This is a KUNV Studio's original program. The content of this program does not reflect the views or opinions of 91.5 jazz and more, the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education. ♪ I know you see me on the video ♪ ♪ I know you mean me on the radio ♪ ♪ But you still don't pay no attention ♪ ♪ Listen and know what your holy boy's watching ♪ Good morning, this is Monique Cannon, 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, it's Monique Buchanan, the host of The Welcome Home with Monique Show. And I hope that you're having an amazing Saturday. I'm telling you guys, the properties are flying off the market. We have such little inventory that all my listings have been going into escrow so quickly, I can barely keep up you guys. Listen, the last three that I sold sold in two to three days, okay? I also want to say, I, over the weekend, had an amazing, amazing time in Chicago. I have never been to Chicago, you guys. And I went there for my birthday, it was Sunday, April 28th. And I went to Chicago for the first time. It was such a blessing, I even went to church over there, there's a pastor out there, he's amazing. His name is Pastor Hanon, H-A-N-N-A-H, Hannah, I guess. Anyways, it was just the best time ever, even at church on my birthday, my daughter flew up from Atlanta, she's 25 years old, you know, I have three girls, but this is my oldest daughter. And it was just such a great time, I love Chicago. We checked out a blues lounge downtown, Chicago was called Blue Chicago, it was great. So anyways, any of my KUNV listeners out there that are from Chicago, I love your city. I'm so glad that I got a chance to go out there and experience Chicago on my birthday. So anyways, just wanna give a shot out to the Lord for blessing me with yet another birthday. So guys, let's get back into real estate, we're turning into LA, okay? The prices are not going to drop, so people have been saying that for how many years now, oh wait till the prices, you know, they dropped. They slightly dropped only because the feds lowered the rates, or how lowered the rates in our dreams, right? Raise the rates last June, right, about to be a year. They raise the rates, trying to slow down the economy, okay? That is the only reason we've seen a slight decrease in the prices, but as soon as they keep their promise of lowering the rates, you can forget about it, okay? We've got Sony that just, you know, just got their A.O.K. to build their studios out here. We have the basketball team coming, I mean, we have baseball coming, we already have the best women's basketball team shots out to the ACEs, and of course, my golden knights, you know what I mean? So, so much is happening in Vegas, that has never happened before. I personally do not see how people still think somehow, some way, we're gonna see low, low prices for homes. No, I'm sorry, that boat has sailed. If you have been on your job for two years, any job, any job for two years, you have at least a 640 credit score if you wanna use one of my down payment assistant programs. Okay, you are a great candidate to go ahead and have your down payment pay for you and get into a home, because the prices will go flying straight up once these rates come down. But here's the good news. You can go ahead and get a home now and just refinance the house into a lower rate, which means a lower payment in six to, you know, six months to a year, right? So, why not do that instead of being a fight and overpay for the house in just six months or even less possibly, okay? 'Cause as soon as they just inch those rates down a little bit, it's gonna be a feeding frenzy. All right, we already seen somewhat of a feeding frenzy in January when the feds went on the news and said, "Hey, we plan on doing, you know, "three to four rate cuts this year." Oh my goodness, my phone was blowing up with buyers, you know, and they just barely brought the rate down to I believe like 6%. Oh my goodness, you guys. All these people that have been sitting on their hand start coming into the market, which is not a problem, but now they're back up, you know, the rates have went ticked up a little bit now, but now that lets me know. Wait 'til they go down to about five and a half. Oh my goodness, hold on to your pants, guys. So anyways, let me get back to what I was talking about. If you have been renting for the past three years, guess what? You are considered a first-time home buyer. You hurt me right. A first-time home buyer, I don't care that you bought in the past, it doesn't bother me that you owned a home five years ago, you short-soldered, you were on your mama's, you know, mortgage, whatever the case, does not matter. If you have been renting for the last three years, fresh start, you guys, per FHA guidelines, you are a first-time home buyer, which means you get the incentive of 3.5% down on a home. So you don't have to go putting 20% down or 10% down, you know, that's a myth. A