Welcome Home with Monique

Wesley Knight 0:00
This is a Kun V 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

Music 0:22
living my security.

Love is a house.

You have to keep

Monique Buchanan 0:46
well Happy Saturday, Las Vegas. It's Monique Buchannan, the host of the welcome home with Monique show here on the great kumb channel and jazz and more. Thank you so much for tuning in. I really do appreciate each and every one of you out there that support the show. Listen to the show and support support me and my team on purchasing homes and selling them. So thank you so much. We've got a great show for you today. I have my trusty partner, Becky coynes, here with me. Hey, Becky, good morning. Hey Mo, how are you? I'm doing amazing. We're doing amazing, aren't we? Are we are blessed and highly favored Absolutely. So you guys, the market, like always around this time, it's picking up, right? Becky, we're seeing spring come in, typically every year. Around this time, a lot of people will, like, sit it out for the winter, on buying homes, right? Because the holidays and things like that, yeah, that's why I tell my buyers, it's actually a good time to buy them, because you have, like, no competition, right? Yes, coming out, right? So now they're all starting to come out, and we're starting to really see that with our buyers, right? Yes, very much. So we're so just so you know, we're starting to see for the first time in good, gracious, I can't remember how long it's been, quite a minute, at least, over a year and a half since I've seen multiple offers on homes. It's

Becky Coins 2:11
happened to us multiple times lately. Yeah,

Monique Buchanan 2:12
it has our last What about four or five clients have been seeing? Yeah, you know, getting beat out in some cases by Here we go. You know, higher offers, right? Because, here's the thing, guys, Vegas is still a hot commodity the entire country. Heck, the world wants a piece of the world's playground. And that's Las Vegas, Nevada, right? That's not changing, no? And who? Yeah, right. Who doesn't want a piece of this amazing city, right? Yeah, especially with all the new things that are coming here to the city. So here's the thing, guys, of course, it all you know matters on what area of town you're looking one of the hottest areas in town is the southwest area, mountains edge, Summerlin. Of course, you have the Henderson area, Green Valley, that's super hot. A lot of parts over in the northwest area, the new Northwest are super hot as well. You've got Aliante. You've got sky Canyon, Providence, right? So if you're looking in an area like the southwest, right, mountains edge area, right? So if you're looking in that area, and you're also looking at under 500,000 you're in a fight. You're gonna be in a fight. Oh yeah. So the idea of me or my team being able to get you what we have been getting all our clients for the last what year, which is 1012, and if your price at, depending on your price point, 20 plus 1000 towards your closing cost, you know, that's going to be a lot harder if you're looking in those particular areas. And let's explain why. If I'm a seller in the southwest area, I have a price point. I'm selling my property at a price point where somebody can actually afford that mortgage, even at a six and a quarter rate. You know, I'm gonna have multiple offers, especially if the house is good looking, if it's in good condition, don't have to go in there and paint. You don't have to really do too much. It's pretty much what we call turnkey. Yeah, a lot of them have been a lot of them have been, right? So with that being said, if it's turnkey now you've got a buyer that's like, listen, I know I was approved for 600,000 but I want my payment to stay at under 3000 right? That's going to make me comfortable. I can afford $2,800 I can afford $3,000 well, now I know that I want to look at maybe 464, 65 right? And there's so many other buyers that are on the same, you know, wavelength. They're like, listen, I know I can afford more, but I'd rather buy my first house and have it affordable, then I know I can rent that out in a couple years, pull some money out of it and buy another home, right? Yeah, so that's what we're looking at today. Guys, yes, we can. Still get you closing costs, but if you're looking in the hottest area of Las Vegas, it might take a little while, and unfortunately, time is not our friend right now, if you're looking to get the seller to pay some of your cost. So let's break that down. Becky, we have quite a few people that may be listening that are like, Hey, what is she talking about? Cost? I thought you only had to put down payment down. I mean, there's people out there that you know have never done this. Obviously, that's our specialty. We love to help first time homebuyers. Yes, so let's go ahead and talk about that. A lot

