Welcome Home with Monique

Kevin Krall 0:00
The content of this program is paid for by Monique Buchanan LLC. The content of this program does not reflect the views or opinions of 91.5 Jazz and more. Or the University of Nevada Las Vegas. You see me

Unknown Speaker 0:25
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. I hope that you guys are off to a great start for your weekend. I am actually going to be hosting a open house this morning. Me and my team are hosting an open house right there. McDonald's ranch Anderson. The address is 2511 Ashley rose terrace. That is where we will be hosting an open house. It is a single story property. You guys have heard me mention it before. Yeah, it's five bedrooms. So come check it out. 11 to 2pm today, today from 11 to 2pm. Ashley rose terrace 2511 Ashley rose terrace you you can text Ashley rose and get the information as far as pictures and details on that. If you'd like to come meet the welcome home team. We will be there. Okay guys. So real quick, I want to give a shout out to my husband, congratulations, Mr. Buchanan. He got promoted. So we're so proud of him. He works for the city of North Las Vegas shots out to all my city workers and county workers. And so yeah, he got promoted. So we're very proud and I just want to give him a quick shout out. Alright guys, I also have another listing for you. This 163 29 Wichita Falls, you can text Wichita Falls, and all the information for that listing will come over to you. It is in the northwest area. It's actually alley Yonsei area single story. Okay, for a bedroom. Check it out. Once again, you can text 63 Or I'm sorry, Wichita Falls all together no spaces and get the information on that property is going for just under 500,000. Okay, and by the way, my Ashley rose, open house today is going for just under 705,000. Okay, so check it out. Okay, guys, so let's jump into the show. I've got a great show for you today. I want to you know, kind of rewind and focus on my buyers because right now is such an amazing time for my buyers, you know, seven years, seven years, we have not been, you know, seeing sellers contribute a red cent towards closing costs in most cases. Okay. It was because the market was so hot. Well, right now we're starting to see that even out the market always corrects itself. So we're at a point right now where the market is correcting itself. Okay, we're at about a 5% drop. So nothing drastic, but hey, we're seeing those prices come down. And in many cases, they were inflated anyway because of the crazy market. So now they're just coming back down to reality is what I'm saying. So that's good for my buyers, right? So I want to kind of focus on you guys today. Today is going to be like my Did you know show is what I'm calling it? So I want to start off with saying to people that are listening out there that are renting. First of all, did you know that you're actually buying you're just buying someone else's property? Okay, so, you know, a lot of people say mo I'm not sure if I'm ready to buy. Well, when you think about it, you already are especially with today's rent. I had a young lady on my way here today. shots out to miss Sierra. She said that stuffed turkey the restaurant over there stuffed turkey, referred her to me so shots out to stuffed turkey. She went on and on about how good that food was, too. So I think I might have to swing over there after this. But no, seriously, she called me said you know, Monique, I'm

Unknown Speaker 4:01
I'm paying $2,000 a month for my apartment. And I hear that all day and all night, you guys. So we if you're going to be paying 2000 or more a month in rent, you know, why not have that money go back into your family's, you know, pocket, building wealth and equity for your own family. Because at the end of the day, you are paying somebody's mortgage, maybe it's not your own, but you're definitely paying. So with that being said, I want to go over some of the programs that are back out and about and we're back using them and they're working really well for the clients that I have. Now, if you're a first time homebuyer all that means you guys is that you have not purchased a property within the last three years. So maybe you did own previously, but you no longer aren't are on anyone's title. That's all that means. You've been renting for three years now. You've never owned. You are considered by FHA standards APR first time homebuyer, what does that mean? For you, that means that you're able to go ahead and take a look at these grant programs that are out there to assist you with the downpayment. Instead of you having to save up the money yourself, you can utilize one of the grant programs that we do offer. Alright, so let me just go over the current grant, because you know, with everything going on, things have changed. So I want to give you the updated information. All right, so now, they are giving you 4% For your down, and whatever's leftover you can use towards your closing cost. Remember, I always tell you guys, whenever you're thinking about purchasing, It's 3.5% down. So it's not 20%. You know, a lot of times people get that mixed up, and I did as well, you know, before I became a realtor, I thought you had to save up tons of money to purchase a home. But not when you're considered a first time homebuyer, you literally only have to come up with 3.5% for FHA, three to 5%. For conventional, these are two different types of loans. All right, you've got three, you've got my veterans, they are zero down. All right, you've got FHA, they just now all that means is that a lot of times, if you have a lower credit score, you can go with FHA, conventional, they require a little bit higher credit score, okay, so there's just, you know,

