Welcome Home with Monique

Unknown Speaker 0:00
This is a KU envy studios original program. The content of this program does not reflect the views or opinions of 91.5 Jazz and more the University of Nevada Las Vegas or the Board of Regents of the Nevada System of Higher Education. You see me on the

Unknown Speaker 0:27
Good morning. This is Monique Buchanan, the host of the welcome home with Monique show. And on this show, I talk all things real estate. Listen, I want to thank you for tuning in. Well, hello, Las Vegas is Monique Buchanan, the host of the welcome home with Monique show in your local Las Vegas Real tour. I want to thank you guys for tuning into the show. And I want to apologize. I have played about I think two reruns in the last couple of weeks. But I have I have a reason for that. All of a sudden, after the first of the year, you know, the Feds went all over the news announcing that they have lowered the rates. And they plan on lowering the rates. Four more times is here and another five times next year. You don't have to take my word for it. Hope you trust me. But if you don't, you can always look it up yourself. Yeah, so they came on to the news. They announced that and let me tell you something, it put the fire under a lot of people because listen, we just had the super bowl here. It was a total success. You know, we've got the Oakland A's coming. We've got the aces out there, you know, killing it. And we've got our Raiders, of course, you know, so there's so many things going on here in Vegas, not to mention, Hollywood is coming to Vegas. So Vegas is doing and seeing things that it has never seen before. So we've got folks pouring in from all over the country coming into Vegas. It's the hot, hot market, you know what I mean? And so with that being said, and they announced the rates coming down, I have been super busy, me and my team team, I should say, have been assisting so many beautiful buyers, and I'm so happy for them. In fact, let me give a shout out to one of my my buyers will be closing her property on Friday. Now and this is the thing this is why this is why it's so imperative if you're thinking about purchasing to make the move now because the feds have lowered the rates a little bit, you know what I mean? So we're at around 6.25. And of course, that's just an estimate in the fit and they change all the time. It's like the stock market. They go up and down, up and down. So but here's my point. They were almost like 8% Back in November, like it was over seven. Right now we're down to 6.25. So that's quite a bit of a jump and it has motivated many buyers to come on out the woodworks, okay. Now, this will not last. In fact, I don't believe I'll have that negotiating power, even within the next two months, like honestly. Okay, so let me give you an example. I have a buyer. She came out from California. And she we were looking at homes, you know, under 1.5 million. And so it's crazy because listen, even at you know, 1.5 million, there's very few out there I think we looked at in the area that she wanted, she wanted Summerlin, I think there was like maybe seven or eight, right? So that's crazy. But anyways, she liked one that was 1.35 Okay, I was able to get that property negotiated down to 1.2 $500,000 off Liz price. And I was able to negotiate $30,000 In closing costs for her. So we're closing on that property on you know, in a couple days next week. And let me tell you, she is a happy camper. Okay, of course she is because I was able to put my negotiating skills to work because of the market that we're in. Hey, sellers, happy he's moving on. She's got a beautiful beautiful home in the ridges and she got it $400,000 off all the homes in that area are being sold for over 1.4 So that's why I'm gonna revert I'm gonna go back to the you know, the old school mo when I first started this show about three years ago, you know, I just talked about you know, what to look out for when you're buying a home what it looks like, you know, your concerns if you haven't bought you know, so we're just going to revert back because I'm telling you right now, the window is shutting. All right, the more buyers are going to come out as they continue to lower these rates and guess what that does? It gives the seller the upper hand because now he's got 1020 people looking at his home and putting in offers. I don't know if you guys remember 2019 If you bought back then you fought for your house. You had to there was multiple people trying to buy the same house that you wanted. And you over bid because you had to. I had a client I you guys have heard me tell the story all the time. We were going 20,000 over in that time and never got a house. He was outbid at every single time and he was a veteran. That just hurt my heart. So I know that that is coming again. I'm warning my friends family and you guys are part of that my family my k u and v family. I'm warning all of them listen, if you're thinking about buying, because I will not, we will not have that negotiating power, even within a couple months. So anyways, I want to talk to you guys about it, you know, what are some reasons of maybe you're thinking you can't buy or that it's holding you back. Okay. So I want to just kind of go over a couple things that have been brought up to me, and like, you know, just killed a myth. There's a lot of myths out there and all the one of the myths is, you have to have 20% saved to buy a home. absolutely not true. absolutely not true, you guys, that is what originally, you know, had me start this show, is because I want to share my knowledge about you know, real estate and the fact that a lot of people have these things that they hear at work or their family members that bought years ago. And they think that those same rules apply Well, no. So the only time you have to have 20% down basically is when you are a an investor. If you're buying a property that you don't plan on living in, you're going to make income off that property. Yes, you need to have 20% down. But if you have been renting a home for the last three years, I don't care who you are, I don't care what you bought back in the day with your cousin, your mom, your auntie, your short sells you did this, it doesn't matter. If you have been renting for the last three years. You are considered a first time