lot of people think they have to save up all this money to buy a home. It's just not true. The only time you have to put those kind of numbers down is if you want to get rid of something called mortgage insurance premium. If you can afford to do it, you've got money in your 401(k), you have savings, whatever the case, you can afford to do it. Buy your means, go ahead and put that 20% down. You'll get rid of like $200 or $300 a month from having to ensure your own loan, but that is not necessary, okay? It's not required. So if you don't have the means to, you know, put 20% down, guess what? You can put down 3.5%, heck, you can put down as little as 3% going conventional. So, and especially if you have your own money down, let's say you've been working in the casino for years and years and years, you have a 401(k) that you forgot about, you can take your 401(k) and take your down payment out of your 401(k). And in every case since I've been doing this, which is almost a decade now, they do not penalize you for pooling money out of your 401(k) to put down towards your home, all right? So, you will not be penalized if you take money out of your 401(k) and of course you're gonna check with them and talk with them. But as far as I know, and as long as I've been doing it, you will not be penalized, okay? So you could pull your little 3.5% down out of that. And just so you know, 3.5%, let's say that you're buying the $450,000, 3.5% for your down payment is $15,000 basically, all right? So if you got at least $15,000 in your 401(k), you can purchase a home and pay your own down payment and guess what else? You can purchase with as low as a 580 credit score because you're not asking anybody for their money to put down, you have your own money to put down. So your credit score does not have to be 640. It only has to be 640 with the down payment assistance programs, okay? So let's dive back into it. All right, so my veterans, okay, remember, you get a tax break when you purchase a home, okay? I'm pretty sure a lot of you already know that you can get a tax break when you register your car, but guess what, it also applies on your home. So what does that mean? That means that a lot of times you could purchase more of a home because you're not paying the taxes, or as much as a regular person would be paying. Let me give an example. Let's say that you're approved or you're a veteran, you have zero down already, right? So you have no down payment, okay? And you're approved for a home at 450,000. Let's just use that again. So here's the thing, you could probably go ahead and go up to 480 because when you pay a mortgage, part of your mortgage is the taxes. So now I can go back to the lender and say, "Hey, listen, he's a veteran, he really likes his house. "Let's just say 480." Well, guess what? Yeah, he's approved, we can take him up to that because a regular person's taxes on that house is 3,000, but because he is a vet and he does get a break, that's gonna allocate you a little bit more that you'll be able to spend. Does that make sense, veterans? So thank you for your service. (laughs) That's why I learned that stuff in and out so I can help my veteran buyers get what they truly want and understand how everything works for them because it's a little different than regular civilians. So zero down for my veterans, of course, right? And then when you buy brand new homes as a veteran, you pretty much in many cases walk away with nothing out of your pocket. And why do I say that? Because I negotiate the builders to pay your entire closing cost. Okay, they'll do that in many cases for the veterans. And to be honest with you, I've been lately, lately guys, I've been having them do that for even my non-veterans. So that's what I say, if they zero down, they don't have to pay a down payment as a veteran. And then with a new build, you don't have to pay your closing costs so there's nothing really left for you to pay. And if you're saying, well, I don't know if I'm gonna stay here, I might decide to move, well, why not take the equity with you? Or even rent out the property after you move. As long as you've been in it for one year, as long as you're stationed here for one year, why not cash out when you leave and go buy something else wherever you're going? Or get that residual income. If you're just tuning in, my name is Monique Buchanan. I am your local Las Vegas Realtor. And you can reach me at Instagram at Monique Buchanan, that's B-U-C-H-A-N-A-N. It took me a minute to learn how to spell my own name when I got married. (laughs) So, or else you can jump up my website, welcome home with Monique.com, you know, or you can call me, 702-984-3700. If you have more questions about all of this, no worries, you can reach out to me in my team, 702-984-3700. Also, if you are, unfortunately, the spouse of a fallen soldier, did you know that you can still take advantage of the benefits of their DD-214? So for more