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With credit guidelines tightening for mortgage loans, credit and credit scores have never been more important in obtaining financing when buying a home. Especially in the Las Vegas, Henderson Nevada area where a good number of workers are tip earners and have a hard time proving income traditionally.  Below is a link to the Freddie Mac website that is offering an online course on how to repair and maintain your credit

http://www.freddiemac.com/creditsmart/

Once again if you would like to refinance your upside down your mortgage and lower your monthly payments when the new FHA Housing Bill takes affect Oct 1 click on the link below and add your name to my contact list

http://garnesmortgage.com/fha_bill.html

Thanks for reading and make it a great day!!

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With home foreclosures such a major portion of the real estate market it’s an excellent time to pick up one of these deals. I said it months ago, ‘foreclosures are on the rise and interest rates are low, it’s an excellent time to buy.’  Remember, when the general population realizes what a great time it is to buy and jumps on the band wagon, it will be too late.

Steve Dexter, author of “Prospering in the Rising Wave of Foreclosures,” has bought dozens of foreclosed homes and thinks now is a good time to dive in. “It’s the best way to buy, and it’s time to buy again,” said

PRE-FORECLOSED HOME

The first step in the process is called ‘pre-foreclosure’.  Essentially when a home owner in Las Vegas falls over 120 days late on a mortgage the bank will issue a notice of default. Once this happens, you are officially in pre-foreclosure. How do I know when a home is in pre-foreclosure you may ask? Great question. If you are in the Las Vegas, Henderson Nevada area you can contact me directly and I would love to assist you. Otherwise you can go over the delinquency notices that lenders file with county courthouses when a home owner enters pre-foreclosure.

POST-FORECLOSED HOME

Once the lender takes back the property it is then classified as an REO or ‘real estate owned’ property.  Steve Dexter prefers to buy REOs because the process is so clean; the title is clear and the property is delivered vacant.  A couple things to keep in mind is ,number one, lenders are receiving multiple offers on these REO properties within a day or two of listing.  Number two, given the fact the lenders are receiving multiple offers they are not paying concessions. Keep that in mind when you consider purchasing an REO.  Most of these properties are in decent shape but I have noticed that most of them do not have appliances; something else to keep in mind.

I lend in many states on the mortgage side and I am a Realtor in Nevada. Do not hesitate to contact me directly with questions or concerns regarding your specific situation. 702.526.3133 or mgarnes@garnesmortgage.com

Just a reminder, if you are upside down on your mortgage and perhaps facing a foreclosure or a rate that is about to adjust click the link below to be added to my contact list so I can refinance you under the new FHA Housing Bill.

http://garnesmortgage.com/fha_bill.html

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Good news everybody; originally when the Senate passed the new FHA housing assistance bill they were going to discontinue the down payment assistance programs which currently helps over 3,000 families a month purchase a home. It looks as though they have had a change of heart and decided to keep this program in place.

U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable down payment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008.

Finally the Republicans and Democrats got together and got something done!! This is a happy day in politics. Now if only they can figure out how to lower gas prices!

The bill also includes language to ensure that FHA maintains its financial stability by permanently authorizing the Secretary to assess higher premiums to higher risk borrowers.

That’s it for now and as always I will keep you abreast as thing develop in this ever changing mortgage market.

Contact me directly at mgarnes@garnesmortgage.com

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