Unknown Speaker 6:18
differences, just off the bat, there's more to it. But just to keep it simple, okay. FHA typically has a lesser payment per month, by the way, as well. But the beauty and conventional is when you reach 20%, equity, or gain, I should say, so you can follow on your property, you now do not have to do a refinance, which costs you 1000s, you can just make a phone call, and have an appraiser come out for $500, typically, and verify that you did hit that 20% mark, which what does that mean for you, it means that your payment will come down, because you no longer have to have the insurance that is tacked on to your payment, when you do not put 20% down. And that's just period across the board with any loan. So FHA, if you end up going FHA, you get that lesser monthly payment, but that insurance will not come off. Even when you hit the 20% in equity with your property, you have to do a full refi and get on out of that just to get rid of that. Insurance to get rid of it, make your payment come down even more, if that makes sense. I hope I didn't say too much. But I like for you guys to be in the know. And I you know, I hope I'm explaining Okay, now my veterans, they typically get a lesser interest rate. I just had a young lady call me she's a veteran. She said, Well, you know, Monique, I'm trying to get to that 760 credit score. And I said, you know, that's awesome. But my vets, you know, you're gonna get the lowest rate. Of course, it is credit driven. But you guys typically get a much lower rate than anybody else. Anyway. So she was already at, you know, 680 I believe it Listen, you're you're good as a veteran to go ahead and, and make some moves. As long as you have a 620 credit score, you're gonna get a decent rate, even with just a 620 credit score. So keep that in mind. And my veterans are, of course, zero down. All right, zero down. It's a great time for my vets right now to purchase as well. And I say that because, well, what well, not only my vets, I should say, if you use this grant, it also gives you zero down just like my vets. Right. And the reason I'm bringing that up is that new home builds are getting so many incentives right now that it's almost, you know, they're able to come to the table, I had one guy close on his house, and he had a whopping $1,200 out of his pocket to purchase his house. Now, Monique, how could that be? How could that be money? Well, when you use the grant, that takes care of your down payment, and a little bit of your closing costs? Well, now what happens when the new home builder or the seller is paying your closing cost? What does that leave you to bring to the table? Right? Think about it. So you've got you know, your 3.5% for your down? Well, guess what? I'm giving you the tool to pay that with the grant. So that's gone. Now what are you left with closing costs, right? Well, now I'm taking you out looking at homes that are offering to pay your closing cost. So there you go, you don't have to save up a whole lot of money. Now mind you, you do need to have some money in the bank, that is called reserves, they typically like to see that you can you know, you're going to have at least you know two times your payment almost like when you're renting, right. So if your mortgage is $2,000 They want to see at least $4,000 in there to make sure that you're going to be good. Okay, so you do have to have some money. I'm not trying to say hey, buy a house for nothing, but you do need to have some money saved up. One of the costs that you're going to have to come out of your pocket without the gate is going to be your inspection your inspections can run from 350 all the way up to $500. You know depending on how big the home is, or more. If you're buying a duplex with this grant, which you can do by the way, you don't have to buy a home. You can buy a four Plex using this exact grant that I'm speaking on. And of course, my veterans can do the same, you just have to live in one of the units for the grant three years, it has to be your primary residence. So there's something that you can do, you can out the gate become an investor, okay, by using a zero down grant, you can purchase your first investment property, live in it for three years, let the other three units pay your mortgage for you. Okay, so the three renters besides yourself, you own the property, they're paying your mortgage for you. After the three years, you can pull some equity out, we'll go ahead and get you a big nice house. And those renters will continue to pay your mortgage on your first investment, if that's what you want to do. Okay, so veterans, it's a great thing for you guys, as well. All you have to do is live in one of the units and you got you have zero down you have residual income coming in, you know, an investment property, move on, in three years, get yourself something else, keep building your portfolio. I mean, that's an amazing opportunity. Okay, but you don't, you can be whoever you want to be. Just use this grant. And, you know, take advantage of purchasing a multi unit property. That's all I'm saying.

