Chance Gates' Blog » Washoe County Nevada

Buy a Reno Home with $100 Down & Recieve $5000 Cash Grant for Closing Cost

Chance Gates — Mon, 18 Jul 2011 15:21:01 +0000

$100 Down Payment Rules & Regulations

First, visit a Realtor that is licensed to sell HUD homes in your area. Below are the rules for buyers as specified by HUD:

The home you purchase must be your primary residence and you must live there at least one year.
You must offer HUD’s full asking price.
You will have to obtain an FHA-insured loan that has a fixed rate for either 15 or 30 years.
Your debt to income ratio must be 31%/43%.
The maximum amount of the loan can’t exceed $362,790.
You must have a credit score of 580 or higher and if you have had a recent bankruptcy, it must have been discharged at least 24 months prior to your HUD home purchase.
You must have two years of employment history.
FHA mortgage insurance must be rolled into your loan.
Your Realtor must pre-qualify you by submitting HUD’s 100dollarHUDHome Offer to Buy.

This offer is good on owner-occupied purchases only meaning you must use the home as your primary residence and can be used on single-family homes, condos, and town homes. This offer is not available for investors who wish to buy and rent out a HUD home.

Where Do I Find HUD Homes?

Most Realtors are licensed to sell HUD homes and have access to their house listings. HUD releases all new home listings every Friday morning and from that point a ten-day Exclusive Listing Period is in place in which only owner-occupied buyers may bid. HUD homes are priced at market value price so to ensure you have a chance of winning the bid, make sure you offer the market price and have your Realtor guide you.

In addition to the $100 down payment, HUD also offers the 203k Major and Light Rehab loans to help buyers purchase a HUD home that may need some repairs. The best part of this is that you can roll the cost of the repairs into your FHA-insured loan and for the light rehab loan will cover repairs up to $35,000. The major rehab loan will cover repairs over $35,000 and it can include almost anything including bathroom, kitchen, and utility room appliances.

Every NSP2 home for sale includes a $5000 Cash grant to be used for closing costs and a $15,000 interest free forgivable loan. Applicants may also qualify for a WISH grant, which could provided up to an additional $15,000 forgivable loan. Applicants can also purchase a Mortgage Credit Certificate through the Home at Last MCC Program offered by Neveda Rural Housing Authority

NSP2 targeted income groups

NSP2 activities are targeted towards two groups of people. Potential homeowners will be people making between 50% and 120% of the Area Median Income (AMI), and potential renters will be people making less than 50% of AMI. The AMI chart for Washoe County is as follows(FY 2011 Income Limits):

Area Median Income (AMI)

Family Size	1	2	3	4	5	6	7	8
50% AMI	24,700	28,200	31,750	35,250	38,100	40,900	43,750	46,550
120% AMI	59,200	67,700	76,150	84,600	91,350	98,150	104,900	111,650

http://www.renoha.org/index.php?id=purchase

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As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates . You can also follow me at http://www.twitter.com/chancegates . If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or to request a modification. If the modification fails, contact your local real estate professional to help short sale your home. To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney

Golf Courses in the Greater Reno Area Part 2

Chance Gates — Mon, 06 Dec 2010 20:01:08 +0000

: Image via Wikipedia

Washoe County Golf Club, Washoe County Course

18 holes over 6,695 yards with a par of 72 (Municipal)
2601 Foley Way
Reno, NV 89509-3511
(775) 828-6640

Northgate Golf Club, Northgate Course

18 holes over 6,966 yards with a par of 72 (Public)
1111 Clubhouse Dr
Reno, NV 89523-2002
(775) 747-7577

Somersett Country Club – Canyon Nine, Canyon Nine Course

9 holes (Private Non-Equity)
7650 Town Square Ln
Reno, NV 89523-4847
(775) 787-4500 ext. 330

Somersett Country Club, Golf Club at Somersett Course

18 holes over 7,252 yards with a par of 72 (Private Equity)
2019 Championship Trl
Reno, NV 89523-3829
(775) 787-1800

Sierra Sage Golf Course, Sierra Sage Course

18 holes over 6,605 yards with a par of 71 (Municipal)
6355 Silver Lake Rd
Reno, NV 89506-1758
(775) 972-1564.

Thunder Canyon, Thunder Canyon Course

18 holes over 7,241 yards with a par of 72 (Private Non-Equity)
19 Lightning W Ranch Rd
Washoe Valley, NV 89704-9400
(775) 882-0882 x 205

Wildcreek Golf Course, Wildcreek Course

18 holes over 6,932 yards with a par of 72 (Public)
3500 Sullivan Ln
Sparks, NV 89431-1098
(775) 673-3100

Wildcreek Golf Course, Par-3 Course

9 holes over 2,840 yards with a par of 27 (Public)
3500 Sullivan Ln
Sparks, NV 89431-1098
(775) 673-3100
.

D’Andrea Golf Club, D’Andrea Course

18 holes over 6,849 yards with a par of 71 (Public)
2900 S D Andrea Pkwy
Sparks, NV 89434-7304
(775) 331-6363

Part 1

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or http://www.myspace.com/chancegates . You can also follow me at http://www.twitter.com/chancegates . If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification. If the modification fails, contact your local real estate professional to help short sale your home. To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

Local Reno/Sparks Real Estate Area January Market Update

Chance Gates — Mon, 01 Mar 2010 18:15:04 +0000

Where as national new home sales may be suffering the local Reno-Sparks Association of Realtors reports that 346 home sales closed in Washoe County. This is a 49% increase in real estate transaction from the same month a year earlier. http://chancegates.com/2010/02/27/new-home-sales-fall-to-record-low-level/ This completely contradicts the national new home sales entry This is a great reason why when searching for answer on real estate that a person should watch the local markets not the national ones.

Market Update

Chance Gates — Mon, 26 Jan 2009 17:48:07 +0000

Northern Nevada Business Weekly Reports:

: Image via Wikipedia

Sales of 294 existing homes were reported in Washoe County during December, up 34% from the same month a year earlier. The RSAR says the median price of $218,900.00 was down 23% from a year ago.

Being a Reno/Sparks real estate consultant I always appreciate any question or comments on the Reno/Sparks real estate or any of the articles I post.

Send all questions to chance@ballard-company.com