The Southern Nevada Real Estate Show

Wesley Knight 0:00
This is a KU NV studios original program. You're listening to special programming brought to you by ragana cumin Henry of Coldwell, banker, Premiere Realty. The content of this program does not reflect the views or opinions of 91.5 jazz and more the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education. You nation.

Regana Kooman Henry 0:36
Hello, hello everyone, and good morning and welcome to the Southern Nevada real estate show. I am your host, regana, and this is your go to real estate show, where we keep it real about real estate, whether you're renting, investing or dreaming of owning your first home, you're in the right place this morning. And I am a real estate agent and broker, associate with Coldwell, banker, Premier Realty, and I've been a licensed real estate professional since 1991 yes, I'm giving my age away this morning. And today we've got a special guest here. So if you're easing into the day with a cup of coffee and some good music, you're exactly where you should be. Yes, yes we are. And good morning Kier, see yes.

Kirsi Mbacke 1:35
And I'm Kirsi mortgage lender and part time dream enabler,

Regana Kooman Henry 1:40
and I'm regana, local real estate professional, and I'm professional house matchmaker. Oh, my God, I'm sounding like a dating game.

Kirsi Mbacke 1:51
You're matching people with their perfect home.

Regana Kooman Henry 1:53
Yes, I am. I'm the dream enabler. And, you know, I like that. It sounds much more fun than a person that is explaining interest rates this morning for you

Kirsi Mbacke 2:05
exactly, you know, I try to keep those spreadsheets from ruining everybody's mood, right?

Regana Kooman Henry 2:10
And today, we're talking about something really exciting, a mortgage program specifically designed for medical professionals, and we've got Keirsey in the house.

Kirsi Mbacke 2:21
Yes, yes. So doctors, dentists, veterinarians, pharmacists, nurse, anesthetists. I'm going to mess that word up multiple times. I don't know why my tongue doesn't want to say it, but you know, basically the people who keep the rest of us functioning, right?

Regana Kooman Henry 2:38
That is so true. And so if you're listening this morning and you you're one of those heroes out there, or married to one of those heroes, this conversation might make your Sunday even better. Keirsey, here's something I see all the time. A doctor walks into an open house. They love the home. They have a great career. And then they say, Yeah, but I probably can't buy yet because of all my student loans I'm drowning in.

Kirsi Mbacke 3:11
Oh, yes, exactly, you know, medical professionals, they have a very kind of unusual financial timeline. You know, most people, you know they start working in their early 20s. But doctors, you know, they're still studying anatomy while everybody else is out, maybe buying their first home, right?

Regana Kooman Henry 3:31
By the way, many physicians start earning their full incomes. By the you know, by the time many physicians start earning their full income. They've spent about a decade already, still in school.

Kirsi Mbacke 3:45
Oh my gosh, God bless them, you know. And when they get out, they often have, you know, really large student loans, but you know, they also have incredible earning potential and career stability. So this particular program was created specifically to recognize that reality.

Regana Kooman Henry 4:05
So in other words, Keirsey lenders finally said, Maybe we shouldn't treat these heroes like a risky like risky borrowers.

Kirsi Mbacke 4:14
Yeah, exactly, you know, I say, if you can keep somebody alive, chances are you could probably handle a mortgage

Regana Kooman Henry 4:22
payment, sure. And so who actually qualifies for this program?

Kirsi Mbacke 4:28
You know, it's actually pretty broad. It includes Medical Doctors, Dentists, veterinarians, pharmacists, podiatrists and certified registered nurse, anesthetists. And here's the part that people love. You know, also, residents and fellows can can sometimes qualify too, yes.

Regana Kooman Henry 4:52
And that word, anesthesis, I can't even say it anesthesia, aesthetist, yes. And you know, even for. Or the fur babies, even the veterinarians are qualifying for this. A lot of residents assume they need to wait years before buying.

Kirsi Mbacke 5:11
Yeah, exactly. You know, many don't realize that they can potentially qualify for a loan even before their full attending salary starts right?

