Foreclosure Tours and Lending Info Blog for Las Vegas, Henderson, and Summerlin

As of November, Las Vegas has now dropped down from first place to fifth place in the nation for the number of foreclosures.  According to research, it seems that a good portion of the credit goes to our newly formed Nevada Foreclosure Mediation Program. 

Only being active for a few months, there have been about 100 mediators who have been approved by The Mediation Program, with almost another 100 in the process of currently being approved.  With these new guidelines in place, it has become a way to have a program in place for the citizens of our county without having to have the concern of losing your home without a fair fight, and while saving yourself the headache of trying to find a modification company to represent you that will not just be looking to take your money.

However, while this has been a fantastic turn around for our city, I stil fill the need to heed a warning about this mediation program.  You see, what happens with these programs is that the mediators work with the banks on your behalf in an attempt to resolve the current difficult times that you have been placed in that led to the foreclosure.  What most do not tell you is that even with modifying the terms of your current loan program, most will still end up losing their home or end up in the same place within the next 12 months after they have had their payments decreased.  Just because a modification has been done, and the payments get lowered, does not mean that those new payments are still reasonable enough in the long run to dig the homeowners out of the hole that they have been put in. 

So, as you are looking at speaking with mediators, modification companies, and mortgage companies, please do your research.  Remember, don't think about the short term and what will get you out of foreclosure now.  Rather, think of what will put you and your family in a position where you will be able to make your payments comfortably and not be "married to your mortgage."

If you would like someone to speak to, as a second opinion, please do not hesitate to email me at David@HomeLoansOfNevada.com, or call me directly at 702=370-2116.  Best of luck to all of you!

Best Regards,

David J. Schwartz

Mortgage Planner 

With that said, I would like to send a reminder to those who are looking to take advantage of buying their first home in this tremendous market.  First, I would like to warn you that the market is changing from a buyer's to a seller's market.  I am witnessing this on a daily basis:  6-7 offers on some homes a few days on the market, some banks not willing to pay any closing cost even though a couple months ago they were giving 3 to 6% contribution.  Also, there are a lot of buyers coming to the table with cash and banks are working with them because of the time constraints put on the lending industry by recent guideline changes.

Also, keep in mind that as a first time home buyer, you are rewarded with an $8,000 TAX REBATE!!  That is money that is given to you, never required to be paid back.  However,  you need to close by November 30th, 2009 which means you need to be looking at homes NOW!!  You are looking at a 3 month period typically from when you first start looking for a home to closing on that home.  Call or email me if you have any questions!!

Now that we have introduced our commercial company, Commercial Capital Group, Inc., it is now time to go into some of the programs that have given us some of our best response.  One of our most popular programs is our Unsecured Business Lines Of Credit.  Now, with this loan, there has been many lenders out there that have advertised this product, letting you know that it what was one of the best ways to get a substantial amount of money in a short amount of time.

Doing this loan for over two years, and working at one point on over 45 deals per month of this Unsecured Business Line Of Credit (UBLOC), I can tell you that we had, in the past, advertised this loan program for loan amounts ranging up to $300K to $500,000.  The requirements for this type of financing were very loose, in most cases only requiring that  you carry a 680 to 700 credit score, and have a two year history on an LLC or Corporation for two years.  

We had established a business that would get you an established corporation that was two years old, and we would put the corporation in your name, and as long as you had the credit scores above 700, we were funding $200-$300K on average for these clients.

However, this did not last long.  With the banks that were supplying us with these loans taking a large hit in the residential realm, and then getting blind-sided by the defaulting Commercial Construction/Development Loans right after, it caused a huge scare for these banks that were playing the lending industry very loose.  Needless to say, most of these banks discontinued their Unsecured Stated Business Lines of Credit, and has been for the past two years...Until NOW!! 

As one of our flagship products that our branch really started becoming known for and built huge credibility for ACTUALLY closing these deals, we wanted to make sure that we were not going to get started with another company like the ones that are still out there now marketing that they can get $300K, $400K, or even $500,000.  However, when you ask these companies to provide proof of recent closings, not one has yet been able to do so.  With this being true even two years ago, I had decided to give up on the UBLOC, and began focusing on other products.  If I could not get a credible product that I was happy to put my name on, I was not going to put it out there.  