Unknown Speaker 11:08
But once again, our market has taken a turn you guys, it's like somebody turned the hose off. Just there you go. You know, if you're just tuning in, this is Monique Buchanan. I am a Las Vegas realtor, your Las Vegas realtor. If you are relocating, I would love to hear from you if you need help looking for or searching for a home. Hey, my number is 702984 3700. My website is welcome home with monique.com. My email is Welcome Home Show 91.5 at gmail, once again, that number is 702984 3700. And I do want to say thank you guys so much for all the referrals you send my way, it does not go unnoticed. My que UMB listeners take very good care of me shots out to the Brewster's. There's just so many of you guys out there, I really appreciate all the love that you show me. Now back to it, I was just talking about using a downpayment grant to purchase a multi unit. Okay, we've got some sweet deals on the multi units right now, you can also use this grant to purchase brand new home, brand new, right, you know, dirt up it, maybe you want to build your own home, not a problem, you can use this grant to build a brand new home from the dirt app. Okay. And since we started talking about that a little bit, they do have some great opportunities for that. And like I said, there right now the builders are giving these incentives, they're in many cases, paying your closing costs for you. So if you use the grant, that pretty much wipes out what you have to bring to the table, just to be blunt. Now this grant, I'm speaking up as a statewide grant. Okay, so for the state of Nevada, it is forgivable after three years, you do have to have or live in it, like I said, as your primary residence for at least three years. Okay. It is a 30 year fixed mortgage. So you don't have to worry about no funny business. Okay, no, no having one payment today in a different payment the next day? No, it's a 30 year fixed loan. So that's great, right? You do have to have at least a 660 credit score. All right, if you need help with that 702984 3700 or you can text credit 27029843700. All right. So there you go, guys, that grant is available, and people are being blessed, even as we speak with this grant. And then like I said, I'm in a position now as your realtor to really negotiate an amazing deal for me for you. You know, sellers are giving up some closing costs. Now they're saying, hey, we'll help you with the closing cost. Yes, we will pay for that home warranty. So it's Did you know A complete full circle. You heard me speaking with Miss Taylor, two weeks ago, and you know, she's a broker here in Vegas, and she's also a loan officer. And she said, you know, Monique, it's just like it's a buyers market overnight. And that's exactly what has happened. But we all knew this was coming. We all knew a correction was coming. It's here. We're happy, it's here. I'm happy. It's here for my buyers. So let's go ahead and talk about a another opportunity. So that was the grant program, you guys, that was a grant that means you do not pay the money back. They go ahead and take care of that downpayment for you. You can text if you want more information on that. You can text 702-984-3700 You can text down DPA or grant and yes, that information will come on over to you all right, downpayment assistance. All right, guys. So we're going to talk about my people out there that do not have a social security number, or even my self employed people. Okay. This is an amazing program as well you guys so listen up. My self employed people that do not have the two years tax returns that is typically required for A traditional loan, I've got something great for you or my DACA, you know, my dreamers, this is great for them as well. My i, t i n borrowers, alright, or if maybe you have an expired visa, here is a way that you can still purchase a home, let me go over this opportunity as well that we have, okay. Like I said, You do not have to have a social security number to get this loan. If you have one, you can still use it. But if you don't have one, this is great for you. Okay, it's 100% financing. Okay, up to the FHA loan limits, which are around 420,000. Just so you know, okay, so there's no income limit. So you don't have to worry about that. But here's the most, you know, like the the wow factor of this, this particular program, there is no verification of where the funds came from. You heard me right, because right now, you know, they're very strict with that with,