homebuyer, okay, per FHA guidelines, what does that mean? That means that you do not need to put 20% down, that means that you are able to put 3.5% down, that is a game changer, right. So let me give you some an idea, okay. FHA will let you buy a home, basically all the way up to 500,000. Let's just say that it's four, it's 498. Let's just say 500,000. For easy, you know, easy math, okay. So at 3.5%, you only have to bring $17,500 to the table. For your downpayment, I'll be able to negotiate the closing cost from the seller, that I'll have a chance to do that, you know what I mean? But like I said, the windows closing fast. So what does that mean? When you buy a home, you have your down payment, but you also have another 3%, which would be your closing costs, okay, so at that $500,000, Mark, let's just do that 3% would be 15,000. So if you were to pay everything on your own, the 17, five, plus the 15,000, for closing costs, you will be all in at $32,500. But if you take advantage of the market right now, because you heard what I said, so the realtors know this lender. So that really plays a huge part when the realtor that is selling the property and representing the seller knows you. And knows your lender knows that you guys are doing big things here in Vegas as far as like closing homes for people that otherwise wouldn't be able to get closed by other lenders. It goes a long way. They know they can trust that if I come to them and say, hey, my buyers ready to rock and roll. They know that me and my lender have done our due diligence, and that they're definitely going to have that home sold, they're not going to look crazy to their seller. But because the buyer all of a sudden falls out or whatever, that's not going to happen not on my watch. So they know that. So long story short $32,500 for a $500,000 home, if you paid everything on your own right. Now, if I negotiate the closing cost, then you're only left to pay 17. Five, that's it $17,500 You got a $500,000 home. Okay. And that is what that is what I'm talking about you guys. So right now, the builders are, you know, they're open to me negotiating closing costs on behalf of my buyers, they're willing to buy down your rate as well. So you guys are hearing Oh, the rates are high, the rates are high. So with a new build, I'm able to negotiate them buying your rate down, you know, to make the mortgage more affordable. You know what I mean? So if the rate is at 6%, I can have them buy the rate down in many cases to 4%. That's what I've been doing you guys this last year. You hear me talking to you guys all year long since they raise the rates last June. I said, you know, this is not a bad thing. It might seem bad. But it's not because guess what now it slows the market down. The sellers no longer have the upper hand when it comes time to buying a property. Right. So now you have the upper hand as a buyer, because like I've been telling each and every one of my sellers, you know, hey, you can expect them to ask for closing costs. And guess what, they're okay with it. Because they understand. There's not a bunch of people knocking down the door trying to buy their home. Now when I'm representing my buyer, we always ask for the closing cost. And then I make the phone call and have a conversation with that listing agent let her know, hey, this is the market we're in. They're going to need to buy down their rate that has to come from the seller. Those funds have to come from the seller. So when you're a talker like me a communicator later. That goes a long ways it because a lot of agents, you know, a lot of them, maybe we're not aware of that they don't understand that it has to come from the seller, but I educate them. And then they say okay, that's, you know, that makes complete sense to me. And then of course, their seller is more open to, you know, contributing those closing costs funds, especially when the builder down the street is doing exactly that. So, anyways, you guys, let's jump into some reasons of maybe, you know, that people are thinking about that, maybe they, they're thinking they can't buy, okay, one of the reasons is, maybe you owe some money to the tax man, okay? Maybe you know that you owe some, you know, some taxes or you haven't done your taxes in a couple of years. Guess what, no problem, no problem, you can go ahead and start up, you know, file your taxes. If you owe money, all we need to see is that you've made three payments. That's it three months payments. So you start now, do your taxes, go ahead and make three months payments, and we can move forward. All right, you heard me right. So if you know that you owe some money, you haven't did your taxes. Go ahead, and you're gonna have to take care of them at some point anyway. But don't miss this, you know, opportunity to purchase before we turn into little delay. Because you guys hear me say it all the time. We are turning into little la it's happening right before my eyes. You know, just a couple years ago, you could buy a 2500 square foot home for you know, 240,000 out here. That is not coming back. I'm sorry to tell you. There is no way I'm sorry. There's no way that we're going to have homes that cheap again, there's no way why why would that ever happen? You know what I mean? With everything that's going on in Vegas? All the people are moving in here. Why in the world would our homes go? That is it doesn't make sense. So we have to say goodbye to the $240,000 homes 2500 square feet. Now the average price point is at 450. Okay, 450,000 you owe the tax man, no problem. Three months taxes is all we need to see that you've made payment arrangements with the IRS, and you're making at least your you know, third month payment. You're good to go. All right. Maybe you own you owe student loan debt. Guys, they changed the laws for the student loan debt a couple years ago, there. They are so much more lenient. Now. Don't worry if you've been told in the past, oh, you know, you're approved, but you're approved for like nothing because of your student loan debt. I'm here to tell you don't give up. Oh, let me let me give myself you know, say my number because I get rolling and I forget. So if you're just tuning in this is Monique Buchanan, you can reach me and my team at 70298437007029843700. And you can check out my website. Welcome home