About a year and a half ago, I was approached to create a new chapter (along with a few other specialists in different industries) of The LeTip Networking Group in my community.  I agreed, and became appointed as The President, and held a few other various fields simultaneously while we grew our chapter.  As we met each week, we continued to grow our chapter with new professionals, allowing us to have a full chapter of professionals and began to see new faces at our meetings and mixers.  Almost a full year into being in that chapter, we had a networking mixer where I had met a man who told me that he was an Account Executive for a company that solely focused on working with loan officers to help business owners and potential business owners obtain their Unsecured Business Line Of Credit Program that not only GUARANTEED a Minimum of $50,000 in lines of credit (However, he had mentioned that most clients were getting closer to $100K within the first couple of weeks), but also provided them a free Consultant for the next year to help in many beneficial matters that would help them utilize their lines of credit, obtain more credit lines, and increase their lines maximum credit limits.  Not only that, but they also set up your business credit, known typically as your Duns Score, and help you use your credit lines and your new business credit score to get the lines out of their name, and onto their business only, releasing their personal guarantee.

Well with my long, and eventually negative, experience that I had previously had with these types of loan programs, I had a very large level of skepticism with what it was that he was telling me.  In fact, even though I was still receiving 1-3 new business line of credit requests in my email and via phone every day from marketing that my team had done from over a year ago (which we still get incidentally, showing you that 3 years later, people are still seeing our old ads and calling us because others are not doing what they say they can), I was very hesitant to call him and set up time to speak with him further as I did not believe that there was anyone out there that can do these types of deals any more, it seemed to good to be true, and I did not want to associate myself with sub-par work. 

Eventually, he had talked me into meeting with his boss, so we set up a time, and I had met them at their office here in Las Vegas.  I was very shocked, to say the least.  First, they truly were only focused on the business lines of credit.  They have about 40-50 people working in their 8,000 square foot office space, and we walked through how each client was treated and what was needed from the client.  Ease of use is also something that I like to have.  Needless to say, after leaving the meeting I thought it was worth a shot.  I was just turning down these people who were still calling me every day, so i sent 5 people over there.  Within the first month, two of those clients proved not to be credit worthy, one was on the fence because of someone else saying that they could guarantee him $300,000, and the other two had great credit and signed the contract.  By the end of that first month, both clients received their minimum $50,000 and they were still getting more credit lines for them (eventually ending up at $80K+ and $97K+).  The other client who was hesistant did end up coming back to us, by the way, two months later after he had lost $2,000 to the other "company" and was ready to work with us.

I know this is quite a long blog, but I basically wanted to let those of interest know that I will be placing my commercial mortgage company website and pages on this site as well, and this program will have it's own page.  But, unlike all the other companies that just throw out four of five "facts" about what they are offering and a couple of guidelines of what you need to have, I wanted to show you where I have been and where we are going now so that you can see, for us, it is much more than just a deal, it is about providing quality products to my clients.  In fact, my clients are now receiving their $50K, and in many times they end up closer to $100,000.  That is just the beginning, not to mention the next year of consultation you will have that will grow your lines more and more, help grow the business, and build the business credit's reputation to allow you to remove the credit lines from being personally guaranteed (even though the don't show up on your personal credit) and into the business itself.

This is an unbelievable product, and it has been tested successfully by myself and my clients.  Commercial real estate and businesses are getting more difficult every day to finance, and this is a great way to take advantage of a resource that will put working capital in your pocket.

Call us today at 702-370-2116 for more info!

Thank you,

David J. Schwartz

While many of you may not have ever heard of Commercial Capital Group, Inc., it has been a company that I, David Schwartz, has owned the Las Vegas Franchise Rights to since 2006.  We provide commercial financing to all business owners and potential business owners in Southern Nevada, and anywhere else across the United States. 

