While exact details have not yet been announced, it seems that help for some Las Vegas homeowners may be on the way as early as November 15th. Homeowners that have a mortgage loan guaranteed by either Freddie Mac or Fannie Mae may be able to refinance soon, even though they are underwater.
The Las Vegas real estate market was one of the hardest hit when the real estate bubble burst. Yet many Las Vegas homeowners have honored their commitment to lenders by not walking away from their homes and keeping their loans current, even though all around them they saw their neighbors bailing out. Some of those homeowners are about to reap the reward for meeting their obligations if the new plan announced by the White House comes through in November.
Homeowners with Las Vegas mortgage loans that were purchased or guaranteed by Fannie Mae or Freddie Mac on or before May 31, 2009 and have a current loan to value (LTV) of over 80% are eligible. The loan MUST be current with no late payments in the last six months and no more than one late in the last 12 months. There will be no ceiling on the loan to value and possibly an appraisal will not even be needed.
The first step is to determine if your home loan qualifies. Go to either: www.fanniemae.com/loanlookup or www.freddiemac.com/corporate to see if your loan is listed by either Fannie Mae or Freddie Mac.
Even a small decrease in the rate should give homeowners a significant monthly payment reduction. A $200k mortgage loan refinanced from 6% to 4.5% would result in almost a $200 monthly saving. And it may be that under the new guidelines the costs to refinance the loan can be rolled into the mortgage amount so that there is no out of pocket expense.
If your loan is listed and you have been current on your mortgage payments, the next step would be to contact a lender that will be participating in the new refinance program. That way as soon as the exact details are released, you will be notified of the terms and rates. We do have a list of lenders that will be participating in the refinance program, so please feel free to contact us at sold@greatlasvegashomes.com and put “Fannie Mae/Freddie Mac refinance program” in the subject line. We will then forward your contact information on to a participating lender so you can be first in line for the new program.
Then stay tuned for the rest of the details as they are released!
Thursday, October 27, 2011
Help for Some Las Vegas Homeowners May Be On the Way!
Monday, October 24, 2011
Las Vegas Real Estate Weekly Update for October
October 24, 2011 - Want to know where the Las Vegas Real Estate Market is headed? Here are your weekly market statistics from Prudential Americana Group, REALTORS®.
•Your Market Report for Single Family homes in Las Vegas. Homes in Las Vegas.
• Your Market Report for Condos in Las Vegas. Condos in Las Vegas.
•Your Market Report for Single Family homes in Henderson. Homes in Henderson.
•Your Market Report for Condos in Henderson. Condos in Henderson.
•Your Market Report for Single Family homes in North Las Vegas. Homes in North Las Vegas.
•Your Market Report for Condos in North Las Vegas. Condos in North Las Vegas.
Lake Las Vegas Rises from the Ashes
Like the mythical Phoenix, Lake Las Vegas is rising from the ashes of the real estate melt down. Still the most unique and beautiful of any of the Las Vegas master planned communities, Lake Las Vegas stands like a Tuscan mirage in the middle of the desert, and once again new home builders are taking the plunge to put it back on the map as one of the most desirable projects in the country.
Set on 320 lush acres with its own private lake, three hotels, a casino, the Lake Las Vegas Marina and home to the prestigious South Shore Golf Club, Lake Las Vegas is an elegant European themed resort destination with 1400 luxury homes and condos surrounding the Montelago Village, a boutique collection of shops and restaurants. Each year over 20 events are featured in the community with wine walks, Shakespeare in the Park, beer fests, dragon boat festivals and more.
Like the rest of the city, Lake Las Vegas was hit hard by the real estate crash. Several of the surrounding golf courses closed, the Ritz Carlton shut its doors and even the casino went dark. But over the past few months, a renaissance has arrived along with international buyers looking for second homes. The “buzz” is back. The Ritz Carlton became the Ravella, the Montelago Casino opened, and The Golf Club at South Shore is offering incredible membership options to homeowners.
Harmony Homes and Woodside Homes are on the band wagon and offering some amazing incentives for Las Vegas home buyers. Harmony Homes has two lovely developments in Lake Las Vegas, and through the end of December is offering to pay two full years of homeowner’s association dues for all buyers that go into contract before December 31st in addition to some upgrade incentives. Homes sizes run from 2300 sf to over 4600 sf starting in the low $300s. Woodside Homes, starting in the low $200s, has standing inventory from 1779 sf to 2361 sf with golf course lot premiums included in the base price. In addition, Toll Brothers is closing out the last few units in their exclusive townhome development with lake and golf course frontage from 1600 sf to 2181 sf.
So if you’d like to be neighbors with Celine Dion, now is the time to take a look at fabulous Lake Las Vegas and take advantage of the great home prices and discounted golf and marina memberships. There are even some great foreclosures in Lake Las Vegas too. You only live once - and what a way to live!