with monique.com. I'm also on YouTube, you can like and subscribe. Welcome, Monique or sorry, welcome home with Monique is the name of my YouTube channel where I have all of my previous shows uploaded. So you can go ahead and and listen to those shows as well. But okay, guys, so 702984 3700 If any of this interests you, or you want more information, or if you just want to to my ear about something, real estate, I'm here to help. Okay, so let's go back into this. Let's jump on back into this. So if you have student loan debt, once again, they change the laws, you can reach out to me and I will get you with my lender, he'll go over that with you don't give up. If you've been told no, by some bank, they have very strict guidelines at the bank. Okay, so just keep that in mind. Don't give up. Every lender has different guidelines. So don't give up if they tell you that they can't do it. Or if they approve you for something ridiculous like 200,000 You know, obviously, they're gonna, you know, go off of your income. But listen, don't give up. It's a five minute conversation with my lender. And let me tell you, if it's able to be done, he will get it done. Okay. And so there's that if you owe child support debt, keep in mind, you should definitely cash that out. But anyways, you do owe that it's not going to hinder you from getting a home, it will just affect how much you are approved for. Okay, so I'm just going over, I did like a little poll. And these are the things that came up with my, you know, friends and family that said, Hey, these are the concerns. So one of my friends said child support debt. So there you go, I'm answering that for you now. It will not stop you. But it will hinder you on how much you will be approved for but you definitely need to take care of that. But I'm just saying. Alright, so business owners, 1099 employees, okay, you can definitely purchase a home typically need just that one year tax return, or bank statements. Okay. And so if you're a business owner, we need to see hey, how's the business been doing for the last year? So if you know that you are going to want to buy a home this year, have a conversation with my lender and get that guidance. Okay, well, this is how much I want to buy. I want to buy a $500,000 home or I want to buy a $1.4 million home. You know, you gotta know how much you need, you know, you need to claim or whatever just don't want to write everything off. because then obviously, you know, lint, you know, business owners, we do that. So obviously, we don't want to do that when it comes time to purchase a house and I am not a CPA, I'm just saying, You know what I mean, this is what I've heard from my CPAs. But we'll leave it at that. So anyways, just know that you can still purchase a home if you're a 1099 employee, you know, whether that's driving Uber or you're a realtor or whatever it is, you're able to purchase a home with your bank statements or tax returns. And here's another one, I have quite a few investors that have been reaching out to me, you know, right now, because they see the writing on the wall, and they are trying to buy everything they can, okay. And I'm not mad at them, I get it. I had one of my investors, she is retired. Okay, so she said, Well, Monique, I'm retired, I want to buy four condo units. But I'm retired, I know, I don't have that check coming in. So I don't think I'll be approved for it. Guess what, guys, there is a loan for that. And they don't look at your income, what they do is this loan this particular loan called DSCR, it looks at how much money you'll be able to make off of the units. So it doesn't go off of your personal income, it goes off of the income of the properties that you are trying to purchase. So you don't need to have, you know, the paycheck coming in, if that makes any sense. All right. So it's a little different. So if you own like, let's say that your payment for all four units, is going to cost you let's just say, I don't know, let's say it's going to be $4,000. Okay, I'm just putting that out there. So you're gonna buy these four units, it's going to be $4,000 mortgage, but you're able to rent out each one of these units for $1,500. That that's bringing in 6000. So no, you don't need to show any income because your units are producing income. That is a game changer, you guys. So there's a lot of my cat UMB family out there that are retired, and they are thinking man, Monique's right, I see the writing on the wall. I would love to pick up some investment properties, but I'm retired. I don't think that I'll be approved. Guess what? Close on the property. Okay. Well, it's 30 days. So by the way, it takes about 30 days. Well, with my lender, it takes about three weeks to be honest with you. If you want to close he can close it three weeks sometimes too. But anyways, we'll just say for typical, okay, so let's say that we put the offer in, and we close March 15, because it's around the 15th. Now, so we close March 15. Okay, you will be in that property, you won't have a payment on that property. Probably till June 1. That would be your first payment. So it gives you that cushion. Do you see I'm saying to go ahead and transition. And then you're, you know, you're getting your keys March 15. Well, your your lease is up April. There you go. Right. And now you don't have to worry about you know, being stressed out or anything like that. But like I said, you can always work it out with your property manager. Don't let it hold you back. That's my point. So real quick, if you're just tuning in, this is Monique Buchanan, I am the host of the welcome home with Monique show, you can check me out on IG at realtor Monique Buchanan. And I just want to say thank you for tuning in. I really appreciate each and every one of my K, u and v family, sharing my information with their family and friends. I you know, I just love when you guys call me. And then I get to meet a lot of you guys. And all of you guys have been so amazing. I just want to say that. I've said it before, I just love this radio station. I love the platform that they've allowed for people to come on and enrich the community with you know, different knowledge. And so I just want to say thank you to K u and v to so Alright guys. So we're gonna jump into something that I have not talked about in quite a bit.