We have been working on commercial financing for quite some time, and for those that follow the lending programs of the commercial world, are aware that Commercial Banking and Lending has become the Equivalent of The Residential Downfall two years ago.  For example, in Las Vegas alone, office leases in the commercial buildings are currently at a 27% vacancy.  That is an outrageous number, and because of the pitfalls of commercial real estate, many commercial banks have had to follow suit of the Residential counterparts of their day.  Many of the commercial lenders that most have gone to and depended on for so long are now turning down these same loans they have been funding for developers for decades.  In part, this has been what has been one of the major causes of the local banks shutting their doors.  With all of the construction loans the local banks took in, they were not able to keep their doors open due to insufficient ability of the construction managers to close on time, the developers to lease out their buildings, and the business owners to pull the numbers they were expecting to pull when they opened their doors.

While this may seem like it is the end of commercial real estate, it is actually commanding developers and business owners to open their eyes to the other options available to them that were always available, but never reviewed because for so long these same developers were able to rely on their long lasting relationships.  Now that these relationships have either closed down or are no longer offering the same terms or loans that have been made available, it has opened up a huge insight into the world of Commercial Loan Brokering.

I will give you some examples of some of our current loans that we are offering in the next few blogs, but first I would like to inform you of who we aer and what it is that we do.  Our branch here in Las Vegas has been open for three years, and  have focused in many different fields of commercial lending, including Office Condos, Office Buildings, Apartment Complexes, Raw Land, Unsecured Business Lines of Credit, Owner Occupied Buildings, and just recently Securities Funding, which allows for very quick funding, no requirement to liquidate your portfolios, and rates between 4 and 5%.  I will get into this in more detail in just a little bit.

Our company is the largest commercial mortgage broker in the U.S., with offices in all 50 states, and respect amongst all of the top commercial lenders, as well as working directly with hedge funds that we provide the sales staff for, and would not be attainable throughout going throgh the channels of Commercial Capital. 

Last year, while most commercial lenders and brokers were downsizing and having record low volume reports, we had a 200% increase in our volume, and originated well over $2 Billion Dollars.  We have a massive list of investors, both public and private, that we work with as well as fundings that we do in our own name which realy gives us the benefit of being flexible on some projects that require it.

Coming next, you will learn about two of our more popular products, and go into a little about our commercial real estate products as well.

To reach us, go ahead and contact the same phone number, which is 702-370-2116, however all commercial emails should be sent to our commercial account, which is David@ccgnv.com.  I look forward to working with you in the future on all of your commercial needs!

Best Regards,

David J. Schwartz

Direct  702-370-2116

David@CCGNV.com

We are going through quite a few refinances here at The Schwartz Group Team, mostly FHA Streamlines.  For those that don't know, FHA Streamline loans are loans that are kind of like the loans of old, where they do not require an appraisal, verification of assets, verification of income, or any of the other normal requirements that are needed to close loans currently.  The reason this loan does not require the strict regulations that loans of today require,is because they are only allowed to refinance loans that are currently in an FHA Program.  Since they have already gone through the regulations when they originally put the borrower in this program, it is a very simple loan to do, closes in two weeks, and just drops the rates to whatever their current market value is, so if anything the FHA Streamline Program would better the situation of the borrower who was originally put in an FHA loan because they are just lowering the payment.

Now is a good time to contact your loan originator and speak to them about refinancing your FHA loan, even if you were put into the new loan within the past three months.  This loan can still be refinanced, and the rates have gone down now to a rate that would benefit most people who have purchased within the past year.  It is also beneficial to speak to an originator about your loan, especially if you have been in your home for 5 to 10 years or longer and have or have not been placed in an FHA loan because we can look at putting you into an FHA loan, or possibly a conventional loan.  By the end of this weekend, we will also have the form on the front page of this website allowing you to sign up for the opportunity to refinance those loans that are upside down 125% on their home once the government makes the program available.  It is important to sign  up on our home page, as we can notify you immediately when the programs become available and put you first in line to take advantage of this opportunity.  The benefit of this is that once this becomes available to the public, it will do the same thing that FHA Streamline Loans did in January and create an influx of deals, causing 30, 60, 90 day delays, which means extensions on your loan rate, which means costing to extend or get a higher rate, so by filling out the form, you will be told right away when the programs become available.