information, I am here to assist, okay? So now we have all types of DPAs, which we call them, their down payment assistance program. But before I jump into that, I wanna go over just a couple more nuggets, guys. Did you know that multiple people can be on your loan? So if you have, you know, the adult child living with you and they're working and, you know, you can put multiple people, we're talking four or five people on the loan, that's fine, okay? A lot of people don't realize that they can do that, all right? Business owners, you can be approved by using your P&L statement or even just your bank statements, okay? So just know that you can do bank statements or your P&L, your profit and loss. And let's go on back to that too, when I said if you've been on your job for two years or longer, but if you've also owned a business for at least one year, as long as we have your taxes, okay? As long as you've done your taxes, let's just go ahead and say two years. I do know of a lender that could possibly do it with one year, but typically you want to do two years worth of taxes on your business and we can move forward with them, you know, with the purchase of a home. My Uber drivers, my 1099s, same thing applies for you just like a business, you know? As long as you've done your taxes, we can move forward with purchasing you, a home based off of that, okay? Now listen, we have something called a three one buy down. This is what I've been doing with each and every one of my clients since the rates have been so high. The majority of them opt in for the buy down. And this is why it's no secret, you guys, that the feds are gonna be lowering the rates. It came out of their own mouth, you know, right there on the news and they already did lower them a little bit, they ticked it back up because I said, wait a minute, you know, I don't know if the economy's quite where we want it to be, we may have jumped the gun. So they did tick it back up just recently, but they've announced they're going to bring these rates down eventually, right? So what the three one buy down does is it basically buys you three years of lower mortgage payments while you wait out the time of the, you know, for the feds to lower the rates. So year one is gonna be 2% lower than the average rate today. Let me give you an example. Let's say the rate today is 7%, okay? So year one, you'll be at a 5% rate, which means your mortgage will probably be about four, five or 600, actually, $1 less than it would be if you just didn't do the buy down today and took today's rate. So you're about, you're saving about 500 bucks. Let's just say that on year one. Year two, it'll be about a savings for, and what I'm talking about guys is your monthly mortgage. Let me just do it like this. Year one, your mortgage would be $1,200, right? Year two, your mortgage would be $1,500, right? Year three, your mortgage would be, you know, $2,000. And these are not, you know, numbers. I'm not doing, I'm just giving you an idea to see. That's it, and then from that year three through 30, it's fixed and locked. It's not, it's not one of those balloon payments where it goes up and down and all around. You don't know what's gonna happen. No, from year three through 30, it will stay locked into the same rate you would have had today, right? All it's doing is saying, hey, let me help you out with the mortgage payments while you wait on the feds to lower the rates. If for some odd reason they don't lower the rates, then here you are at the payment you would have had today. And guess what? I get that paid for because it's not something you're gonna pay for. I'm gonna get that paid for by the seller. That has to be purchased. It's not free to do the three one by them. I get the seller, I negotiate the seller to pay for that for you in order to buy their property. So that's a great deal. That's why I'm telling you guys, it's a great time to buy. Listen, Vegas is turning into little Los Angeles. Do not miss this boat. My friends and family, my KU and V listeners. If you love Vegas, you live here, you don't wanna end up paying $4,000 for a one bedroom apartment 'cause that's what we're heading to. Lock in your mortgage by a property. My team is ready to assist you 702-984-3700. So yeah, guys, if you wanna be able to say, hey, I know what my mortgage is. I know what I owe for my residents every single month. You know what I mean? Because guess what we don't have in Nevada? We do not have a rent cap. Your landlord can go up as much as they want once that lease is done. And they've already showed us that because even just what? Last summer, it was all over the news. People were upset about their rent going up $500 in some cases, $600 in some cases, right? So hey, it can happen again. I had my best friend. She, well, this is something else that can happen. My best friend, she's a great tenant. She had been renting on-time payments. You know what I mean? For seven years, you know, her