Unknown Speaker 18:38
Since the Fed raised rates back in June, you didn't hear me talk about downpayment assistance programs at all, not one bit. Let me tell you why I stopped talking about downpayment assistance programs, because they typically have a much higher rate. So why would I talk about that? Because if the rate was already at 7%, and the DPA which is what we call downpayment assistance programs, they were typically about one point higher. So that would be you know, just it wasn't, it wasn't economically, you know, feasible. I didn't think it was it didn't make any sense. Let's just say playing. It didn't make any sense. And downpayment assistance programs typically will lock my buyer in for three to five years where they cannot well, they can refinance, but then they pay all the money back or parole was prorated. If it's one year, then they'll pay, you know, one year of the of the three years, you know, they have to pay the two years back, right, prorated, right. So it didn't make any sense. I didn't want to have to, you know, put them into a program or talk about a program that's going to end up costing them money and be too expensive on the mortgage. It just didn't make sense. Well, guess what guys? The point of this is, I'm going to tell you about a downpayment assistance program that you can use right now, that does not do any of these things. It has not inflated the purchase. I'm sorry, the interest rate. So it goes off of your credit score just like anything else. And it does not add an extra point off the top. So it's reasonable, it's just normal, it also will not lock you in three to five years. And you do not have to be a first time homebuyer to use this downpayment assistance program. Now you can't own a home. So what that means is, let's say you bought a home already, but you're not going to make much when I sell the property that I'm going to list the property for you. You want to move on for whatever reason, but you just bought it. So you're not going to make that much money. You're not going to have enough really to put down on the next house, but you do want to buy something else, for whatever reason. Well, guess what, that's fine, you can use this downpayment assistance program, I just need to list the property, and then you can move forward with the downpayment assistance program. Now, here's another one, that's just major. Now most downpayment assistance program have income limits, this one has no income limit. You heard me right, no income limit. It's available in all 50 states except New York, and Washington. So if you have family members elsewhere, and you're listening to this, and you're like, This sounds really good. You can share my information 702984 3700. And I will get them with my lender that can help them with this. And guess what the credit score you need for this downpayment assistance program, wait for it. You just need to have over a 600 credit score. This is going to open the door for so many people to make that move to homeownership before it turns into little LA. I am so excited about this downpayment assistance program. This is what I've been waiting for. So that a lot of my families out there can go ahead and make this move. And they won't miss this opportunity. Okay, because I'm telling you, the prices are going to go through the roof in Las Vegas within the next couple months. The next six months by the end of this year, your head is going to be spinning, you're going to be saying oh my goodness, I wish I would have just went ahead and bought a house. You know back when Monique I heard money talking about it. Man, I wish I did that. So 702-984-3700 Welcome home with monique.com. And like I said you can find me on IG at realtor Monique Buchanan. So if you're, you know, some loved ones, some kids, family, friends, whoever that you know, just don't have a lot saved up for downpayment, you know, they don't have the 17 five, but they want to buy a home, you know at 500,000 they don't have it guess what this is going to take care of their downpayment and guess what? So what will they buy? Like they'll they could possibly come out of their pocket with $1,000 or less to buy a home? Because why? down payments being picked up by this program that I'm telling you about? And then I'm asking the seller to pay for their other 3% in closing cost? Hey, I was doing this all day long. Last year before June. All day long. I was closing homes. My clients were getting into their homes for under $1,000 out of their pocket. My veterans were getting money back in the mail from the title company. Oh, you know, it really happens this is not a hoax. This is the real deal you guys. Once again, your downpayment will be taken care of through this program. It is forgivable so you don't pay it back. You need a 600 FICO score. It is a 30 year fixed loan FHA. You do not have to be a first time homebuyer. There are no income limits. And it's available in each and every state of the beautiful United States. Unfortunately, except for New York and Washington state, which is actually my home. I'm kind of sad about that. But yes, so we can help our family and friends and tell them about this 70298 for 37 007029843700. Now I have a listing that just popped up is going to be coming soon. It's a single story home and it's a little over 1400 square feet. It has a patio that was just added it's three bedrooms, two car garage, gated community. And listen, I'm going to list that one for about 348,000 So if you're interested you can reach me once again. 