Regana Kooman Henry 5:21
So imagine this. You've survived medical school, you've survived residency. You deserve at least a nice kitchen, oh yeah, and a comfortable sofa to relax on at the end of the day.

Kirsi Mbacke 5:38
Oh yeah, exactly. I mean, after a 28 hour hospital shift, nobody wants to go home to a tiny little apartment with bad fluorescent lighting.

Regana Kooman Henry 5:48
All right. Kirsty, so let's talk about the feature that always makes people stop scrolling when they hear it.

Kirsi Mbacke 5:56
Ah, yes. So the headline feature drumroll up to 100% financing.

Regana Kooman Henry 6:05
So Kirsty this, which, this basically means,

Kirsi Mbacke 6:09
it means that, you know, qualified borrowers may be able to purchase a home with either little or no down payment.

Regana Kooman Henry 6:17
And in today's market, that is, like, almost unheard of.

Kirsi Mbacke 6:23
Yeah, it really is. You know, many borrowers can finance up to 100% of the purchase price on homes, up to about a million and a half. And, you know, with loan amounts available, you know, on upwards of 2 million depending on what the you know, what their qualifications

Regana Kooman Henry 6:43
are, okay? So instead of waiting five years to save a down payment,

Kirsi Mbacke 6:49
you can potentially buy sooner and start building equity,

Regana Kooman Henry 6:53
plus you can finally stop paying your landlord's mortgage.

Kirsi Mbacke 6:57
Oh, exactly you know what? That's something that I like to call the world's least rewarding investment plan, exactly.

Regana Kooman Henry 7:05
Now, here's another feature people don't expect, right?

Kirsi Mbacke 7:10
And this one, no mortgage insurance.

Regana Kooman Henry 7:14
Without that, Mortgage Insurance insurance, their payments are so much you know, can be so much better, right?

Kirsi Mbacke 7:21
Exactly. So, you know, mortgage insurance is usually required when somebody puts less than 20% down, and you know, it protects the lender, but it can also add hundreds of dollars to the borrower's monthly payment, and this program removes that requirement.

Regana Kooman Henry 7:40
So, you know this basically means more money for things like furniture vacations or maybe espresso machine for that.

Kirsi Mbacke 7:50
Oh, come on. Now, I fully support espresso based financial planning

Regana Kooman Henry 7:57
right now. We have to talk about the elephant in the room, Keirsey, student loans.

Kirsi Mbacke 8:03
Oh, yeah. So this topic, it just makes every medical professional probably sigh deeply, you know, because they typically have a lot of student loans. But you know, this program actually handles them a little bit differently. For residents or fellows whose student loans are deferred or maybe they're on an Income Based Repayment Plan, those payments may actually be excluded from the debt calculation,

Regana Kooman Henry 8:35
which can dramatically improve how much home someone qualifies for

Kirsi Mbacke 8:41
Yes exactly. You know, traditional loans, they often assume a much larger monthly payment that you know someone is actually paying, and this program kind of takes a much more realistic approach.

Regana Kooman Henry 8:55
So now let's talk about the fun part, the

Kirsi Mbacke 8:59
houses Yes. So these loans are designed for primary residence, and all that means is that you're going to be living in the home, and it could include single family homes, condos, you know, HOAs, planned developments, things like that. Okay?

Regana Kooman Henry 9:19
And translation from stylish downtown condos to the classic finally, I have a backyard single family home. Yay, yes.

Kirsi Mbacke 9:32
You know, after years of studying and probably living in dorms and small apartments, you know, most doctors are ready for a backyard,

Regana Kooman Henry 9:42
or at least a dog to have in the

Kirsi Mbacke 9:44
yard. We love our fur babies.

Regana Kooman Henry 9:46
Yes, we do. And Kirsty, one of the reasons I love working with this program is because medical professionals give so much back to their communities.

