It’s Time To Be Thankful.

Being humble and grateful is a beautiful and fulfilling manner of life, and periodically it is good to simply be thankful. It is that time of year when Americans express their thanks with, and through, the holiday of Thanksgiving. In that traditional spirit we are thankful for the opportunity to express our thanks, and, perhaps, some that you can also identify with.

We are very thankful for many, many things including: the continuing favorable interest rates; the assorted Home Retention Programs being developed and the spirit in which they are being formulated; Buyers that are boldly venturing forth and buying with confidence; our fellow real estate practitioners that are continuing to help Buyers and Sellers gain and maintain perspective to navigate in these interesting times; the high standard of the real estate practice in our area; USDA Rural Development 100% loans that provide wonderful opportunities for home Buyers in our community; the opportunity to help people with our real estate knowledge and experience.

We are very thankful for the prevalent Volunteer Spirit found throughout the Carson Valley that results in so many special things; for our friends’ conspiracy to nominate Jim so he received the Carson Valley Chamber of Commerce “Unsung Hero of the Year” award; for the generosity of our community towards worthy causes even in trying financial times; for the local business community and their continued efforts to provide goods and services; for our Tiger Family; that we live in a free country; that if we don’t like something about our life we can change it; that if we like something about our life we can keep it; that we have so much to live for.

We are very thankful for this great Valley we live in – the natural beauty and the wonderful people; the wonderful life changing opportunities for our children and families; that the Youth are still and always important in our community; that families are important as is community itself; that Values are respected and a way of life for most; that people still stop to help one another; that in our community people still say hello to strangers with a smile.

Our Advice: Be thankful and grateful for your health, your family, your friends, and your community. Be a shining example of gratitude and be thankful for what is … not resentful for what isn’t. Our wonderful Valley gives us a wonderful quality life to enjoy while the real estate market cycles … as it always has and always will. Enjoy it now… every day… and be thankful for it. These are the good old days… be thankful we can share them together.

Together lets move boldly into the future and continue to generate many things to be thankful for. Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, www.carsonvalleyland.com, 775-781-5472. http://www.carsonvalleyland.com/ email us at carsonvalleyland@hotmail.com

Are All the 100% Loans Really Gone?

High loan to value loans are still available – call your lender and ask about them. In that conversation remember to ask about the USDA Rural Development Guaranteed Housing loan. The facts about this loan program may seem too good to be true, and yet they are real. We recently closed one.

Consider the highlights: There is no ceiling for the loan amount – it is based solely on appraisal and payment capability. The loan can go to 102% of appraisal (the last 2% being the Guarantee Fee). Income used is adjusted gross. The income maximum for a family of five in Douglas County is a generous $89,650, and is adjusted according to family size.

The ratios are more lenient than other loan programs, and even those can be exceeded with compensating factors such as zero or little payment shock, 660+ credit score, 2+ years on job, and more. You don’t need explanations for late payments with a 660 or better credit score. You can be in the 500’s and get a loan. Credit blemishes can be okay depending on other factors. If you don’t use credit you can qualify using non-traditional methods such as utility, child care, insurance and rental payment records. There is no Mortgage Insurance, just a one-time Guarantee Fee that can be financed, a huge savings from PMI premiums.

Additional parameters: You need not be a first time home buyer, in fact you can own a home that you are selling if you close escrow before you close on your new one, i.e.- close on one and buy the new one the next day. You can purchase a new stick built, modular or manufactured home. It is not available for resale manufactured homes. Douglas and Lyon Counties qualify, but the loan is not available in all communities. If you qualify for a conventional 80% loan to value loan (where you put 20% down) you many not participate in this program.

Here’s how it works – you apply for a loan with a lender or mortgage broker that offers this loan. The lender will review and approve your loan package before sending it to the USDA. The USDA will review your package and make a decision within 48 hours unless the property is over 50 years old in which case you must add 30 days for review as it must be approved by the Nevada State Historic Preservation Officer for historic significance. Once approved – it is funded. It’s that simple. With the leniency of the USDA requirements, and the fact that the USDA is guaranteeing the loan to the lender, it is hard not to get your loan approved.

Our Advice: If you are looking for a low or no down loan seriously consider this program. We have never seen a loan program with so much flexibility. The USDA representative we met provided so many illustrations of variances that it is clear they seriously want to make loans to get people in homes. Interest Rates? They are very competitive. Remember the gap in this loan – something nobody else allows. The loan amount is based on the appraisal amount unlike traditional loans that are based on the lower of either the purchase price or the appraisal. If the home appraises for more than the purchase price you can borrow the higher amount and use the “gap” money for closing costs, repairs, etc. Good loan … good prices … good time to act! Call a lender and start talking about your situation and this loan program – you will surely be delightfully surprised.

Thank you Jennifer Morrison, Mortgage Consultant, Greater Nevada Mortgage Services, 783-7591, for sponsoring an informative class on this special loan program. This is a unique product in a unique Market that will allow many people to buy homes that would otherwise be sitting on the sidelines in these exciting times.

Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781-5472, carsonvalleyland@hotmail.com, www.carsonvalleyland.com