Unknown Speaker 15:58
but with this particular program, there's no verifying the funds. So in other words, if your mattress money person, like a lot of my clients are, and you've been, you know, stuffing that money under the mattress, and, you know, typically in a traditional loan, we have to verify every single penny. I mean, if grandma gave you $5,000, we have to call grandma up, and she has to show us bank statements where she pulled it out. I mean, they're very strict, but with this particular program, like I said, gear for my folks that don't have a social, or my self employed, people that don't have the two years tax returns, or my DACA, my dreamers, they're, they're not doing that. They're saying, Hey, we don't need to verify the funds. So that's huge. You guys huge. Here's another thing, you don't have to season your money. So normally my matches, you know, money people, they'd have to pull it from under the mattress and then put it in the bank for X amount of months so that it could be seasoned. Well, they are not requiring that. They do require for my w two people. In other words, if you know, if you work a job and you're not self employed, you do need to have at least a five at minimum credit score. Okay, that's not bad. Only a 580 credit score. They're taking care of your entire down payment, you guys 100%. All right. So if you are self employed, you just need a 620 credit score. So that's, you know, that's doable, right? Totally, totally doable. Alrighty. So now, if you have no FICO score, you're like, Monique, I, you know, I just buy everything cash. That's why I have my mattress money. I don't believe in financing. You know, I hear that a lot. I'm like, Okay, no problem, you just need to trade lines. So they do require that you can prove that you your rent has been on time for 12 months. So the previous 12 months, you know, they have to make sure that you have been paying your rent on time. So that is one of the requirements. Remember, once again, this is if you're just tuning in this is Monique Buchanan, I am discussing a program for my my listeners that do not have socials, or they're self employed, but they don't have those two years tax returns to purchase a home. So when you purchase, they always require two years tax returns, you know, and traditionally, they want a social, well, this is a non traditional loan, they are allowing you to not have a social, you don't have to season your money, you don't have to verify your money. So if you're a mattress money person, this is for you. I'm just going over some of the requirements. So let's jump back into it. Like I said, 580 credit score if you have a W two. In other words, if you if you work for a job, if you're self employed, you only need a 620 credit score, it's going to pay your entire down payment, you are going to need to pay your own closing cost. But let's just finish up these requirements 12 months rent history, rental history, you need to be able to prove that you have paid your rent on time for 12 months. Okay, you can have any housing collections in the last two years, the last 24 months, you cannot owe anybody

Unknown Speaker 19:06
you know money apartment complexes, you can't have any evictions for the last two years, okay, 24 months, all right. And then they need to see that you're going to have 1% reserves after we close on the house for you. So after I find the house for you, and get you in escrow, I give you keys, there needs to be at least 1% reserves. So in other words, we find a house that's 400,000 They need to see that you still have $4,000 left in the bank. In other words, you know, they need to see that you'll be able to make that first mortgage. I think that's what that pretty much boils up to or down to. Okay, you do need to be a first time homebuyer so you once again only means that you've been renting for three years. So if you've owned property in in the past, that's fine. You just can't currently own you cannot currently own or have owned for the last three Three years. Okay. So you know, so yeah, so as long as you've been renting for three years you should be good. Now you do need to live in the property for three years. Okay? So it's just like the other grant the grant program. You have to make it your primary residence. You do have to live in the property for three years. Okay. All right. So like I said, you do have to pay your own closing cost, but your down payment is completely covered. So just so you know, this is amazing you guys because there are programs out there for my you know, my non traditional, no social or self employed people but they want them to put 20% down typically so maybe you've tried in the past and they've told you Well, you got to put 20% down and they you heard me right. If this is not for you, but you know somebody that this could bless my number 7029 A 430 700 My website is welcome home with monique.com You can reach me there also YouTube Monique welcome home with Monique you know and then IG is at Monique are at realtor Monique Buchanan Sorry, guys. So once again, this is a great program for my folks that are self employed but they don't have the two years tax returns or my mattress money people that buy everything cash. Okay, so this is great. So if you have no FICO score, that's not going to be a problem, they will go ahead and take a look at how you've been paying your utility bills. So they're gonna you know, it's just out of the box you guys is not the typical loan and but they are going to be giving you that 100% down payment, okay, you just have to come up with your closing costs, which can be up to 5% Okay, so it's a lot better than having to put 20% down, I'd much rather pay 5% and purchase a home with no social or you know, not seasoning my money, not verifying my money. Or if I'm self employed and have an I don't have two years tax returns. I only have one year. This is for you. Okay, guys, 702984 3700 Monique Buchanan. This is the welcome home with Monique show. And I am your host Monique Buchanan. So let's go on back over here. I want to talk about some opportunities,

