home expenses. Which include the monthly loan payment applied toward principal and interest, property taxes, mortgage and homeowners insurance as well as total of all monthly expenses, including housing, must not exceed 43% of the buyer’s income. Do you fit that criteria?
A FICO credit score of 640 and higher increases a borrower’s rate of approval and may reduce the loan’s interest rate. FICO is an abbreviation for the Fair Isaac Corporation, the first company to offer a credit-risk model with a score. The story would be more interesting if “Fair Isaac” refers to some wise, above board person. Here’s the deal: Bill Fair and Earl Isaac are the founders.
Borrowers who have filed a Chapter 7 bankruptcy case can apply for a conventional mortgage after four years from discharge date, and those who have filed a Chapter 13 may apply two years after the re-establishment of an active credit profile.
The current market and the borrower’s FICO credit score influence the interest rate he’ll receive on a conventional loan. Conventional loan programs at a fixed rate, where the interest rate stays consistently the same throughout the term of the loan, or as an ARM, an adjustable-rate mortgage, where interest rates initiate at a below-market rate and change on a designated schedule, which ranges from monthly to annually or longer.
Conforming conventional loans: have a maximum loan limit set by Fannie Mae at the county level.
In the case of non-conforming loans, banks ususally set the limit at 80 to 90 percent of the home’s appraised value.
Call Penny O’Brien @ 702.321.9383
Monday, March 20th, 2017
So, You’ve probably heard all about Real Estate from friends, family, co-workers the Internet or other places that the public has provided information about Real Estate. Let’s talk about Real Estate and here are 10 tips from Penny O’Brien:
- Ask me questions related to Real Estate and Other related vendors.
- Listen to what I have to share about Real Estate.
- Listen and Learn, we are going to have a great experience.
- Let’s Debate about what you’ve heard.
- Realize you are here to learn, ask me questions.
- Maybe you’ve heard things about Real Estate that are not true.
- I am interested in what you do and what you need.
- Let’s take action to help you with your Real Estate Needs.
- Share your weaknesses, there is no such thing as a silly question.
- You help me understand what is most important to you in finding you the right home.
Make it a great day and call me: Penny O’Brien with RE/MAX Excellence 702.321.9383 GOWITHPENNY@yahoo.com
Wednesday, February 15th, 2017
Hi there everyone,
Once again, thank you for your time and checking out my blog. This is a short and sweet blog, just like me, short and sweet. I’ve been in the Las Vegas Real Estate Market for over 16 years full-time. I’m honest, trustworthy, fun, professional, experienced, educated, patient and fun to work with. I always answer my phone, I am respected by my peers. I know what the heck I’m doing, I don’t fake it until I make it. If you’d like you can speak with any of my clients, they will be honest and share with you their buying or selling experiences with me. I love my clients. They are totally amazing people.
I work with First time homebuyers.
Single Family Home Buyers
Single Family Home Sellers
Cash, conventional, FHA, VA, 184 HUD program, down payment programs, you name it I can help you with your financial information you may have questions with. I am here with you through the whole process.
And, Sellers, there is no BS when it comes to selling your home. I’ve heard agents for years tell sellers what they want to hear whether it is the truth or not and you know what they have no problem lying to the seller/sellers. I’m not that kind of agent just so you know. I have Integrity, and lots of it.
Call Me, Penny O’Brien: 702.321.9383
Testimonials: Here’s just a few words from some amazing clients:
Penny O’Brien has been my real estate agent for the past three months and just closed the deal on my Summerlin home. Penny has been a pleasure to work with, earning my respect and admiration for getting my family through the stressful task of selling a house. The time spent with Penny has given me the opportunity to observe a true professional at work. Her ability to get the job done, and done right has certainly paid off.
I am also a real stickler for well-documented paperwork and Penny certainly showed her ability to perform this task. Her paperwork was flawless, leaving absolutely no loose ends behind. Penny was also available at the most inconvenient times and frequently made trips to my home at all hours of the day and night. Simply put, I would recommend Penny to assist all of my friends and family when their real estate needs.”
– Warren Hensman, Summerlin
“Penny made the selling of my house easier than I ever imagined. She not only brought in a lot of traffic into my property, but she sold it quickly… at full price. I highly recommend her.”
– Michael, Summerlin, LV
Penny is the greatest. She was a great help in helping me understand all the paper work. I left it in her hands, I trusted her, and my house sold
within a week! I got every penny I asked for. If I ever move back to
Vegas, and am in the market for another house, she would be the first
person I called.