Kirsi Mbacke 9:58
Yeah, absolutely. You know, they spend years and years training to help others, and so helping them achieve home ownership is just really incredibly rewarding,

Regana Kooman Henry 10:10
sure, and you know, plus the doctors tend to be very that, you know, they just have this calm thing about them during stressful moments, you know, which is helpful in in real estate when we're sure for the transaction, you know, because, you know, on average, people a little stressed out, but they seem to be calm. And so if you're listening this morning, and you're in the medical field or married to someone who is in the medical field, this might be, you know, worth exploring, right?

Kirsi Mbacke 10:44
You know, and the first step is going to be simply having a conversation, you

Regana Kooman Henry 10:49
know, no pressure, no jargon, just harmful information. And what I always say knowledge is, is power, yeah, exactly. Regina, sure, and Kirsty. Let's talk about something that makes people a little nervous sometime, and that would be, you know, the credit scores,

Kirsi Mbacke 11:07
ah, yes, the three digit number that seems to follow us around like a shadow.

Regana Kooman Henry 11:12
Yes, yes, that's for sure. And exactly so people hear about these incredible programs and immediately think there must be some impossible credit score requirement that you have to be so perfect that they feel like though they still can't, probably qualify for the program, right?

Kirsi Mbacke 11:34
And fortunately, that's just not the case here. So you know, the minute the minimum credit score for this program is typically 680 and, you know, just depending on what the loan structure that we're doing is going to be

Regana Kooman Henry 11:46
sure, and which, you know, actually seems, you know, pretty reasonable, considering the benefits of the program.

Kirsi Mbacke 11:53
Oh, you know, it really is. And and borrowers, depending on the score, they may qualify for the highest loan to value options, which include, you know, includes, potentially 100% financing on loan amounts up to 2 million.

Regana Kooman Henry 12:08
Well, you know, medical professionals can make that kind of income, so that's good that they have that type of option for that type of financing. So the better the credit profile, the more flexible. There may be

Kirsi Mbacke 12:22
more flexible, you know, program, of course. So, you know, the key point is, though, that you don't really need perfect credit, you just need to have, you know, a little solid and somewhat responsible credit history.

Regana Kooman Henry 12:36
Sure, and many medical professionals already have that because they've been managing, you know, student loans, rent and so many other responsibilities for years, right?

Kirsi Mbacke 12:50
And the program actually even allows for some non traditional credit history, so, you know, things like rent and utilities and even cell phone payments if needed. Okay?

Regana Kooman Henry 13:04
So even if someone hasn't had five credit cards and a car loan since college, they may still have, you know, options, you know regarding the credit, right? Exactly. So let's paint a picture for listeners for a moment. Let's say we have a doctor finishing residency, and they've just accepted their first attending job position. They're excited, but they're also thinking, you know, you know, now what? Right?

Kirsi Mbacke 13:37
Yeah, now what? So this actually, regana is one of the most common scenarios that we see a physician is has a signed employment contract and it shows their upcoming salary, and even if the job start date is a few months away, that income can often be used to help qualify for the loan.

Regana Kooman Henry 13:59
You know, it allows them to buy a home before they even start the job, in some cases,

Kirsi Mbacke 14:05
exactly, you know, as long as that start date is within the program guidelines and documentation requirements, then we can make that work, sure.

Regana Kooman Henry 14:14
And so instead of moving into yet another short term

Kirsi Mbacke 14:18
rental, they can move straight into their own home.

Regana Kooman Henry 14:22
You know, that's a pretty nice way to celebrate finishing residency. Oh, absolutely. And, you know, Kirsty, there's a lot of loan programs out there.

Kirsi Mbacke 14:32
You know what regatta I would say that it's the combination of features, right? So a lot of programs might offer one advantage, but this one brings together several major benefits all at once. So for example, we we can do high loan amounts, up to 2 million. We can do little to no down payment options. There's no mortgage insurance. And you know, we're flexible on the. Student Loan treatment, very rare. Yeah, you know, it is very rare. You know, programs might have one or two, but this, this program, also, I forgot to mention, allows first time home buyers. And you know, that's really important, because many medical professionals, they are purchasing their very first home after years and years of training, right?