Becky Coins 5:38
of people seem to think that they have to come down with a whole lot of money,

Monique Buchanan 5:41
and that's one of the myths that we like to break up 20% yes, because mom and dad, right? Mom and dad, back in the day, that's what they did. They had mattress money, and they put their 20% down. There's nothing wrong with that. Listen, dear, if you've got mattress money, let's make sure we season it in the pink slowly, and then we'll go ahead and do that, but if you don't, that's okay. You do not have to have a lot of money to put down. You can put down as little as 3.5% right? And that's if you're a first time home buyer, which only means you have not purchased a home within the last three years, three years. Thank you. So if you have been a renter for the last three years, you only have to put down 3.5% which is if you're let me give you an example. If you're buying a home at $450,000 when we say, Hey, do you have your own down payment? If you have 401 K with at least, I think it's what half that you can take out of 401 K, typically, I think so yeah. And also, as long as I've been doing this, they don't penalize you. Typically, they will not penalize you, as long as you let them know that you're pulling this property out to buy a

Becky Coins 6:59
property for one case, have that carve out there for purchase of a home. There

Monique Buchanan 7:04
you go. I know that I even used it back in the day, and all I had to do was the next year, when I did my taxes, I showed that I own a home. And that was fine. Yeah? My mom did the same thing, yeah? And a lot of our clients do the same thing. They take advantage of a lot of the casinos. They give you that 401, K so it's just sitting there. Well, guess what? I know somebody that's been at the casino for 20 years. They only have about $30,000 in their 401 K over 20 years, right? So let me share this with you. If you pull out that money and invest in a property, let me share this with you. I personally walked away with over 200,000 right from my purchase of my home, and that was in less than seven years. You're not only you're not only you're not hurting yourself because, you know it's not going to get penalized, because obviously you're using it for a home, if you're just tuning in. This is Monique Buchannan and Becky coins, and we are going over just las Vegas's market in the home purchasing or if you're thinking about selling, we'll we'll talk to you also about that. We're here to help you guys. We share this information with our community so that you can be abreast of what's going on in your Las Vegas community and surrounding areas. We service all of Las Vegas. Henderson, Summerlin, mountains, edge, you name it, we're there. We're out there hitting the streets, and we have our, you know, ear to the ground. We know what's going on in the real estate market here in our city, our beautiful Las Vegas. So if you need to sell your property, rent your property out, or buy a property, we are here to help, and we are humbly and thankfully. And I don't know where I'm going with this, at your service, at your service, there you go. Thank you. Becky, 702984 3700 702984, 3700 and yes, West Coast wealthy team would love to assist you. So I have a question. Yes. What's your question? So

Becky Coins 9:02
on these first time homebuyers, we already discussed that past three years, you just haven't had to own a property in the past three years. Is there any kind of credit requirements?

Monique Buchanan 9:12
Yeah, so you're talking, are you talking about the grant programs, the down payment programs? All right, great, yeah, let's talk about that. Because, right, that previously, we were just talking about using your own 401 K or having your own savings. And once again, if you're looking at buying a $450,000 house and you don't want to take advantage of the grant programs or the down payment assistance programs that we have, you can use your 401 K or your savings, and you're looking at about 50, a little bit about 15,500 roughly, right? To put down your own down payment. So here's the thing, whenever you use the down payment assistance programs, they come at a higher rate, okay, a little bit higher, not a lot, but it's a little bit more when you go to pay your more your monthly mortgage, right? Yeah. So that's why I always tell. People, if you have a 401, k, if you have savings, it's better to go that route, because you're going to be able to secure a little bit less of your you know, your mortgage will be a little bit less per month, right? Or waiting for the quote, unquote crash that we've all been waiting on, which is not going to happen because people are sitting on money. So how could there be a crash if I'm if, if I have my house and I'm losing my house? Sorry, I gotta get on a tangent. Why in the world would there be a crash when I could just sell my house and walk away with money? Yes, not gonna happen. Doesn't make sense. Make it make sense. So anyways, let's go on back. So yeah, so if you can secure your own down payment, great, let's do that. If not, we have a product here for you, and that's what Becky's touching on the down payment assistance program. So Becky, what credit score does our down payment assistance program require, which will pay their entire down payment and a portion of their credit their closing cost? 640