and her landlord were dang near best buds. But guess what? At the end of the day, this is business. That landlord needs to do and wants to do what's best for his family, right? So while my best friend was on her trip to Costa Rica for a birthday, she called me in tears. She said, Monique, I don't know what to do. They've just sent me an email saying that the landlords decided to sell his home. She couldn't believe it. She said, I've been such a great tenant. I said, you know what? At the end of the day, that's great, but that does not matter. You know, money talks, okay? The man seen that he needed to sell. He got to whatever price point he wanted to. And he gave her 30 days and told her she had to move out. Now, of course, I came swooping in and we ended up buying the home from him. I negotiated a great deal for her and she's happy as all outdoors and she lives over by Bishop Gorman. So she's made a ton of equity. (laughs) So yeah, so we went ahead and purchased that home, but that was a scary moment for her, you guys. To be told that you have to move out within 30 days and you've been there for years and you've made all your payments on time, this can happen to you. Best trust and believe it can happen to you. So while you can take advantage of a down payment assistant program, if you need to, why not make equity? You know, I'm selling my house. I'm gonna walk away with over $200,000 worth of equity. You're renting your house. You're gonna fight like HE double hockey sticks just to get that $2,500, what, deposit back. Am I preaching? Hello, you guys know I'm telling the truth. So even if you don't plan on living here, well, I don't know if I'm gonna stay here. I'm thinking I might move to Texas or wherever else. Well, you'll be here for the next couple years. You know, at least that much. Why, you see that we're on the rise. You see that the houses are going up in price. Why not go ahead and me and my team sell you a home, get your locked in and then you go ahead and call us back in a couple years and say, "Okay Monique, I told y'all's gonna move. "We're ready to move." And I say, "Well, guess what? "Take this $2,300,000 with you on to Texas." 'Cause if you rent, guess what you're taking? A security deposit, if you take video and pictures and fight with them about getting it back. The deposit. (laughs) So I'm just being honest, you guys. So listen, you only have to put 20% down if you are an investor. If you're looking to not make this property your primary residence, yes, you have to put 20% down. You have to put 10% down if you're buying a vacation home. So when me and my husband decide to buy a vacation property over in Georgia, we're gonna have to put 10% down, okay? So those are the times that you have to put a huge, you know, we're not huge, but a decent amount of money down, I should say. All right, so let's go ahead and jump into the down payment assistance program portion of this. And if you're just tuning in, I am Monique Buchanan, your local Las Vegas realtor. I represent all parts of Las Vegas, Henderson, Mountain's Edge, Summerland, the new Northwest Las Vegas, Centennial Hills, you name it, Enterprise. That will take care of you. If you're not quite knowing where to start, that's what we specialize in. You know, you can give us a call and we will walk you through it. We will hold your hand the entire way and get you to the finish line. That's what I love to do. I'm very blessed with this career because I don't feel like it's work. I actually love to meet all of you out there. I met some great people through KVNV. I gotta tell you, I really have, and I feel truly blessed to have met my KVNV listeners. You guys are pretty awesome, I gotta say. But anyways, that's what I'm here for, to help you guide you. If you have questions, I'm here to answer them. Monique Buchanan at Realtor Monique Buchanan on IG. My YouTube channel has most of my shows, previous shows, uploaded on there. And that's welcome home with Monique. And also, you guys can always give me a quick phone call if you so choose 702-984-3700 and I am there to answer your questions. Okay, so, down payment assistance program, what it does is, you guys, it's going to pay your entire down payment as well as a portion of your closing costs, okay? So, you do need a 640 credit score or higher, as I previously mentioned. If you have been on your job at least two years or even if you've been self-employed for two years, we'll just need your tax returns, previous tax returns for the last two years. Or if you've been working on a job, you've got a W2. Yeah, you're good to go, okay? 640 credit score or higher. Now, remember, this is not for investors, you guys. DPAs are not for investors. You must live in the residence, okay? You must live and make it your primary residence for at least a year. You do have to be a first time home buyer for this particular one. Just means you've been renting for at least the last three