So you want to buy a Las Vegas House?
Let's go over the loan qualifications. The ideally qualified person will have these things:
- An excellent credit history
- no recent history of bad debts
- consistent and timely payment of current liabilities
- Limited liabilities
You will be required to disclose all current liabilities you have in order to determine your debt to income ratio, which simply is how much more debt can you take on besides what debt you already have. (i.e. present car loan, credit cards, etc.) - At least 2 years of employment stability
You will be required to show proof of employment for the past 2 years, i.e. a letter of employment from your employer or financial statements for the past 2 years if self-employed. - The financial ability to carry larger monthly payments
Without a down payment you will be required to meet the obligation of larger mortgage payments. Your monthly payments could vary from a few hundred to several hundred dollars more per month.
Under the Terms of the Program You Can Purchase Many Types of Properties
They include:
- Single family residences (standard detached house)
- Town homes
- Condominiums
It is important to note that not all Las Vegas properties qualify for the Zero Cash Down Payment Program. To ensure that you get an accurate picture of what properties may or may not be included in this program in your particular area, it is advisable to review the terms of the program with your Realtor®.
It is also important to know that these are not the only qualifications for the No Down Payment program. It is possible to qualify for a loan program such as this and not meet all of these standards. There are thousands of loan programs out there for every Las Vegas home buyer.
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