5/24/2022

Rural Nevada Down Payment Assistance

 

NEVADA DOWN PAYMENT ASSISTANCE PROGRAMS

RURAL NEVADA COUNTIES





Rates Effective 5/23/2022 Today's FHA, USDA, VA loans

Conventional rates are similar but note there are rules


Rates change daily

GOVERNMENT LOANS
RATES & ASSISTANCE OPTIONS 

(NOT LIMITED TO FIRST-TIME BUYERS!)

Assistance Options

Loan Rates

Loan Types

0%

5.625%

FHA, VA, USDA

1%

6.125%

FHA, VA, USDA

2%

6.625%

FHA, VA, USDA

Conventional also available call for rates, 

income limits and all the rules

(949) 784- 9699

C G Caroline Gerardo Barbeau

NMLS 324982

Sun West Mortgage Company, Inc

6131 Orangethorpe Avenue Suite 500

Buena Park, CA 90620

NMLS license # 3277

For licensing information, go to: www.nmlsconsumeraccess.org.
Visit https://www.swmc.com/disclaimer 

for the full list of license information.

Please Click Here to view Texas Complaint Notice 

and Servicing Disclosure.


LI - Low Income

VLI - Very Low Income


High Needs Rural County Area

Lookup address on the map here:

https://ami-lookup-tool.fanniemae.com/amilookuptool/

 


Reverse Mortgages

 

REverse Mortgage HECM older man handing flowers to a boy









Today There are Four Types Of Reverse Mortgage:

 






1.    HECM FHA

Purchase or refinance

Governed by HUD

Property needs to meet health and safety codes

Over 62 years old both on title

Can vest in Living Trust

1-   4 units and condo

2.  Jumbo HECM

Limited States

Up to $7,000,000.

Over 62 years old both on title

NO PMI of 1.75 –

Higher rate higher FICO needed 680

3.  Community and City Reverse Programs

4.  Shared Equity Programs

 

 

We are going to talk about using a Reverse as a purchase and as a refinance with #1 and #2

 

Although I’m licensed in twenty states talking about

#3 is best if you call me or I can refer you to someone in Georgia or Massachusetts where I’m not licensed.

 

#4 There are about twenty different lenders for shared equity programs. Some target seniors, some do not

 

 

 

Rules

Take to class

Owner occupied property until you die.

Condo to be FHA approved for #1 and case by case for the #2-4

1-4 for #1

1-2 for #2- 4

Large down payment or equity

Not be delinquent on a federal debt

Keep taxes, insurance, and HOA current

The Loan amount is the lesser of:

  • appraised value;
  • the HECM FHA mortgage limit of $970,800; or
  • the sales price (only applicable to HECM for Purchase)
  • or be a Jumbo #2

Costs:

1.75% MIP mortgage insurance premium upfront

2% or $2500 of first $200000 + 1% after up to $6000

The usual and state customary: Title, escrow/attorney, recording, transfer, notary, appraisal, credit…

 

Income tax question:

Cash out refinance is not taxable.

Interest is not deductible until you pay it off in one lump

Property taxes are deductible as they are paid

 

Recourse:

Is a non-recourse loan

 

Refinance dispersement options:

  • Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence
  • Term - equal monthly payments for a fixed period of months selected
  • Line of Credit - unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted
  • Modified Tenure - combination of line of credit and scheduled monthly payments for as long as you remain in the home
  • Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower

For fixed interest rate mortgages, a the Single Disbursement Lump Sum payment

 

Spouse:

Non borrowing spouse allowed

Joint Tenants

Or Living Trust

 

When borrowers pass:

Heirs have twelve months to settle and either sell or refinance.

The 12 months can be extended if you complete a form asking for total 24 months.

Sometimes no probate is necessary, depending on the equity and cash in the estate.

Or go through probate process and get court approval to sell.

Heir(s ) can apply elsewhere to refinance and pay off the balance.

 

As long as borrowers live in the house, they do not make a mortgage payment, but you can make payments like a HELOC.

 

Borrowers have to maintain property taxes, fire insurance, HOA and keep house “safe.”

 Caroline Gerardo Barbeau C G

NMLS 324982

(949)  784- 9699

Reverse mortgage HECM photo

5/20/2022

Twin Peaks Open House Sandina Tanasa

















OPEN HOUSE  $490000.00 Single Family

26200 Boulder Lane 

Twin Peaks  CA

Lake Arrowhead

Mountains

Short Term Rental Opportunity

Second Home

Your full time get away from the city!

Sandina Tanasa Realtor to the Stars is there NOW!

(951) 397-1707

License number 01427533

The Rivera of Southern California

Inland Empire Jewel three bedrooms four bathrooms






 no not the David Lynch television series 

Twin Peaks  

with Kyle MacLahlan as Dale Cooper