The Government tried to help the U.S. Homeowners originally by allowing refinance programs up to 105% upside down in their homes.  the only problem with that is that most people are not just upside down, but they are upside down quite a bit more than just 5% of the current home value.  So, now with the 125% program, it will provide a great deal of opportunity that people who have been paying their mortgage on time have been waiting for.  You will be able to take advantage of current rates and terms, and be able to get your mortgage payment down and reduce your overall expenses  which will, hopefully, allow your expendable income and improve our overall economy!

To find out more about Refinancing, Conventional or FHA loans, please contact your loan originator, and always make sure to get a second opinion!  Shopping for loans is a free process, and I tell this to the people I work with as well.  Even if you are doing a loan with your mother who is your loan officer, you still want to get a second opinion because you would be shocked how many people I prepare loan comparisons for and they are getting a horrible deal, even from loan officers they consider good friends or relatives of theirs.  It's absolutely amazing.  So make sure you do your homework...

To get a hold of me, you can contact me with the information on the "Contact us" Page, email me at david@homeloansofnevada.com or you can call me directly at 702-370-2116.

Look for our next blogs coming up that is going to introduce you to some of the other products that we do that help out in ways that are needed in our marketplace.  They are loan programs, mostly for commercial lending that fills a void for the loan programs of old that were once in their place, and have been left vacant due to a downturn in the commercial lending world as well.  We have spent a great deal of time to make sure we could put products in their place, that while they may take one or two loan products to make up for the same amount of work and money that was being produced, it is a viable option not being offered in the way we put them together, anywhere else out there!  Enjoy...

Best Regards,

David J. Schwartz

The Schwartz Group, Inc., a team of

Envision Lending Group, Inc.

Direct  702-370-2116

Email   David@HomeLoansOfNevada.com

Here is a chance to do something good and also get something in return!  The chances of winning something are fantastic!

Yerba Buena Center for the Arts is raffling this $2.4 million San Francisco Dream House. Proceeds from this raffle benefit Yerba Buena Center for the Arts in San Francisco.

Raffle tickets are $150. The Grand Prize winner chooses either the Dream House or $1.8 million in cash.

$150 helps support Yerba Buena Center for the Arts and enters you into the raffle for a chance to win this $2,400,000 dream house in beautiful San Francisco, CA. Over 370 other prizes are also available. 1 in 100 chance to win a prize.

The Grand Prize Drawing will take place on July 25, 2009 — further information is available on the Prizes page.

There is also a drawing for referring your others, where you could win $10,000! 

Please enter my information in that they ask for, which is my name (David J. Schwartz) and the City and State where I live which is Henderson, NV.  I would greatly appreciate your support.  This is a cause that I am supporting, and I hope that you will be able to as well!  Good luck!

With the market the way it is now, Nevada has been given a bad name like many other states.  However, the reason that Nevada caught the worst of the situation is because we are one of the quickest states that allows the banks to foreclose.  While many of the other states have people in the same situation as us, it takes quite a bit longer for their homes to be taken from them.

Because of this bad rep that we have received, I have started a group on a website that brings people together who have like interests.  The website is called www.meetup.com, and is FREE to join and be a part of.  The group that I have started is The Henderson Everything Real Estate and Finance Group.  I created this group because there were none like it in Southern Nevada.  My intentions with the group is to bring like-minded people together who wish to see our community continue to grow the way it has, and network those who are in the real estate community, as well as teach those who are first time home buyers as well as investors on how to best purchase homes in the community at a great deal, while being able to not bring down the values of the homes at the same time.  Up to this point, there has been many real estate agents and lenders in the community who were not given, or cared to for that matter, the proper knowledge to foresee the buyers and sellers best interest in mind, as well as helping the community.

This is a brand new group, and I have just scheduled our first meeting which will be more a networking, getting to know each other type of event.  Also, I will be going over some of the hottest tips available to educate those who are interested in purchasing or selling homes in Southern Nevada, particularly Henderson.