years. And yes, you will qualify as long as you've been renting for the last three years. Guys, this is a statewide program, all right? So, it's not just Las Vegas, it's statewide. It is a 30 year fixed interest rate. And the interest rates are very close to what the interest rates are currently at right now. So, it is fixed. In other words, there is no up down and all around. Once they tell you your payment, the only thing that can change your payment is your insurance on your home loan or the taxes. If the taxes go up, nobody can't control Uncle Sam. So, but usually that's very minute, you know, when it goes up, both of those are very, very small fluctuations, okay? Now, they're gonna give you, like I said, up to 4%. Three and a half of that is your down payment. The other 0.5 will go towards your closing costs, okay? Now, there's another one. And there is no first time requirement. So, you don't have to be a first time home buyer for this one, you guys. Now, listen to this, you can buy a home all the way up to the amount of $766,550, okay? So, that's a good size home. You can buy up to that amount, you'll get 5%. So, that's pretty much gonna cover all of your down payment and pretty much all of your closing costs, okay? You have to have at least a minimum score of 640. And something unique about this one is it allows you to buy manufactured homes, okay? So, you know, a lot of people have been going that route. So, you can also own property outside of the state. You just cannot own in the state of Nevada, all right? So, just understand that. Now, your qualifying income, they'll let you make all the way up to $160,000 and you can still qualify for this down payment assistance program that's gonna cover not only your down payment but your closing costs. So, let me give you an example. First example, our average medium home price here in Las Vegas is around $450,000. Remember, I told you your down payment at 3.5% down is $15,750, okay? So, using one of these programs, you will have that entire amount covered for you by the program. It'll pay the $15,750 on your behalf as well as it's gonna give you an additional $2,200 towards your closing costs, okay? So, if you were to pay your own closing costs, you would be looking at around $13,500, okay? But it's gonna take care of $2250 of that for you. Which means you can buy a $450,000 home and you'll only be out of pocket around $11,000. That's it. Everything else will be taken care of through my down payment assistance programs, all right? It will be taken care of through my down payment assistance programs, 640 credit score. You've been working for at least two years. Does not have to be the same job, you guys. This is a statewide program, all right? Me and my team will take care of you, all right? So, let me give you another story too. If you're thinking about, oh my goodness, I've got student loan debt. I've been told in the past that, hey, I've only qualified for $200,000 and I can't buy anything with $200,000. So, here's the thing. A lot of people don't know. In fact, I have a lawyer client of mine. We're buying in Perump, we just went into escrow. And he found out, through my lender, you guys know I love my lender, he found out that he does not owe $70,000 worth of student loans that he thought he still owed. Yes, that was wiped clean, okay? Remember when Biden was wiping clean the student loan debts, he was one of them to benefit from it. So, congratulations, you know what I mean? That's something to find out. So, a lot of you guys are out there thinking that you owe all this money in student loan debt and you need to find out and we're here to help you find out. And don't let that hold you back because even if you do owe, my lender works miracles with that and can get you approved. So, don't let that hold you back if you think, oh, I've talked to a lender in the past and they told me this or they told me that. You guys hear me preach all the time. Don't give up because you talk to a bank and they denied you. Banks are extremely strict. They're really strict, you know? That's just how they are. So, and maybe there's other lenders that are super strict. So, not just banks. So, what I'm trying to say is that not every lender is the same. They don't all have the same guidelines. Let me get you in the hands of somebody that, you know, has different guidelines. Let's see what they say before you give up on your home ownership dreams. It's a five minute conversation and he doesn't even do a hard pool, which means your credit will not drop if he looks at your credit because he does what's called a soft pool. All right, so why not find out? You guys are willing to let the renter people, the property managers pull your credit. When you go rent, why not take five minutes to find out if you can become a home owner and stop paying $2,500 for rent. You're paying, 'cause at the end of the day, guys, you say, "Oh, I'm not ready to own a house. I'm not ready