Regana Kooman Henry 15:23
And honestly, after that many years of studying and night shifts, I think they've earned it, I would agree. And, you know, let's, you know, be honest about something for a moment. Buying a home, you know, it can feel intimidating.

Kirsi Mbacke 15:41
Oh, absolutely. I mean, I've bought a home or two, and it doesn't get any less intimidating. I don't think you know, there's numbers, there's paperwork, there's inspections, and I mean, honestly, sometimes it just feels like you're trying to learn a new language,

Regana Kooman Henry 15:56
sure, and exactly, but one of the things I always tell my clients is that you don't have to understand everything on day one, because if they did, they wouldn't need us anyway, right?

Kirsi Mbacke 16:12
So that's our job. You know? We're professionals. We walk people through the process, step by step, so that they feel comfortable and they feel informed, right?

Regana Kooman Henry 16:23
And honestly, once people understand their options, it becomes, you know, so much less stressful. And you know, all right. Kirsty, before we wrap up, let's do a quick Sunday morning recap of the highlights of this program. If someone just tuned in while pouring their second cup of coffee, what should they remember?

Kirsi Mbacke 16:49
That's a great idea. We're gonna let's run through the highlights. So first, this program is designed specifically for medical professionals, including doctors, dentists, veterinarians, pharmacists and anesthetician as well as residents and fellows, sure.

Regana Kooman Henry 17:10
And I love it that the fur babies, you know, the veterinarians are part of this too. That's great. And you know, second, many borrowers can purchase a home with little to no down payment, with financing options available up to 100% just depending on the loan amount and the credit profile right.

Kirsi Mbacke 17:33
Third, is no mortgage insurance, and that can mean significant monthly savings.

Regana Kooman Henry 17:40
And then fourth, the program offers a loan amount up to $2 million so this is giving the medical professionals flexibility in many housing markets, right?

Kirsi Mbacke 17:53
You know, because there, there's some markets that are pretty pricey. So fifth is going to be, you know, the student loan flexibility, it's built into the program, and especially for borrowers that are in residency or fellowship programs, right?

Regana Kooman Henry 18:10
And six, first time buyers, first time home home buyers, are absolutely, you know, welcome.

Kirsi Mbacke 18:19
Oh yes, we love that. And finally, a key qualification, qualification point borrowers generally need, you know, a minimum credit score around 680, and there's even more options available for borrowers with a little bit stronger

Regana Kooman Henry 18:34
credit profiles. Sure, and if you're just tuning in, my number is 702-596-1267, that's that, 702-596-1267, if you'd like more information, so if you're a medical professional listening this morning and wondering if home ownership might be possible sooner than you thought,

Kirsi Mbacke 18:59
all right, This program could be a place to start the conversation.

Regana Kooman Henry 19:03
Yes, no pressure, just information. And again, knowledge is power,

Kirsi Mbacke 19:09
yeah, and maybe a few fewer spreadsheets than you expected, right?

Regana Kooman Henry 19:14
So anyway, Kirsty, thank you so much for spending a part of your Sunday morning with us. And you know, could you please give your telephone information, your contact information for the listeners now and then, also when I'm done with the stats that I'm getting ready to do for the month of February?

Kirsi Mbacke 19:33
Yeah, absolutely. You know. Thank you for having me again on the show Organa. So I am Kirsty and bake with loan depot, and my number is 70238119757023811975,