To learn more about this group, our first event, or to have any questions answered, please visit the site at http://www.meetup.com/TheHendersonEverythingRealEstateandFinanceGroup/calendar/10563577/i3/cl. 

I look forward to seeing you all there!

Best Regards,

David Schwartz

While many have been motivated this year by the fact that the new plan has included the fact that, as first time home buyers (or at least someone who has not owned a home in the past 3 years), it has been great that, come tax time, you would receive this $8,000 gift. 

However, up until now, it has been just that...a tax rebate that you can take advantage of when doing your taxes and getting your rebate check.  However, it has been made public that the government is currently in the works to allow you to utilize the Governments Gift when purchasing a home?  So, what does this mean?  It means that, not long from now, we will soon be able to finance homes with an FHA loan up to around $225,000 without ANY MONEY OUT OF POCKET!!  For the first time in two years, we will finally find a way to put together a program that will allow you to Purchase a home with a ZERO DOWN!

This is going to do a lot for not only the the purchasing of homes across the entire country, but also right here in our community.    Hopefully it will shed some new light into our dark and gloomy reporting of the Las Vegas Valley. 

So...How do I go about getting this plan into action you ask?  Since it is still early, and there is no program for it yet, you can't.  But, within the next two days, I will be creating a registration page and a link or form on the front page at www.homeloansofnevada.com and putting it on all of my blogs that you can go there to register, and the second that it comes out, we will prepare prequalifications for your new homes, and get you set up with realtors to go out and take advantage of this Huge Opportunity!

Until then, look for more of the latest info from me, right here on the Vegas Loan Blog...

David J. Schwartz

After a very scary week of some turbulence in the mortgage industry, interest rates are finally improving!  With over .5% hike in interest rates over the last week, mostly due to stock improvemets, there has been some very positive movement in interest rates today.  Even as recent as yesterday, stocks were having a good day.

For those that don't know, or those that I have not used this example for, let me explain it to you so you understand why stocks play such an important role when it comes to mortgage interest rates.  Unlike what you may hear from the bobble-heads on TV, interest rates are not tied to the 10 Yr. Treasury Rate.  In fact, in many cases, they actually work inversely.  Now, let's say that you are an investor on Wall Street and you have one dollar to invest.  If stocks are seeing a rise in the market, and you feel that stocks will continue to see a rise, you will put your dollar in a stock. 

However, when stocks begin to take a dive, and you see the NYSE and the NASDAQ getting hit by stocks plummeting, you want to make sure that your dollar stays safe, so you take that dollar out of the stock, and you put it into the bond market, which is where you really see what makes the interest rates move on mortgages.  Bonds carry much less of a risk than Stocks do, so if you feel that the stock market is volatile and unstable, you will put your dollar in the bond market which will help our mortgage interest rates stay low.

Now, the bond and stock market are not the only factors that effect the interest rates.  There are many factors, but one of the other major factors are the economic reports that come out during the month. 

The way these reports work is that they are each based on a specific category that effects our overall tracking of how our economy is currently doing.  With each report, there are "specialists" in these fields that predict what the report is going to be.  For instance, the jobs report is one of the major factors that comes out each month that weighs heavily on the movement of rates.  Now, with the job rates, just like all others, they rely heavily on what the market believes will happen, and the rates will adjust accordingly.  To remember it best, the way you want to look at the market is like this:  If it is something that betters our economy in the United States, that is bad for interest rates.  So, in the example of the Jobs Report, if we are anticipating that 100,000 jobs will be lost, and only 40,000 jobs are lost for the month, expect to see a major hit in the interest rates.   However, if they are expecting that 40,000 jobs will be lost, and 100,000 jobs are lost then the interest rates on long term notes, like mortgages, will likely have a very high drop in the rates.

There are about five or six major reports that effect rates like this.  So, when asking me or any other mortgage broker or banker what "The current interest rate is" remember that that question is a very difficult one to answer without having all of the knowledge of your financial situation, what you are looking to finance, and where rates are at the moment.  Interest rates have the ability to change as often as every second of the day, and there has definitely been days where you have seen rates move up and down many, many times. 