Becky Coins 10:59
that is not bad. No, that is not so

Monique Buchanan 11:02
you only have to have a 640 credit score. You have 800 required. No, I see people think that. They think their credit has to be I have people that call and say, oh, you know, my credit's not that good. I'm like, Really, what's your credit? Well, I don't know. Well, why do you think it's not that good? Let's look into it and find out. Because a lot of them are surprised that they have 666, 75, 700 Yeah, scores. And they're like, oh, people

Becky Coins 11:27
have been drilling all that social media. It's 800 or nothing. Everybody's got that 800

Monique Buchanan 11:31
goal. Yeah, yeah, exactly. But that, honey, you don't need that 800 to get this house. And go ahead and start making some, man, some money on on your property. So you, you said it. So you only need two years on the job. Guys, it does not have to be one job the whole time. You can switch jobs. That's fine, but it does need to be two years on the job, steady employment. There you go back. So there you go. So you need two years on the job. You don't even have to be a first time home buyer. We have a couple products that you don't even have to be so you just can't own at the time. So in other words, if you own a property now and you let us list the property, we sell it, you could turn around and use the down payment assistance program to pay for the next house's down payment. So maybe you're not going to make that much money on the property when we sell it. You know what I mean? Maybe you already know it's going to be a wash. So now I want to move on to another property, but this one's going to be a wash. I'll go ahead and use one of Monique, her down payment assistance programs, right? So 640, credit score, two years on the job, and it's a statewide program, right? So it doesn't matter if they're listening in Reno right now? Yeah, this is a statewide program. And yes, once again, I can assist you in all 50 states. My team is all 50 states, you guys in the United States America. And guess what else we are also in 24 countries. We have assisted clients that are moving to Colombia, right? We've assisted clients that were selling a house in Greece. So that is something our reach is extremely far. So we are here to, once again, assist you. So let's talk about also the Teachers program. So we've got the Teachers Program as well, and it's along the same guidelines of the, you know, 640 credit score, but the qualifying income has to be you can't make any more than $165,000 a year. And then how much are they willing to give towards the down payment for that teachers program Becky, towards their down payment? $7,500 can they use that towards their closing costs too? Yes, down payment or closing costs. So let me explain that to you guys real quick. Let's back it on up once again. When you buy a home, you do have your down payment. And if you have been renting for the last three years, guess what? You only have to put that 3.5% down. We're pretending that you're buying a house at 450,000 that means you need about $15,500 for your down payment. Now there is another cost associated with purchasing a home that's called your closing cost. That's what I've been talking about when me and Becky are talking about the market is, you know, it's getting hotter, guys, we're not able to get these sellers to pay your closing costs. I mean, it's gonna happen pretty soon. Here right now, the window is still open, but it's closing. That's why we're like, yelling this from the heels, right? Yes, the down payment. We can get that paid all day long, dear, all day long with our grant programs, right? With our down payment assistant programs, we can do that all day we've been doing that for years. But what's unique to this market is that for the last year and a half, two years, I have been able to secure not only the down payment, but I've been negotiating the closing cost, which is a second portion that's needed to purchase a home. That window is closing. So that is 3% okay, so let's use that same number again. You know the $450,000 purchase, but now you've got 3% That you need to pay towards your closing costs. Well, that's $13,500 okay, so now you've got your four or 15,500 for your down payment, which we can get covered through a grant, or you can pull it out of your 401, K, or if you have savings, right? But now you need an additional 13,500 for your closing costs. That's why I said I have been able to get 10,000 12,000 you know, depending on the purchase price in the area of town, you're purchasing from the sellers, they are giving you a credit towards that 13,500 right? So the last six, seven months, we have had clients buy homes with me negotiating the closing costs from the seller and them walking away with a home for less than $5,000 out of their pocket, right? Becky, yes, all day long. You know, you guys have heard Joe and Bibiana that were on they were past clients. They're also kumb listeners, and I'm pretty sure they were one of the ones that walked away with their home with less than 5000 out of their pocket. Yeah, and that's been happening all day long for the last, you know, year and a half, two years. That's why I'm on the mic. Me and Becky are on the mic telling you guys, our team wants to get you in a home for as little out of pocket as we possibly can, right? So if you're interested in purchasing a home, 702 980, 430-700-7029, 84 3700 welcome home with monique.com. Is my website, and you can also email me if you're just not comfortable chit chatting on the phone. No problem. You can always text or you can email welcome home. Show 91.5 at Gmail. Welcome home. Show 91.5 at Gmail, the YouTube channel, and that is Monique Buchannan, real estate. Okay, I know a lot of you out there are saying, Okay, well, that's great. You know, I'm all for, you know, people buying homes with the grant program or the down payment assistance. But Monique, I actually have my money ready to go. I know that I've been on my job for two years. You know, I'm making great income. And you know what? I'm tired of renting. I'm tired of paying into somebody else's kids future and their families, you know, their wealth. I'm tired of creating wealth for somebody else's family. I've been blessed with a good job. I'm making great money. I want to start building money for my own family and leave a legacy for my own children. Monique, I would like to purchase a home, and I already have everything in place, as far as my credit score, you know, it's not the greatest but maybe it's 660 you know what? I mean, whatever. It's over 640 it's good to go. And I definitely have the income, you know what? But these rates, these rates are so high. I know that the feds are saying that, you know they're going to lower. I know that they're going to lower. It's all over the place as they're going to come down. I know they will, but I'm just going to wait, wait, wait until these rates come down. And I am a little nervous that I will be jumping into this pool with everybody else, because I know all my co workers at work are also waiting for the rates to come down, so that does kind of scare me. But what should I do? We