to have a mortgage." Well, guess what? You already do. You know, at the end of the day, you're just not paying your own mortgage, but you're already paying a mortgage. You're paying your landlord's mortgage and you're making wealth for him and his family when you're renting. But when you pay your own mortgage, let me tell you something. That hits way different, you guys. It hits way different. You're gonna have fun going to Home Depot, making the house your own. Like all my clients, I talked to my client today, shots out to the DS family. They also bought in her up. Let me tell you that testimony real quick, you guys. She said, "Monique, I just love you. I thank you guys, you and Anthony so much, because she said, "You know what you did? You did not let go of my hand. You did not let go of my hand. You told me you wouldn't at the beginning when I called you. She's one of my KUMV listeners." In fact, she said she's gonna come on the show and share her testimony, 'cause she's so grateful. She said, "Monique, you did not let go of my hand. Let me tell you something. We got into escrow with a property maybe eight months ago. Something popped up, we had to pivot and we walked her through that thing and told her, "Don't worry about it. We'll get you to the finish line." So we canceled that escrow, held her hand through that thing. And now, let me just say this. The house that she got today, 'cause I told her, I said, "Honey, God blocked that for a reason. You guys know I'm a believer. I'm Christian and I truly, I share that with my clients." You know what I mean? I said, "Listen, you know, she was depressed a little bit like, "Oh, no." I said, "No, listen, God has something better for you." And I truly believe that he stopped that sale. And let me tell you, the house that she has today in Iraq is on 8,000 square foot lot. It's completely remodeled. It's nothing like the one that God stopped. Let me tell you, let me just say that. It's way better. So she's so happy. She's gonna come on the show and share her experience and, you know, her husband out there and her, they're just so happy, so thrilled with their babies out there. And she said, "You know what, Monique, at the end of the day, people from LA and all these big cities, they drive 45 minutes to an hour every day to work and I can do the same." And she said, "I've been doing it the last week, moving in and let me tell you, we are so thrilled and so happy." So anyways, I'm here to assist you guys. I'm here to walk you through it all the way to the finish line. And that's what we do, me and my team. So we're here to help. I share this information to enlighten you guys. Let's recap. We've got down payment assistance programs. You need a 640 credit score or higher. If you want to use a down payment assistance program, you need to be on your job or have your business for at least two years, okay? This is a statewide program and there's a 30 year fixed loan. There will be no funny business, okay? You're gonna get up to 4%, which covers not only your down, but a portion of your closing costs. There's another option where you don't have to be a first time home buyer, which only means you've been running for three years or more. Now, this other program, you don't have to be a first time home buyer. You can own property in another state, no problem. You just can't own a Nevada. You're gonna get up to 5%. That's gonna cover almost everything, you guys. So down payment and pretty much your closing costs, all right? Now you need a 640 credit score for this one as well. Same thing, you know, at least two years on the job or two years tax returns, all right? You can buy manufacturing homes with this, but you'll need a 680 credit score if you wanna do the manufacturing homes, all right? You cannot make over 160,000 for this program. Both programs, you have to be a primary resident, all right? Now, if you don't wanna use the down payment assistance program, you say, you know what Monique, I've been on my job. I've been at MGM for 20 plus years. I've got $50,000 or more sitting in that 401k. I'm just gonna pull that money out and I'm gonna pay my $15,000 in my own down payment on my $450,000 home. Then guess what? You only need a 580 credit score, you guys. I'm here to shed the light. Home ownership is achievable if you have the right people, if you have the right team helping you and walking you through and that is knowledgeable of all the ins and outs, okay? So I love you guys. I give honor and the glory to God for this program. And I wanna say have an amazing weekend and until I hear from you, hope you enjoyed the show. Monique Buchanan, thank you for listening. Please remember, all terms discussed are simply an estimate. My license number is S178846. My phone number, if you'd like to contact me is 702-984-3700. You can also find me on YouTube and please join me tomorrow at my church Living Word Church on Hassel. I am part of the EXP Realty Group.
