It is TRUE, you can still get 100% financing in the Mesquite Nevada area.
How is this possible and who would give out a this kind of loan at this time. The answer is, 100% financing is available through USDA Rural Housing Loan. It is a type of government loan that is only available in rural areas. Larger areas around us like St. George UT and Las Vegas NV are not eligible for this type of loan. Because of the rural location and small town lifestyle Mesquite Nevada and surrounding areas like Bunkerville NV, Scenic AZ, Beaver Dam AZ all will work.
What is the catch? well, you just have to qualify. Now that we have been doing them for over 6 months, these loans are very similar to a conventional loan or FHA home loan. To qualify for this type of loan you need to:
1) Work with an approved USDA lender.
2) Home needs to be in what the USDA deems to be a “rural area”.
3) Must be a Home, townhome or condo. No manufactured homes are eligible.
4) Home must have a USDA approved appraisal. This is similar to a FHA appraisal and home needs to be in working order to pass and be eligible.
5) Must have an acceptable credit score. We are unaware of the exact cut off on credit scores. Scores in the mid 600’s have worked. I was also told that becasue it is a government program they will look at individual circumstances and may go into the low 600’s for credit scores.
6)You must provide to the lender your tax returns, banks statements, verification of employment, etc. And yes… you still have to have proof of income to get a loan!
(Please note: that we are not mortgage brokers and this information should be verified)
Mesquite Nevada purchasers are using many types on loans.
We have seen a many of these USDA Rural Loans coming through. We have seen some FHA loans. The FHA loans do require at lease a 3.5% down payment. FHA does allow the purchase of manufactured homes. There are also a few VA (Veterans) loans and some Owner Carry back’s occuring.
As suspected there are many cash transactions in Mesquite Nevada due to the high number of senior citizens. Mesquite is know as a resort and retirement community and both are synonymous for people that are purchasing second homes or seasonal homes and condos.
For those that have been contemplating a home or condo in Mesquite Nevada, don’t stay on the fence. There are many options if you are looking at financing a home, townhome or condo in Mesquite Nevada. Home prices are still low and it is still a great time to buy.
Don’t forget about the up to $8,000 tax credit that is available to first time home buyers. The home must closed and recorded on November 30, 2009 or sooner to qualify. If you need more information about the home buyer tax credit or about how to finance properties in Mesquite Nevada please contact us
This article was written by the Mesquite Real Estate Team from Bowler Realty in Mesquite Nevada. We are a locally owned and operated real estate brokerage that specializes in Residential Real Estate. See homes for sale in Mesquite Nevada
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