Nevada Housing Division gave its down payment assistance
program a complete overhaul and you will want to get educated on the new
program and its parameters. "Home
is Possible" (HIP...I just made that up)...will be by far the most
commonly used DPA (down payment assistance) program in the state. Below are the cliff notes:
·
Up to 4% GRANT (not 2nd mortgage)
·
Maximum income is $95,500
·
No First Time Home Buyer requirement….Buyers simply must occupy
·
No re-capture tax
· Valid for up
to $400,000 sales price
Call my cell or email me and schedule a brief 15 minute
appointment to learn more about the program! 702-372-2427
Financial Markets
Stocks nose-dived this past week roughly 600 points as investors
struggle with a strengthening US economy vs. weakening global economic
conditions. On the optimistic side of
the coin investors are amped about the anticipation of a strong Q3 earnings
season. The Fed Reserve’s increasingly
positive rhetoric for the overall health of the US economy has investors long
on stocks as well. That was not enough
to overcome investor concerns of a cooling economy in China and a deflationary
interest rate environment in Europe, and by Friday, the Dow closed at 16,544,
down .2% for the year.
As is often the case, mortgage rates have improved while stocks
struggle to find a floor. The Fannie Mae
3.5 coupon has improved by 200 basis points over the past month and rates
haven’t been this low since June of 2013.
Southern Nevada Real Estate Related Data
Grabbing the headlines locally this week is the opening Downtown
Summerlin mall. I would have never
expected to be moved by the opening of a mall.
I attended the grand opening Thursday night and was surprised at the
sense of pride I felt being that I live on that side of town and would drive by
the stalled project every day for the past 6 years. http://downtownsummerlin.com/. It’s too early to estimate the economic
effects of the mall, as many surrounding stores simply closed down existing
locations to move to the mall, leaving vacancies at their current
locations. The mall certainly has its
share of tenants that maintained their current locations as well so the overall
impact has to be deemed as a positive one.
For more real estate financing information, please visit my website: http://www.matthewtmaltese.com/home.html
