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Las Vegas Houses for Sale > Condo Listings Las Vegas

Advice For Those Going Through the Condo Listings Las Vegas in Search of a Home

Of Condos, FICO and the 28/36 Rule!

Danielle Kennett was finally feeling settled in their new condo. Settled in enough to begin to pass out advice to the less experienced among us. She was on the cell one morning with Trish. Trish and husband Erick were just beginning the journey Danielle and hubby Karl has just completed. Trish and Erick were looking for a home.

"Well you know Trish," Danielle started off, "if I could give you one piece of advice I'd tell you to find out what you can afford. That's where you need to begin before even setting foot in of the homes mentioned in the condo listings. Las Vegas, Henderson or Summerlin home purchases all start the same place."

"Leaning what you can afford starts with getting your FICO score. That's a three digit number that most everything else hinges on. It's what lenders use to see what kind of credit you've got. No, it has nothing to do with the type of condominium you're looking to buy."

Actually it doesn't mater what type of Las Vegas properties you're considering. Could be a lake front house to a 600 square foot Las Vegas high rise condo. Your FICO score will always come into play if you need to get a home loan to finance it.

Danielle continued, "Another thing they like to look at for anyone interested in a resale or new Las Vegas condo is your 28/36. At least that's what our guy called it."

"What? Who knows there they get these things? Anyway the 28/36 tells the mortgage underwriters about how much debt you've got. The 28 means you can spend 28% of your monthly income for housing. And since like us you're looking at condos, it includes the homeowners association dues too. Which is kinda unfair if you ask me. Because you can't borrow as much. But what you gonna do?

Just then the kids came through the front door of Danielle's Las Vegas condo. Delivered home by the bus. "Gotta run, Trish. Need to get dinner started for these two. Then I've got to go to work at the casino."

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