Yes, it is possible to finance a luxury Las Vegas home in the beautiful Queensridge Community with as little as a 3.5% down payment, provided the purchase price is below $400,000 for FHA financing.
There is actually an opportunity to qualify with zero down financing for a slightly higher purchase price if you are eligible for a VA loan.
It’s obviously important to work with a trusted mortgage professional who understands these various local lending guidelines.
However, I find that most of my Las Vegas First-Time Home Buyers looking in the Peccole Ranch area start their real estate search for homes between $60k – $130k, when they can actually afford financing on a property in some of the more prestigious neighborhoods around the 89117 or 89145 zip codes.
While there are certainly several available listings in lower price ranges that may provide a cash flow opportunity for investors, choosing a home and neighborhood to live in involves searching with a slightly different criteria.
Queensridge, for example, is a guard-gated luxury community, which includes a full fitness center, tennis, pools, spa and is woven around the Badlands Golf Course.
With several listings in the million dollar price range, Queensridge does have a select few properties for sale that would qualify for lower down payment financing.
If you’re concerned about the investment quality or potential for future earned equity, it’s generally a wise idea to purchase a home in a neighborhood with stronger comparable values.
So, only if your personal budget and comfort level warrant it, you feel confident in your future employment security and there is a low possibility of moving in the next 5-10 years, it may be worth considering a home in the luxury Las Vegas Queensridge Community.
Since most of these listings require a scheduled appointment to preview, please feel free to contact me at any time about setting up a few viewings at your convenience @ 702-376-7379.