Becky Coins 18:06
have a program. What program we have a three one buy down program? Monique, well, my goodness,

Monique Buchanan 18:12
what in the world is a three one buy down? So let's talk about that. Like Becky said, we have something for you as well. I actually use this exact program myself, and we put quite a few of my clients that did not use the down payment assistance, but were purchasing more on the higher end homes, right? You know, 800 a million, or even 600 whatever. So let's actually, let's just use 600,000 as a happy medium. So now you're looking at a purchase price of 600,000 Okay, you've got your down payment. You're not worried about that, right? You've got your closing costs. You're not worried about that, although I am still gonna try to get you some closing costs. I probably try to get at least 20,000 and at this price point, because there's not a ton of buyers out there that can afford 600,000 I'm still getting, you know, 15,000 18,000 towards closing costs

Becky Coins 19:04
sometimes by telling the sellers that we're trying to buy down our rate.

Monique Buchanan 19:08
That's exactly right. That's exactly right. So that's something that we do. We don't just send over offers. We actually Converse. And that changes the game. That really does change the game when we converse with the listing agent and let them know, Hey, listen, you're gonna see me requesting $15,000 for my buyer, and this is why. Then I educate them on this program, and they, in turn, talk to their seller and say, This is why, and educate them. Guess what? We get the money? Yep, communication is key guys. So let me go ahead and educate you guys on what exactly this program that we have Becky discuss or brought up, I should say so the buy down works like this. We negotiate it in the offer. We ask for that $15,000 in closing costs right now, what happens is we get that money and we pay for what's called the buy down. Down. So this is how it works. The three one buy down simply means three years of lower payments while you wait for the rates to drop. It's basically making it cushion for you until the rates drop and it's coming from the seller paying for that for you. So, like, the easiest way I like to say it is this, pretend that the seller is standing outside your house, well, hopefully not standing out there, but and every time it's time for you to make a mortgage payment for year one, you walk outside and the seller gives you for In fact, let's, let's, let's, okay, let me back it up. $3,500 would be your normal payment for a $600,000 purchase, right? That's how much your mortgage payment would be on average. So $3,500 is your mortgage payment. The seller saying, Hey, I'm going to stand outside in front of your house with that 15,000 that I gave you, and every month for the first year, walk outside, I'm going to give you $800 towards your mortgage, which means, for the first year, year one, your mortgage will be $2,800 and if nothing happens within that year. Because remember, there is no period that you have to wait to refinance. That's a myth. Okay, you don't have to wait as soon as those rates drop, you can turn around and refinance. So let's break that myth up right now. So let's say that you get in your house four months later the rates drop, you went out there four times now to the previous owner, and he's giving you $800 towards your mortgage, which brought your mortgage to $2,800 for year one. But now, four months later, the rates drop. You refinance the house, right? And now your mortgage is already