- Conv
- FHA
- VA
- Jum/Non
- USDA
Gustan Cho Associates has designed and launched its very own Nevada Mortgage Calculator with PMI, HOA, and the added debt-to-income ratio calculations feature to make the home shopping and the mortgage process easier for our clients. Gustan Cho Associates, empowered by NEXA Mortgage, is licensed in 48 states including DC and Puerto Rico (Not Licensed in MA, NY). We have a large market in Nevada. Since the start of the Pandemic, Nevada has seen a boom in population growth. Thousands of Americans are moving to the state of Nevada for many reasons. One main reason is the state of Nevada does not have a state income tax. Another is the wide range of activities offered throughout the state. Many readers of Gustan Cho Associates are purchasing homes based on monthly payments compared to purchase price. In the following sections, we cover and discuss on calculating your housing payment and DTI using Gustan Cho Associates Nevada Mortgage Calculator with PMI, HOA, and DTI.
USEFUL LINK: FHA Debt-to-Income Guidelines in Nevada
Types of Costs to Expect When Buying a Home in Nevada
Gustan Cho Associates have created an easy-to-use mortgage calculator to help you navigate the homebuying process. Our user-friendly calculator will break down principal and interest, mortgage insurance, property taxes, homeowners insurance, and any homeowners association dues individually. The calculator will show you a total monthly mortgage payment to assist you in staying within your monthly budget for a housing payment. Gustan Cho Associates Nevada mortgage calculator has designed four mortgage programs for more accuracy in getting the best results with the final housing payment. Just click on the top category on which loan program you want to use: FHA loans, VA, loans, Conventional loans, Jumbo mortgages, and non-QM loans.
USEFUL LINK: Buying Home in Nevada for First-Time Homebuyers
Factors Calculating Estimated Monthly Housing Payment in Nevada?
Many factors will be weighed when deciding to purchase a home. The state of Nevada has relatively low property taxes compared to the rest of the United States. The average property tax rate throughout the state is just above .5%. The state of Nevada will assess home values every five years and the assessed value is 35% of the taxable value. This is good news for homebuyers because the tax rate only applies to a small portion of the value of the property. Your property taxes will be used to fund public schools, maintenance, and infrastructure projects within your county, and other items needed in the community.
Cost of Homeowners Insurance in Nevada
Another benefit when buying a home in Nevada is the low cost of homeowners insurance. The average insurance policy for homeowners in the state of Nevada is under $1000 a year! This is because Nevada is not on a coastline, limiting its risk of hurricanes and tropical storms. There is also a low amount of rain throughout the state. However, there are risks of flash flooding and wildfires, so make sure you speak with an insurance agent to get proper coverage.
What is The Housing Market Like in Nevada?
The cost of a home has gone up in the state of Nevada, just like every other state in the nation. The Nevada housing market has been bullish since 2010. Property values in Las Vegas have skyrocketed by 245% since 2012 with not a slight sign of a housing market correction. The average appreciation rate since 2012 is 13.65%. Since the coronavirus outbreak in February 2020, prices of homes in Nevada have surged 42% setting historic high home prices. With the vast number of outdoor activities and entertainment in the greater Las Vegas area, the demand to live in Nevada has increased. According to the most recent census, there are over 3 million residents throughout the state. Most are located in the Las Vegas, Henderson, and Reno regions. There are large amounts of rural areas. These areas include manufactured housing, which is a specialty for Gustan Cho Associates.
USEFUL LINK: How Much House Can I Afford in Nevada
Get The Most Accurate Monthly Payment Using Gustan Cho Associates Nevada Mortgage Calculator
Gustan Cho Associates Nevada mortgage calculator will help you break down your total monthly payment for all Conventional, FHA, VA, Jumbo, and non-QM mortgage loans. If you need assistance with our calculator, our team is available seven days a week. Our calculator goes further to help you calculate your estimated debt to income ratio. On the left column of our calculator, you will see your total mortgage payment with some easy-to-use input fields to enter the purchase price, down payment, interest rate, annual property taxes, annual homeowners insurance, private mortgage insurance, and any homeowners association dues. You will clearly see your total monthly payment at the bottom of this column.
How Do I Calculate My Debt-To-Income Ratio Using Gustan Cho Associates Nevada Mortgage Calculator?
Gustan Cho Associates Nevada Mortgage Calculator has the debt-to-income ratio added feature for our users. For you to get your debt-to-income ratio, you would need to first get your monthly housing payment using the Nevada Mortgage Calculator. Once you get the monthly payment, the monthly payment will carry over to our debt-to-income calculator. Before you apply with Gustan Cho Associates, our calculator gives you the opportunity to estimate your total debt-to-income ratio. You will need to enter the total of consumer debts you pay on a monthly basis. This is done by adding up the minimum monthly payments you pay for car payments, house, minimum credit card payments due, student loans, and other traditional creditors. This will include any auto loans, student loans, installment loans, minimum monthly credit card payments, and any other liabilities reported on your credit report. You need to enter your monthly gross pre-taxed income. Within seconds, the DTI Nevada mortgage calculator will give you your front-end and back-end debt to income ratio.
How Are The Front-End and Back-End DTI Calculated?
The front-end debt-to-income ratio is calculated by dividing the housing payment and dividing it by the borrower’s monthly income. The front-end debt to income ratio is also called the housing ratio. The back-end debt-to-income ratio is calculated by dividing the proposed housing payment PLUS all of the borrower’s monthly minimum payments and dividing it by the borrower’s gross pre-taxed income. Since Gustan Cho Associates offer a no overlay mortgage lending program, we are able to stretch our debt to income ratio further than most banks in lending institutions. We want to make sure you have an affordable housing payment and that is why many real estate professionals put our calculator to use. We are here to help you qualify for a home loan in the state of Nevada!