Make sure while shopping for a rate that you ask your mortgage broker what the bond market is currently looking like, and what economic reports are coming out, if any, that could have an effect on your interest rates.

I hope that you found this blog helpful, please feel free to leave comments, and have a great day!

David Schwartz

Well, while the Stimulus Bill is long, and will take quite some time for the entire bill to be rolled out and put into effect, here are three items from the bill that you can focus on now, and look for immediate benefit:

1)  A LOWER MORTGAGE RATE - Many responsible, conservative home owners have been quite upset over the past couple of years with the attention, the homeowner's that are unable to fit the bill, are getting.  It seemed for quite some time that only those who failed to make their mortgage payments were allowed to save face and find a way out of their prediciment.  While it is not the best case scenario at this point, the bill has allowed those who are upside down in their home at a value of 105% of what the home is currently worth to be eligible to refinance their home into more favorable rates.  This obviously is a great deal better than the previous requirement of having 20% equity in the home, and is a start in the right direction.

2)  A GOVERNMENT ASSISTANCE INSURANCE PROGRAM - As the unemployment rate has been at some of its highest levels in history, the new administration has taken note of this, and has allowed somewhat of a crutch in the event that you do lose your job and are left having to foot the bill for your insurance.  In most cases, if you have lost your job since September 1, 2008 you will be eligible to receive government funds to cover up to 65% of the monthly premium for you to hold onto the insurance for you and your familiy during the rough patches.

3.)  TIME TO BUY A NEW CAR - Also included in the stimulus package is a very interesting incentive towards buying a new vehicle (car, SUV, or motorcycle) for the year 2009.  The Bill allows you to be eligible to deduct any state taxes, if applicable, as well as local sales tax on your new ride.  So, if your sales tax is 7.5% on a $35,000 car, you stand to write off an additional $2,625.  Not a bad incentive to go out and get the car you want this  year, although make sure you settle your home buying/refinancing issues first to make sure you do not mess with your ability to qualify for home financing!  :)  Also, with many of the car manufacturers willing to make almost any deal to get cars off the lot, many are offering incentive programs to buy this year, such as paying your first 6-9 months of your car payments, even if you lose your job or have to give the car back.  That last part is not in the Stimulus Package, just a good ol' gift from your local car manufacturer.

If you would like to discuss any of these topics, please do so here.  Respond to my blogs with your thoughts or contact me to speak more about how I can help in any way possible...

Stay positive, we will work our way through this mess, and come out blossoming once again!

Best Regards,

David J. Schwartz

Over the past two years, you have seen some extraordinary circumstances arise that has caused many Americans to hold on with a death grip to any bit of money that they have, in fear of the fact that large institutions were shutting down left and right, and their homes were depreciating 20, 30, 50%!  In fact, the nervousness of the average American caused such a dramatic situation, that they were pulling money out of their banks, in fear that the banks would go under, and the FDIC would not be there to make sure that their money stayed safe.  This drastic change in the American's trust of the financial institutions of this country caused them to pull their funds out, which resulted in the banks becoming depleted of liquid funds that they may use to counteract the foreclosures of some of the riskier loans they had taken on.

After the dust has settled, we are now sitting here in Las Vegas, Nevada and looking at a desert...  Tumbleweeds still roll by, some neighboorhoods look like a ghost town, even though they are a couple of years old... Entire 20 story condominium buildings sit vacant with nothing but expensive carpeting and built in espresso machines covering the grounds and walls. 

And yet, I see opportunity.  By utilizing the resources that this fine country has given us, we have the opportunity of a lifetime.  While many people have come head on with the storm that has them either "Married to Their Home" right now, where they are barely making their mortgage payments only by stripping themselves of any type of extracurricular activity that costs money and buying Ramen Noodles in bulk, the government and non-profit groups are doing what they can to help out those that have stuck with their homes, scraped together the money to make their payments, and hopefully soon they will be able to sleep comfortably again at night. 