set, 30 years fixed, and it's low like you wanted. And guess what? The previous owner still has $10,000 out there waiting on you that goes towards your principal, whatever is left when you refinance from that 15,000 that we negotiated for you, whatever is left in that pot gets put towards your principal so you don't miss a penny. Let me just go ahead and say it straight so I'm I hope I don't confuse you guys. Year one, your payment will be 20, $2,800 you'll get $800 on average, right? Um, this is just an example. Year two, you will get $500 from the previous owner every month towards your mortgage, which means your mortgage will go up to $3,000 now. Year three, you'll only get $300 from him for that that whole year, which makes your mortgage $3,200 well, Monique, this sounds like one of those crazy arms. No, it's not, because year three through 30, if you do not refinance within those three years, you will have the payment you would have from day 130, $500 and that will be fixed for the rest of the 30 years. Does that make sense? I hope it makes sense to you. All right. So basically, what is happening here is the previous owner is helping you out with the mortgage until you're able to refinance for three years, which, my goodness, if, if these rates don't come out down in three years, I'm gonna know something, yeah. So more than likely they're gonna come down within a year, a year and a half. So let's say that you have half of the 15,000 left, $7,500 is left. When you refinance your house, you get to put $7,500 towards your principal so you don't miss a dime. So you guys, we have programs here to help you not have to wait till these rates come down, and we want you to utilize them. Because, let me tell you, I don't know if you remember 2019 that's going to roll right on back around because we were standing outside in lines looking at homes. Yeah, California buyers were coming in here with cash outbidding my clients, those

Becky Coins 23:31
insurance claims are going to be closing up soon. Out there they're going to be headed here. Absolutely.

Monique Buchanan 23:36
There's going to be a lot of tears for the people that unfortunately are waiting. We have a shortage of

Becky Coins 23:42
homes still for the good or the bad, like it or not. Yeah,

Monique Buchanan 23:45
they're building, honey, but they can't build fast enough for the demand that is here in Las Vegas. The only reason that it's a little bit on pause now is because there's so many people sitting on their hands waiting for the rate, and then they're all jumping in at once, and it's going to be the exact same situation where we are video recording people literally waiting out in lines to see a house, and then my poor buyers are going, my goodness, I've got great credit, a great job. I've lived here my whole life. I never thought, you know, I would not be able to buy a home, because every time I put an offer in,

Becky Coins 24:23
I'm getting beat out. Get out beat out again. Got beat out again. Yeah,

Monique Buchanan 24:26
people were waving appraisals, people were waving repairs, people were waving all kinds of stuff and paying 30,000 over what the seller was asking. Why were they doing that? There were very few homes on the market, and that's what I'm trying to say you guys, the writing's on the wall. And as your trusted realtor here, you hear me every year for the last four years, and I hope you know my heart by now, and you know I'm a little crazy, but in a good way, but no, honestly, I see it come. Again, and it's only gonna hurt