702-984-3700 I want to give a shout out to my beautiful family that just came down from Seattle and we got them into a and we just went under contract for that one. The homes in the community are all copping out at around 505 150,000 Yes, I got this single story home for my Seattle family. I got that for them for 430,000 and and I negotiated $15,000 from the seller to pay their closing cost. My the buyers are very happy right now very happy and they will be refinancing their house now they they did the to one buyer down With the money that I got from the seller, so their first year will be at a 4.25. The next year will be out of the 5.25. So their mortgage is going to be pretty darn reasonable the first year and the second year, but they plan on refinancing. As soon as the Feds go ahead and drop those rates to the fours. They're gonna go ahead and refinance into a 30 year fixed. Worst case scenario, they're at a 5.25. So listen, go ahead and get the home today. So you don't have to fight 20 people tomorrow. Okay. So make sure if you already have a realtor, you probably need to talk to your realtor about you know the properties that are available. So this particular builder is giving FHA a 4.99% rate, they're gonna buy down your rate to 4.99. If your conventional buyer they're gonna buy your rate down to 5.25. Now they do have some homes, well, they have plenty of homes. But some of the ones that I just toured single stories 2420 square feet, three car garage, has a multigene if you don't know what that is, that's basically a one bedroom apartment attached to the home 739 is what it's going for in the Summerlin area, okay, Summerlin area you're near shopping you're near the baseball field. You know the Summerlin mall freeways access is right there. They've got quite a few for you to choose from, you know ranging as little as 2300 square feet all the way up to 2520 square feet, okay? And this is in Summerlin, red rock mountains are right there. So if you're into hiking, you know, there's a lot of outdoorsy stuff there as well. I lived in Summerlin for 20 years. I love it. I love summerlands. It's got a lot to offer. So yeah, guys, they've got them as little as 704. And all the way up to 793. That's for the set the 2520 square foot one. Now listen, these are quick move in. So you will be in your home 60 to 90 days, all right, 60 to 90 days, and that like I told you, they're giving you 3% For your closing costs. They're also buying down that rate that is a game changer. So they're buying down your rate. Well, obviously you can't buy this community with FHA FHA stops at 500 Actually 498 500 But these homes are in the seven so you definitely are gonna go conventional, but they're gonna buy down your rate for you at 5.25 that is, that is something you guys okay. Now if you're like, hey, MO You know, that's nice, but you know, I'd like to look at a little bit, you know, more affordable, we've got homes with my other builder and they're doing exactly the same. Buying down your rate. Okay, giving you the 3% closing cost, and we've got quick move ins as little as 392. And that right that that that particular floorplan is a three bedroom 1601 square feet. And it's going for like I said out the door price. You don't have to worry about buying the lot. Pay for the upgrades. These homes are already pretty much done with upgrades. Okay, the lots already included in this price. 392 Okay. 392,000 This is in the northwest area. And then you have some that are let me see here 412,000 And that's 1676 square feet. And that's going for 412,000 out the door. Listen, there's ranges, we know where all the homes are. They've got some luxury townhomes right on the mountain, Summerlin South beautiful, and those are very unique.

Unknown Speaker 28:21
They're called roof tops. Okay, so you've got rooftops going up there around 800,000. But once again, the builder is contributing towards you, you know, as far as your closing costs and things like that. These are very unique homes. When you first walk in the first floor, you've got your office, you go upstairs, that's where the main room living space is. You go up again and you've got your rooms, then you've got one more time and it's a complete rooftop with a view of the entire Las Vegas Valley. Those are going to pour around 800,000 Listen, I want to thank you for tuning into the show today. This is Monique Buchanan, your Las Vegas Real tour and until I hear from you have a blessed weekend. Thank you for listening. Please remember all terms discussed are simply an estimate my license number is S 1788 46. My phone number if you'd like to contact me is 702-984-3700. You can also find me on YouTube and please join me tomorrow at my church Living Word Church on hassle. I'm part of the EXP Realty Group.

Transcribed by https://otter.ai