Tag Archives: buying a home las vegas

A Great New Method To Lease A Home In Las Vegas

Buyers, are you looking to lease to own a home in Las Vegas? Well, there is a company out there now that will lease to own a home for you.

Hello. I’m Jillian Batchelor with The Batchelor Group in Las Vegas, Nevada. We’re so excited about our new alliance, we’re now working with a company that once you are approved through their company to be a lease to own client, they will allow us to take you out to purchase a home. You’ll be shopping for your choice of generally any home out there under $250,000.

All you need to do is come up with the down payment of 4% and possibly your own closing cost if not already covered by the seller in the contract.

What is so exciting about this program is that you aren’t stuck choosing from just the few homes that are out there on the market that are already listed, lease to own, which we all know is generally only about 10 or fewer of the homes. We actually get to go out and pick from any home that’s available to be purchased on the open market.

This company will purchase the home specifically for you, on your behalf. They also give you the opportunity to earn equity every single month until you complete the purchase financing of that home and gives you up to four years to do so.

This is an excellent opportunity for those of you who want to lock in today’s purchase price, but for one reason or another cannot qualify for traditional financing… Maybe you’ve recently had a foreclosure or a short sale or even a bankruptcy or for another reason you just can’t qualify.

So, if you are looking to lease to own a home, The Batchelor Group is here to help you. We are available seven days a week at
http://www.lasvegas1realestate.com, Or you can reach us via the phone at (702) 823-3801.

We would love to work with you and have the opportunity to find your dream home.

Why You Should Buy a Home Before 2014

Are you looking to buy a home soon, but aren’t sure if you should buy now or wait? With the rising costs associated with buying a home, it’s a no-brainer that you shouldn’t wait long to put in that offer. Here are some major reasons why you should buy a home now, in 2013, instead of waiting for 2014.

Interest Rates are Rising

One problem with historically low interest rates is that they have nowhere to go but up. At the beginning of June, that’s exactly what started happening. Ben Bernanke, the chairman of the Federal Reserve, announced then that he may begin to slow the government’s QE3 program. This is the Federal Reserve’s program of buying back mortgage backed security and treasuries from the banks in order to encourage the banks to lower interest rates and stimulate the economy. Immediately after the announcement, there was a sharp rise in mortgage interest rates, all the way up to a full percentage. Bernanke has since backed off the statement, and interest rates have slightly settled, but the program will end, and 2014 is the probably time from for that to happen. When the qe3 program does end, rates will likely shoot to the 6% range.

Home Prices are Rising

Interest rates aren’t the only thing rising. In May 2013, home values across the U.S. were up approximately 12.1% from May 2012. With interest rates and home rates rising, it indicates that action is needed to buy a home before they rise anymore. Every time an interest rate rises just 1%, it means 10% less buying power. That means that if home prices rise 10% and rates go up by 1% within the next year, your buying power decreases by 20%! That is a significant chunk of change that could go towards a bigger home now instead of interest rates later.

Right now, homes are still affordable. The housing affordability index, put out by the National Association of Realtors, is based on the relationship between median home price, median family income, and average mortgage interest rate. In January 2013, the index hit a high with a composite number of 210.7. That means that a family earning the median national income makes more than twice what is necessary to qualify for the same home. However, you should know that the affordability index is sliding. In May, the last figures posted were 172, which is 38 points lower than the points posted in January. This means that houses may get less affordable the longer that you wait.

Guard Yourself against Inflation

If you could pay today’s prices for eggs, gas, and milk for the next 30 years, would you do it? Of course you would! Prices are only rising, and inflation leaves you with less buying power. A 30 year fixed rate mortgage works the same way. It guards you from inflated interest rates and prices.

When you’re ready to begin your home buying process, or if you would just like more information, contact Jillian Batchelor of The Batchelor Group today at 702-823-3801, or visit us online at www.lasvegas1realestate.com. Hurry before the numbers start to rise!

How Much Home Can You Afford in Las Vegas With Your Combined income?

To know the loan amount a home buyer is able to borrow, the lender must know the gross annual income or income before taxes and deductions are subtracted. The loan amount will be decreased if there is long term debt which is debt that will not be paid off within the next 12 months. Home loan requirements will not allow long term debt including the house payment to exceed a certain percentage of gross income. Realtors and home loan agents know which percentages are allowed with certain types of loans. If there is no long term debt other than the house payment, the house payment can be a larger percentage of gross income. Credit rating and job stability are also an important criteria that a lender will consider… but ultimately loan approvals will have to conform to certain mathematical formulas.

It is important to understand how to calculate gross annual income. An experienced Realtor like Jillian Batchelor can be very helping to determine this calculation. Many people do not really know what their gross annual income is because they get paid every week or every two weeks and might believe that the annual income is 4 weeks of pay times 12 months which translates into only 48 weeks per year instead of the actual 52 weeks. The additional 4 weeks of income may mean a larger loan amount which would open the door to a higher priced home or offset some long term debt such as a car payment or student loan.

The benefit of combined income also translates into more home buying power. Just remember, any income used for home loan qualification must also accompany the required credit reports and job stability. Combined incomes used to purchase homes are not only for couples. Combined incomes used for home loans can be used by any combination of adults who wish to pool resources and purchase a home together. Nowadays, extended family members and close friends frequently up their buying power by becoming co-borrowers and buying one larger home. All types of income that is stable and long term can be used to qualify for a home loan including child support and social security. Of course, all parties using income to qualify must be on the deed and have acceptable credit.

Combining incomes to increase real estate buying power often frees buyers to look at larger and more expensive homes. The Batchelor Group has many years of experience helping home buyers understand their full potential. Call or email the Batchelor Group today to find out your real estate purchasing power.