– Deb,Valpariso, Indiana
Wednesday, February 15th, 2017
Yes, you heard me right. If you really want to become familiar with your potential new home and communtiy I highly recommend checking out the neighborhood many times. Morning, noon, night and in the middle of the night. To some people that may sound extreme, but, really is it? You’re going to be living there for a number of years and yes, things change within neighborhoods. Houses get sold, people get pets, people become landlords instead of living in the dwelling. People die, get divorced, have more kids, maybe a business or housing community develops after you move in.
I always recommend to my buyers to check on the Las Vegas Metropolitan Police Departments website, http://www.lvmpd.com and go to a sex offender site Watchdog.com. There are many ways to look into what’s really going on within the community. And, of course one of my favorite ways to find out more about the neighborhood is to talk with the neighbors. Most people are more than willing to talk with us about their community.
Now, if you’re buying a New home, then that’s a completely different situation as far as talking with the neighbors, what I love about new communities is that everyone is new to the area. You all become neighbors at the same time. You can build your community into a community where people know one another and it’s exciting to have new neighbors and a new home.
Whatever your Real Estate needs maybe I can help. I’ve been enjoying help buyers and sellers for over 16 years full time here in Southern Nevada and Did I mention I have the most amazing clients. Take care of yourself and please do give me a call, text or email whichever works out best for you.
Your Soon to be Realtor: Penny O’Brien 702.321.9383 GoWithPenny@yahoo.com
Wednesday, February 15th, 2017
Southern Nevada home prices started 2017 with a somewhat rare and exciting. The January jump while the number of homes available for sale continued to shrink the market is strong.
According to GLVAR, the median price of existing single-family homes sold during January through its Multiple Listing Service (MLS) increased to $238,000. That was up 1.3 percent from December and up 8.7 percent from $219,000 in January 2016. Meanwhile, the median price of local condos and townhomes sold in January was $113,500, up slightly from December, but down 5.4 percent from January 2016.
This is great for homeowners because they actually are gaining equity in their homes.
The median single-family home price in Southern Nevada two years ago at this time was $200,000. One year ago, it was $219,000, “and now it’s up to $238,000. That’s a pretty great increase. .
Las Vegas home sales have also been on the rise. There are many reasons for home sales increasing, including an improving Las Vegas economy, and of course many of you know that home prices that are still lower than in most parts of California and a local population that is growing by about 2 percent per year.
Call, text or email me, GowithPenny@yahoo.com
Thursday, February 9th, 2017
Have You ever noticed how the smell in the air changes over night sometimes? I live 4.5 hours from the California beaches but I swear some days I smell the ocean. That Lovely Fresh ocean salty breeze.
I looked up to see how many houses were for sale to fit my clients criteria. 1995 sf or more, 4 bedrooms, 1 bedroom to be downstairs, outdoor pool and under $310,000. I believe there were only 74 in the whole Las Vegas valley. Las Vegas weather for the most part is typically warm. I always see a switch in buyers when this time of year comes around. The air changes, the sun is a little warmer, you start hearing more birds chirping all the signs that spring is almost here. The big difference for us here in Las Vegas is that spring can feel like summer. Where in other parts of the country spring feels like spring. We kind of get a little head start on the warm weather.
Many business start putting out summer related out door dining. Everything starts growing toward being outdoors, hence the buyers consciously or subconsciously wanting to buy a home with a pool. It maybe something they never considered before depending on where they maybe moving from. Or, Maybe they just want the ultimate “party” house. I know when I moved to Vegas from Iowa, having a pool was a must. I promised my kids we’d have a house with a pool and we did. There were Lots of fond
Las Vegas Housing market
Just last night I showed a couple 2 homes with swimming pools. Something about the desert heat and seeing the pool is so refreshing. It’s a great time for sellers to put their homes on the market too, especially if they have a pool.
Enjoy everyone. Your friend, Penny O’Brien
Monday, February 6th, 2017
Happy Day to you. Are you interested in knowing a lot more about townhomes in Las Vegas that are for sale? In the past 3 months I have sold several. They are a fine way of owning a home without all the extra responsibility of owning a detached home. Here’s what is usually included in within the HOA when buying a townhome. Usually water and trash are included. Most of the time the landscaping in the front is covered too. Are you looking for a condo to buy or sell. I can Help. I work in all areas of the Las Vegas Valley and have clients who are cash buyers, FHA buyers, VA buyers, Conventional buyers and any other programs that may be used in the purchase of a home. Many of my clients have a tribal card and they qualify for the HUD 184 program. There’s so much out there for buyers to use for purchasing a home and coming in with very little down payment.
You can reach me, Penny @ 702.321.9383. I am a professional Realtor, we will have a good experience working together.
I really enjoy helping people with the purchase or sale of homes. I have over 16 years of full-time experience in Las Vegas. ENJOY your day. Penny
Las Vegas | Henderson | Summerlin Realtor/Real Estate Agent
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