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Discover Down Payment Assistance Programs Available in Las Vegas

Discover a variety of down payment assistance programs in Las Vegas to help make homeownership more affordable. Learn how you can benefit today.

With rising home prices and volatile mortgage rates, it’s important you know about every resource that could help make buying a home possible. And one thing you’ll want to be aware of is just how much the number of down payment assistance (DPA) programs has grown lately.

Take a look at the graph below to see how many new programs have been added in the last year, according to data from Down Payment Resource:

More Programs, More Opportunities for You

So, what does this increase mean for you? With more programs available, there’s a higher likelihood that one of them could help you reach your homeownership goals.

And these programs aren’t small-scale help either – the benefits can go a long way toward covering a chunk of your costs. As Rob Chrane, Founder and CEO of Down Payment Resource, shares:

“We are pleased to see a growing number of these programs, and think they are becoming a targeted way to help first-time and first-generation homebuyers struggling to save for a down payment get into a home they can afford. Our data shows the average DPA benefit is roughly $17,000. That can be a nice jump-start for saving for a down payment and other costs of homeownership.”

Imagine being able to qualify for $17,000 toward your down payment—that’s a big boost, especially if you’re looking to buy your first home. With that level of help, buying a home may be more within reach than you think.

But it’s worth calling out that the growth in DPA options isn’t just focused on first-time and first-generation buyers. Many of the new programs are also aimed at supporting affordable housing initiatives, which include manufactured and multi-family homes. This means that more people, and a wider variety of home types, can qualify for down payment assistance, making it easier for you to find an option that fits your needs.

Talk to a Real Estate Expert About What’s Available for You

With so many DPA programs out there, you need to make sure you’re finding the right one for you. That’s why it’s key to lean on your real estate and lending professionals for guidance. The Mortgage Reports says:

“The best way to find down payment assistance programs for which you qualify is to speak with your loan officer or broker. They should know about local grants and loan programs that can help you out.”

Your loan officer or real estate agent will know what’s available in your area and can point you toward programs that align with your goals.

Bottom Line

With more down payment assistance programs than ever before, now’s a great time to explore how these options can help on your homebuying journey. Let’s work together to make sure you’ve got a team of expert advisors in place to see which DPA programs could be a fit for you.

2 of the Factors That Impact Mortgage Rates

If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why?

The answer is complicated because there’s a lot that can influence mortgage rates. Here are just a few of the most impactful factors at play.

Inflation and the Federal Reserve

The Federal Reserve (Fed) doesn’t directly determine mortgage rates. But the Fed does move the Federal Funds Rate up or down in response to what’s happening with inflation, the economy, employment rates, and more. As that happens, mortgage rates tend to respond. Business Insider explains:

“The Federal Reserve slows inflation by raising the federal funds rate, which can indirectly impact mortgages. High inflation and investor expectations of more Fed rate hikes can push mortgage rates up. If investors believe the Fed may cut rates and inflation is decelerating, mortgage rates will typically trend down.”

Over the last couple of years, the Fed raised the Federal Fund Rate to try to fight inflation and, as that happened, mortgage rates jumped up, too. Fortunately, the expert outlook for inflation and mortgage rates is that both should become more favorable over the course of the year. As Danielle Hale, Chief Economist at Realtor.com, says:

“[M]ortgage rates will continue to ease in 2024 as inflation improves . . .”

There’s even talk the Fed may actually cut the Fed Funds Rate this year because inflation is cooling, even though it’s not yet back to their ideal target.

The 10-Year Treasury Yield

Additionally, mortgage companies look at the 10-Year Treasury Yield to decide how much interest to charge on home loans. If the yield goes up, mortgage rates usually go up, too. The opposite is also true. According to Investopedia:

“One frequently used government bond benchmark to which mortgage lenders often peg their interest rates is the 10-year Treasury bond yield.”

Historically, the spread between the 10-Year Treasury Yield and the 30-year fixed mortgage rate has been fairly consistent, but that’s not the case recently. That means, there’s room for mortgage rates to come down. So, keeping an eye on which way the treasury yield is trending can give experts an idea of where mortgage rates may head next.

Bottom Line

With the Fed meeting later this week, experts in the industry will be keeping a close watch to see what they decide and what impact it’ll have on the economy. To navigate any mortgage rate changes and their impact on your moving plans, it’s best to have a team of professionals on your side.

Retiring Soon? Why Moving Might Be the Perfect Next Step

Retiring Soon? Why Moving Might Be the Perfect Next Step Simplifying The Market

If you’re thinking about retirement or have already retired this year, it’s a good time to consider if your current house is still a good fit for the next chapter in your life.

Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about as you decide whether or not to sell and make a move.

How Long You’ve Been in Your Home

From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):

When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.

How Much Equity You’ve Gained

Additionally, if you’ve been in your house for more than a few years, you’ve likely built-up significant equity that can fuel your next move. That’s because the longer you’ve been in your house, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):

While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home since 1991 saw it more than triple in value over that time.

Consider Your Retirement Goals

Whether you’re looking to downsize, relocate to a dream destination, or simply be closer to loved ones, your home equity can be a key to realizing your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones.

Whatever your home goals are, a trusted real estate agent can work with you to find the best option. They’ll help you sell your current house and guide you through buying the home that’s right for your lifestyle today.

Bottom Line

Retirement can bring about major changes in your life, including what you need from your home. Connect with a local real estate agent to explore the available homes in your area.

New Cash Offer Technology Quickly Identifies 1000 Assumable Mortgages in Seconds

assumable mortgage
An assumable mortgage allows the buyer to purchase a home by taking over the seller’s mortgage loan.

Identifying assumable mortgages in the United States can help all industry stakeholders. Dr. Jan Duffy REALTOR with Berkshire Hathaway HomeServices Nevada has partnered with FHA Pros, LLC, which is the industry leader, of the new technology to identify assumable mortgages quickly. It allows Dr. Jan Duffy REALTOR and her team to assist her clients in benefiting from assumptions effectively.

Using the latest technology solutions allows her team to identify properties with an assumable mortgage attached. We immediately have access to the seller’s loan details, providing buyers with the relevant information to make an offer to assume the seller’s mortgage.

“This technology assist the buyer and the seller with the assumption process,” says Dr. Jan Duffy REALTOR. She continues, “We provide the seamless assistance required to ensure compliance with assumption rules, making the process easier for everyone.”

My selling homeowner benefits from assumable mortgages because of the shortened contract period required for sales since there are no delays for things like setting up funding or getting appraisals. Meanwhile, servicers also continue to collect the same interest payments that would stop if the buyer were to obtain a new loan.

Buyers Benefit from Assumable Mortgages

Assumable mortgages let our home buyers take over an existing mortgage loan from a home seller. In this rising interest environment, the interest rate savings and terms of the original loan remain the same, resulting in potentially hundreds of thousands of dollars in savings over the life of the loan.

There are about 11.4 million assumable mortgages in the U.S., making up 24% of all home mortgages. These are not conventional mortgages but loans backed by the Federal Housing Association (FHA), the Department of Veterans Affairs (VA), or the United States Department of Agriculture (USDA).

These government-backed outstanding loans allow a qualified buyer to take over from the seller. Until recently, borrowing rates were low, meaning that most of these loans have interest rates of between 2.5% and 3%. Assumable loans weren’t a well-known option until very recently. However, the demand for this financing mechanism has increased with the rise in home-loan interest rates.

All FHA, USDA, and VA mortgages are fully assumable by a buyer, meaning buyers can assume the existing rates and terms of these mortgages from the seller. Assumable mortgages give buyers significant savings from interest payments, costs, and the years required to repay the mortgage.

The buyer of an assumption mortgage enjoys the following benefits:

  1. Interest savings
  2. No new loan origination or funding fees.
  3. Shaves off potential years of payments
  4. No appraisal is required
  5. Possible mortgage insurance savings
  6. Pay no mortgage tax in states where it is applicable
  7. FHA buyers save on the 1.75% upfront mortgage insurance premium
  8. Faster processing
  9. Qualify for a higher sale price with a lower monthly repayment
  10. More buyers qualify when the repayment is less than that of a new mortgage seller Benefits of Assumption

 

Assumption also benefits the seller because the lower payment their loan offers creates more demand as more people qualify for the lower payment, which translates to a more attractive property and higher sales price. Once the assumption is complete, the seller is forever released from liability on the mortgage, enabling them to obtain a new mortgage in the event they are purchasing a new home. If you have a home with a FHA, USDA, or VA mortgage, and want to sell your home, reach out to Dr. Jan Duffy REALTOR.

At Speedy Cash Home Offers, we understand that selling your home can be a complicated and time-consuming process. That’s why we offer a solution that not only saves you time but also helps you get the best deal for your property – through our assumption program.

Our assumption program allows buyers to take over your existing mortgage, making the selling process faster and easier for both parties involved. And with this option, you can qualify for a higher sale price while still offering a lower monthly repayment for potential buyers.

But how does assumption benefit the seller? For starters, it creates more demand for your property as more buyers can qualify due to the lower payment offered by your loan. This results in a more attractive property and ultimately leads to higher sales