Kirsi Mbacke 19:52
Keirsey and Bakke loan depot, NMLS, number 1398336,

Regana Kooman Henry 19:57
thank you so much, Keirsey, and I'll have you back on in a. Little bit. So now let's get into the real estate stats for the month of February. I do the stats for anyone that's just listening this morning every month for the previous month for Southern Nevada. This is for used homes and condos and townhomes, not a new construction. So here goes for single family homes. For the month of February, there were 1600 14 homes that sold. $481,995 was the median price of homes sold. There were 2925 new single family home listings. $525,000 $525,000 was the median price of new listings. $550,000 was the median price of all available single family home listings, both new and not new on the market combined, excluding offers and 47.6% of all homes went from available to under contract with a buyer in 30 days or less. Now I'm going to switch over to condos and townhouses. There were 380 condos and townhomes combined that sold in February. $285,000 was the median price of all condos and townhomes combined sold. There were 916 new condos and townhome listings combined. $289,900 is the median price of all new available condos and townhome listings combined, and $275,000 is the price of all available condos and townhomes combined, both new and not new on the market, excluding offers and 36.5% of all condos and townhomes that sold combined went from available To under contract with a buyer in 30 days or less. So things are selling. A percentage of them are taking a little bit longer to sell. I'm seeing that actually, if a home has very good presentation and it's priced correctly, you're going to be you're going to be in that percentage of homes closing for sure in the 30 days or less from the time it was put on the market. The ones that tend to be when you say, care, see, the ones that tend to be overpriced, you know, don't have a good presentation, has to have curb appeal. You know, those are the ones that sit longer if they don't have those things going for them. So here, see, I'm bringing you back again. So thank you. Thank you. Yes. So this, if you're just listening, just now again, my number 702-596-1267, if you'd like more information, again, 702-596-1267, 5961267, and Keirsey. Let's just do a quick recap again this, since we have a few minutes and just a short summary, just explain the program again, just in a short summary for doctors, physicians, medical field, because you're saying zero down correct, they can go and zero down, right?

Kirsi Mbacke 23:22
So, you know, this is a program for medical professionals. It can be up to 100% financing. They can be first time home buyers. There's no mortgage insurance. And we kind of treat student loans a little bit differently than say, you know, your conventional or your your FHA or VA, VA program, so that's huge. That gives you a little bit more buying power. And with the no mortgage insurance, that also gives you a lot more buying that's huge right there, because on those higher loan amounts, you know, the the mortgage insurance can be potentially, you know, 345, $100

Regana Kooman Henry 24:03
so yes, a month, that's a that's a huge thing when you don't have to pay the mortgage insurance. Oh my gosh. We've been doing business together for a long, many, many years. And one thing about Keirsey and Bakke with the loan depot, she doesn't take no for an answer with the underwriter. So when your loan gets into the final stages, and the underwriters kind of, well, I don't know if this person's gonna qualify, she will do everything in her power to get the underwriter to go from a no to a yes for you.

Kirsi Mbacke 24:37
Yeah, I might be a little bit of a lone nerd, you know? I like, I like to read those guidelines. Yes, at night, I'm gonna find a way to make

Regana Kooman Henry 24:45
it work. Yes, Kirsty will find a way. So if something's happened, doesn't hurt to get a second opinion. So that's all we're saying. So anyway, thank you guys so much for being, for listening this morning and getting. Up early, and we really do appreciate all you guys that are loyal listeners, and so we need to enjoy them. I hope you guys enjoy the music, enjoy your coffee. We'll see you next time. And Kirsty, if you could please say all your contact information one more time for the listeners and give all your contact information out,

Kirsi Mbacke 25:21
of course. Thank you again. Regana So I am Kirsi mbaki With loan depot. My animal s number is 1398336, my phone number is 702-381-1975, again, 702-381-1975, Kirstie mbaki,

Regana Kooman Henry 25:42
thank you so much, Kirsi, and I am ragana kuman Henry with Coldwell Banker premiere Realty. For any of you, if you're just listening for the first time, I'm a real estate professional and broker associate with Coldwell Banker premiere Realty, and I'm your host for the Southern Nevada real estate show that airs every third Sunday of each month at 8:30am and my number is 702-596-1267 that's 702-596-1267 and my license number is BS, 27880, thank you so much for Listening, as always, to my show this morning, and I wish Everyone listening a great Sunday and a great week. You

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