But, with so many homeowners each month taking everything not cemented down and letting their homes foreclose, those that stood by four to five years ago and either weren't in a position to buy, or chose not to and were kicking themselves at the time, can come in and pick the same homes they had wanted to buy five years ago but maybe stopped to think that they couldn't afford that house at that time!

So, to those of you now, who are still in apartments and rented homes and townhomes, it is time for you to come out and take part in the NUMEROUS benefits that buying a home today offers. 

Many are aware of the $8,000 tax credit that they have as first time homebuyers from the IRS, but keep in mind...You only have another 5 months or so to make your purchases.  Also, most homebuyers today are finding out that they are making payments on their mortgage that are about the same, EVEN cheaper than what they are currently renting for.  Add in the mortgage interest, Property tax, and mortgage insurance write-offs, and you are actually making more money per year than you would be renting.

The loan programs that benefited the banks and brokers of the world have been almost completely cleared up, and you can secure rates in the fours on a fixed loan with no penalty for selling or refinancing anytime you want.

Not to mention, if put in an FHA program (as most first time homebuyers I work with are put into), you can rest assured that if the rates decide to drop dramatically after you have purchased, you can do a streamline refinance, that costs a very small percentage of what a normal refinance or purchase would, and be able to take advantage of what the current rates stand at without having  to prove your income, assets, and value of the home again!  It's almost as easy as ordering a pizza.

I am attaching a link to a document, rentvbuycomparisonchart.pdf, that shows you a real life current example of woman who was renting, and was deciding to purchase.  You can see from this link that now may be the time to reach out to your mortgage broker, run some numbers, and see if homeownership is right for you, right now.

Best Regards,

David J. Schwartz

David@HomeLoansOfNevada.com

702-370-2116

For those that don't know, we have our new Home Illustrated Magazine coming out tomorrow, Friday May 15, 2009.

We have a beautiful two page ad that goes over some of the information that we have for the buyers in our market today including our Free Foreclosure Bus Tours as well as Free Reports for those looking to buy their first home!  Don't waste your time working with those looking take advantage of potential buyers beccause they only do a couple loans a month.

We are a service based lending team, with an emphasis on helping as many people as possible.  To be honest, the way that I look at every deal is by asking my questions, "How would I price this loan and help the client understand what program would be best for them if it were my mother that was the client?" 

We guarantee our fees, our rates, and our service WILL NOT be beat by any lender, let alone in just the state of Nevada.

So please, help support our group, grab a Homes Illustrated Magazine, view our information on www.homesillustrated.com and have a great weekend!!

Thank you to all for your continued support!

Dave Schwartz

That's right, you will now be able to see my beautiful face on two full pages in the new Homes Illustrated Magazines for the Las Vegas Community.  In the book, we go over our Foreclosure Bus Tours as well as 800 numbers we have set up to provide free information about buying a home in today's market, and information on First Time Home Buyers.

Our first magazine ad will be published on Friday, May 15th.  Homes Illustrated publishes every two weeks, so we will be in the next book as well on the 29th. But, once the 29th hits, we will also be on a THIRD PAGE!  That's right, I believe it is page 5, but we are co-marketing with The Merri Perry Team.  Please look for us in the magazines, and contact us if you would like more information about any of the topics and services we are providing.

You can also visit us on www.homesillustrated.com, and search under lenders to get our information on there as well.

I would like to thank everyone who has supported us, and I look forward to building our community.

I have also added new technology to my office so that I will soon be providing Video Blogs and Audio Blogs, on top of the written blogs you are reading now.  We will be putting all of our blogs on this page, so you can visit the different blogs that i have created, but this is our generic blog.  We also have an FHA Blog as well as a Mortgage Professional Education Blog as well to help other members of our industry to listen to and to read.

We are growing by leaps and bounds.  If you are a mortgage professional, processor, underwriter, or anyone else who has experience in the residential or commercial lending industry, please contact me, David Schwartz, at 702-370-2116 to schedule an interview.  We are simply bringing on more clients than we ever had, and with that we need to expand.  If you are currently a producing loan broker, and you would like to become a part of our team, be provided leads, a free online client retention management system, two online educational lender websites with interviews, articles, forums, and more, not to mention a very sofisticated loan comparison flyer and rent vs. own flyers that you can customize for each client, please feel free to contact me and we will go over it more.