Unknown Speaker 22:19
homes brand new homes that we have over in the 89141 area and the 89118 area that's like Rose ranch mountains edge area. They've got you know, a lot of the builders now they have some what we call quick closes. In other words, they're pretty much built. You can move in these properties within 30 days. So I'm just going to go over a couple with you. We have one that is 2311 square feet. Okay for bed. Two and one half bath, two story. Okay. It's gonna come with meat stained cabinets, granite kitchen countertops, and Piedra Fina. I hope I said it right or Pedra I'm sorry, Pedra Fina. That's the kind of countertop guys for your bathrooms, counters in shower surround. The lot size is 8381 square feet. It's about a 31 foot back yard. So there's some yard there. Okay. And that one is going for $524,000. And then we have another one. It is over 3000 square feet. And it is in the eight nine. So that previous one I just discussed that was in the 89118 area. This one that's over 3000 square feet. Guess what the name is? It's 3072 square feet. It's called Versace. Don't you love that? I'm like you guys with these names. I love it. Anyways, that one's going for 690 it is also a 30 day move in. Okay, 30 day move in. And it's uh, you know, 3072 square feet. And it is a five bedroom or up to a five bedroom. Okay, so just to give you guys some idea, the off the builder, I'm sorry, is their incentive is that if you put 10% down, they'll give you 6% Okay, as a credit, if you put less than 10% down, they're gonna give you 3% Now how can you use this money? Okay, so you're gonna put your own downpayment down of course, right? So we put down 8% All right, they're gonna give us a 3% Right now, I'm sorry. Yeah. So we do that we're gonna come in with just under like $49,000 for our down. And that's 10% I'm sorry, let's pretend this Forgive me, you guys. I haven't had my coffee yet. We're gonna put 10% down on the $524,000 home. The first one that I spoke of that was 2311 square feet. Alright, so we do that. And they give us the credit of 3% which takes care of our closing cost. All right. So that's gonna leave us with about $49,000 out of our pocket because of the discount that was $15,000 that they gave us towards our closing cost. So we're gonna you know Come on out of our pocket about $49,000, our payment per month will be around $3,000 a month for that $524,000. Home. Okay, that's with today's rates, of course rates go up and down and all around. But right now, that's where you'll be sitting, if you put 10% down. Now, if you put 20% down on that same home, you'll have enough that the seller will go ahead and not only give you the $15,000 towards your closing costs, they'll also buy down your rate one point, okay. So, with that being said, your payment will be $2,500 with a 20% down, your payment will be $2,500 a month, and you will have to bring to the table, not 116,000 Because the 20% down, you will only have to bring to the table 85,000. And your payment will be right there at that $2,500 a month. That's what that $524,000 purchase price. Okay, now you still have $10,000 left over. So if you want to use that towards

Unknown Speaker 26:03
the Design Studio, you can use that towards the design studio. So you know, that's awesome, you guys, you know, the builders are really giving out those incentives. They're also, you know, getting these homes up and giving you the quick move ins. So if you're just tuning in, or maybe you're listening from another state, this is Monique Buchanan. And this is the Welcome Home Show on 91.5k u and v and we have a drive coming up don't we? Yes, we've got a drive coming up so you guys will be hearing me pop in to different people's you know, DJing rooms I think Galaxy Glenn said he was gonna bring me in. I think John Nash, I might be on his. So I'm so excited. I've got I've got my producer Jason in the house, and he's over there cheese and and looking at me like I'm crazy. You know, I'm crazy. But that's why I'm excited about the KU MB drive you guys. If you don't know, hey, we accept donations. This is you know, a public radio show. And it cannot function without our donations. So you don't have to wait for the drive, you can jump on to www kunb.org. And what does that org mean? That means we accept donations. So if you want to jump on there and donate, it is much appreciated this, this radio station is doing great things for our community. But yeah, sorry, I got a little off track there. But yeah, so I also want to talk to you a little bit about the Ashley rose property and then we'll let you go. I do want to remind you, I'm doing an open house with my team over at 2511 Ashley rose terrace, and MacDonald ranch Henderson from 11am to 2pm. Today, me and my team will be over there hosting that open house. And I want to give you a couple little numbers just even on that or let you know that the seller is actually contributing a credit towards you buying down your rate on that property. So we all know these rates are going up. Well guess what? You don't even have to ask for it. We're gonna go ahead and give you a credit towards buying down that rate for this particular property. If you want more information, you can text 702984 3700 And you want to just text Ashley rose all together and you will see pictures and have information or you know, you can always just swing by 11pm or no no, we're not gonna be there that late 11am to 2pm today. Hope to see you have a blessed weekend. Thank you for listening. This is Monique Buchanan. My license number is S 1788 46 and I am part of EXP Realty Tune in next week.

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