Financing...

If you have cash, then you do not need to read this section. After all, cash is king, you know the Golden Rule: he who has the gold rules. Questions? Call us at (530) 272-2613, email jodell@nevadacounty.com or fill out this brief form.

LAND PURCHASE
To finance land, normally you can have the owner carry back a first deed of trust and a note. The going rate is around eight percent and the down payment is normally at least twenty percent. For example, you are going to buy a piece of land for $100,000. You put down 20% or $20,000. The owner carries back $80,000, interest only, all due and payable in five years. Your monthly payment, interest only, at eight percent, is $533.33 per month. At the end of five years, you have a balloon payment of $80,000. There are other ways to finance land and if you would like more details, please call.

FINANCING TO CONSTRUCT A NEW HOME
To obtain financing to construct a new home I recommend that you go to a lender that provides a wrap-around loan. A wrap-around loan is a loan which provides construction financing to construct the home. When the construction phase is over, the loan goes to or wraps into a long term mortgage.This type of loan normally saves you points and guarantees a loan in the amount that you know what the monthly payments and interest rates are going to be. Call me for further information.

PURCHASING AN EXISTING HOME

Step 1: Get Pre-Qualified
To do this, our Associate, Steve Longacre, of Stanford Mortgage, can take your basic information over the telephone and get you pre-qualified for a maximum loan amount and purchase price. This will tell you what price range you can shop for in purchasing a home.

What are the advantages of getting pre-qualified?

1. It saves you time
   It saves your realtor time
   It helps you narrow your home search
   It helps you budget

2. It helps you sleep at night!

Step 2: Get Pre-Approved
Once your lender has you pre-qualified, Steve can then get you pre-approved, many times within hours. This means that you are approved for a loan and sellers will prefer your offer over others' You can search for your house knowing that you have money to purchase it.

Q: Do I have to have a down-payment?
A: Not necessary. There are many loans available with down-payment assistance. You do not have to have a down-payment in many cases.

Q: Do I have to have perfect credit?
A: Your credit is very important. There are many programs available to you, even with less than perfect credit. I'm self-employed and don't show much income on my tax-returns. Can I still get a loan?
Yes. No-documentation loan programs are available to where you do not state income. Tips during the loan process:

1. Don't make a major purchase (Car, boat, RV, etc)
2. Keep your loan officer informed. (Job changes, pay raises, deposits to your account, etc.)
3. Keep you loan officer informed of any financial changes!