Thank you to everyone for your support!

David J. Schwartz, Sr. Lending Consultant

P.S. visit Craigslist and BusinessFinance.com to learn about our new unsecured business lines of credit we are providing, or call me via the phone number listed above to get more information.  There will be a link to our site that links you to our informational page on our unsecured lines of credit soon as well.  Have a great day!

Condominimiums have become priced very reasonably, and for that reason more and more people are looking at purchasing these properties as a way to enter home ownership, take advantage of the benefits of it, and maintain the cheap monthly payment that are keeping many people in their apartments. 

While this is something that is very cost effective, there is something you want to make sure of before looking at a specific area or condo project that you are interested in.  FHA loans, which currently offer the cheapest down payment at 3.5% down, have a list of all of the condo developments in the country that they are willing to lend on.  Fannie Mae (FNM) and Freddie Mac also have their own list as well of condo's that they will allow the banks to lend on.  Since the majority of all lending institutions rely on these government entities to dictate the guidelines for the loans, it is imperative that you make sure that your condo is on the approved list for whatever loan you are looking for.

If you are looking for an FHA loan, you will want to visit https://entp.hud.gov/idapp/html/condlook.cfm.  If you are looking for a Fannie Mae/Freddie Mac Conventional loan, you will need to visit https://www.efanniemae.com/syndicated/documents/dps/condopud/NV.pdf.  These are the two main websites that will let you know whether or not it is possible for your loan to go through based on the condo that you picked.  Make sure that when visiting these condo's, you take a look at the name of the condo as you drive in.  If you would like more help with these types of loans, please contact David Schwartz at 702-370-2116, and he will assist you in determining if the condo development you are interested in is able to obtain the best financing available for what you would like to do.

Have a great day!!

HUD, or the Department of Housing and Urban Department officials are now saying that the FHA program that is currently being used to finance over 50% of all transactions in the state of Nevada may be doing better than what they anticipated in their original speculations on the losses they would take during the real estate craze.

"While obviously delinquincies and defaults have been rising, we also have seen some encouraging signs in recent analysis of the FHA portfolio," HUD secretary Shaun Donovan told reporters last week.

The secretary went on to say that the credit scores associated with FHA loans have gone up over the past year, and that the FHA program did not get hit as hard as some of the conventional and sub-prime programs did due to the fact that the FHA product at the height of the market, was not being utilized as the major tool for financing the areas that reached the highest defaults and decline in prices.

Nevada is one of those states that was not utilizing the FHA loan as some of the other states were during that time frame when homes were on a drastic rise.  The main reason for this is due to the fact that, at the time, most lenders and brokers had negative conotations of the FHA loan and the strict guidelines they had on homes, as well as the fact that they required a 3% down payment, when the conventional lenders were allowing us to take advantage of the many 0 Down products that were available.

In today's market, FHA has become a major resource for us to lean on, given the fact that, even though they raised the down payment requirement up to 3.5%, it is still lower than the conventional products that are now available, which require a minimum of 5% down.

FHA is a government backed loan, and has many perks to it that make it a great program to utilize in our current market.  Not only is the down payment minimal, it also allows for those that take FHA loans to do what they call FHA streamline refinances at a term usually 3-6 months after purchasing the home.   What an FHA Streamline Refi is, is basically a way for those that originally chose to purchase their homes with an FHA product, to refinance should and when rates drop without having to document assets, income, and value of the home again.  The paperwork for those that purchased using an FHA loan is as easy as the Stated Income/Stated Asset Programs of old were.  Speak to your current mortgage broker, or if they are no longer in businesss, contact us and we will assist you in determining if a Streamline Refinance is feasible for you, and can usually be completed in a couple of weeks, making it easy for the homeowner, and allowing them to, very efficiently, lower their monthly payment, making it more affordable for current homeowners.

Have a great weekend!  Dave Schwartz  702-370-2116, The Schwartz Group