Becky Coins 25:02
my buyers. Yeah, there's all those reasons why they're waiting. So listen,

Monique Buchanan 25:06
we're gonna go ahead and pivot to the sellers. Yeah, so he is selling his condominium, and it's, it's the 2020 All right, so Lennar condominium right out there by Nevada State College, right off that last exit going off the 95 so it's really, you know, you've got mountain views out there in the 8902 or, I should say 89002, area. We've got that listed. It's going to be going for 299,000 because there's about six other properties or so, and they're all priced well over that. Okay, we've got this price to sell, all right. So it's a two bedroom. Now, it does have a two car garage attached to it, all right. So two car garage, you guys attached to the town home. It is 1111, square feet. I think I accidentally called it a condo. It's actually a town home. So 1111, square feet, all right, two bedroom, two bath, and you've got mountain views gated. You've got the pool. You have a cabana. It has cabanas at the pool, right? Barbecue area, all right? So you can check that out. You could simply Google it, and you'll be able to see the pictures. 965, Nevada State Drive. Is the address, and that is unit 24. 2012, 201, 24, 201, address again, 965, Nevada state drive all right. He's leaving all the appliances like I said. It's gated, uh, he even has a tankless water heater there. Do you know about the tankless hot water heaters? Yes, I do. So you don't have to sit there and wait, on demand. Yes, it's on demand. Two car, garage, you guys, two bedroom, two bath. And yes, that is 1111, square feet. If you're thinking about listing your property, I never mind coming over and just giving advice on how to get it sold. If you're in a situation where you've got a property that you know is going to need a lot of work and just thinking about it stresses you out. We don't have to show the property. You don't have to worry about showing it. We can get it sold for you. And they're very lenient on giving you time to move out, and you don't have to worry about making repairs. And so it takes a lot off your plate if you have a situation like that, which I know there's a lot of people out there that are like, Oh, I've got to sell maybe my, my, you know, my grandmother's house, you know, she passed away, and she's got a lot of stuff in there, and I just don't know what to do. Well, guess what? We're here to help. If you need to, you don't want to list the property as far as like listing it on the MLS and having people go and view we could take care of you as well. But if you're thinking about listing your property, we definitely can take care of you no matter what and give you advice and go ahead and get that property sold for you. So once again, we are here to help. And then we have the Teachers Program, which is a little bit different. It's going to give you how much Becky towards your $7,500 down our teachers now, let me just share something with you. I forgot to say now, if you to be considered a teacher and to use this program, you must be licensed full time K through 12 public school classroom teacher in Nevada, all right, so you must be a licensed full time K through 12 public school classroom teacher, let me tell you, they deserve that money, honey. Oh yes, thank you. And

Becky Coins 28:17
more. After COVID,

Monique Buchanan 28:19
I said, my goodness, I started taking gift cards to all the teachers. God bless you. Here you go. Here's Starbucks on me for three months. Here you go. But yeah, we love you, teachers out there, we love you. Absolutely appreciate you. And this, once again, you do not have to be a first time homebuyer if you are a teacher to take advantage of this. Both of these programs are 30 year fixed loans, okay, 30 year fixed interest rates. Okay, of course, if you refinance us, you know that's different. You can always refinance does have to be your primary residence to take advantage of our down payment assistance programs. You guys keep that in mind. This is not to invest, not to build your portfolio. If you want to do that, I've got other ways, like my DSCR loan, where if you are retired or you are in a position where you can't really provide financials, we've got a program for you all right, as long as a property can pay for itself, you don't have to show any bank statements, any tax forms or anything. I've got you covered. So I hope that you guys enjoyed the show, and we hope that you'll tune in next week and listen. We appreciate every one of your referrals, and we appreciate each and every one of you that have trusted us to assist you in your real estate needs. Until we see you next we are see you well, I'd love to see you too, until we hear from you. This is Monique and Becky. Have a blessed week, you guys, 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.