Congratulations!  Your lender just approved you to purchase a Las Vegas area home by looking at your check stubs, debt to income ratio and you are now approved to purchase a Las Vegas area home!

Hold the phone here, *you* may be eligible to purchase a home but is the house eligible for financing?  Below are links to a series I am working on so you can do your own research about homes that are not eligible for financing due to condition.

Here is a series that is for Las Vegas area home buyers that are using financing.  DISCLOSURE:  I am not a lender, title company, home inspector, contractor or appraiser.  I am only speaking from personal experience by working with financed Las Vegas area home buyers.  Hopefully you have hired a Las Vegas area real estate agent who will be able to spot things that can *potentially* cause problems with your financing (mostly FHA/VA) before your contract to purchase a Las Vegas area home.

Much of Las Vegas is currently priced in fire sale status.  Many times when you see unusually inexpensive homes there is a reason – they are not eligible for financing and the seller does not wish to rehabilitate the home to make it eligible for financing.

There are options to finance a home purchase even if it is not eligible for financing such as the FHA 203K rehabilitation loan.  Keep in mind, many of these items are subjective and subject to lender underwriter approval.  Sometimes sellers will correct defects, sometimes they will not.  Sometimes the defect cannot be corrected at all (such as the case of condominium certifications.)

Condominium Certifications

Tenants Purchasing the Rental Home Using FHA Financing

Low Appraisal

Mold/Water Damage

Vandalism & Theft

Changing Marital Status

 

Spending Too Much Money!