In an article featured in the Las Vegas Review Journal, Premier Mortgage Lending discusses the series of seminars they provide to realtors and the various lending options that exist for those who have experienced a foreclosure or short sale:
Options that potential homebuyers may have after experiencing a foreclosure or short sale were the topic of discussion at the Greater Las Vegas Association of Realtors office last month during an informational seminar presented by Rick Piette of Premier Mortgage Lending and attorney Jamie Cogburn of Cogburn Law Offices.
The more than 140 GLVAR members who attended the second in a series of classes presented by Piette and Cogburn learned that various lending options do exist for those who have experienced a recent short sale or foreclosure through private lending programs such as Premier Mortgage Lending’s Another Chance Home Loan Program.
“Southern Nevada has led the entire nation in foreclosures for years, which greatly impacts the housing market, housing prices and our economy. There are thousands of people who want to buy a home but don’t think they can,” Piette said.
“Some people have no idea that they can buy a home after experiencing a short sale or foreclosure through private mortgage programs because they are only told about the standards followed by the government-sponsored enterprises that are used by conventional lenders. According to the manuals followed by agencies such as the Veterans Affairs or Federal Housing Administration, you must wait at least two or three years after a short sale and longer for a foreclosure. If you’ve experienced a bankruptcy, it’s even longer before you may be able to qualify for a conventional mortgage. In reality, it’s often longer than that because of the automated underwriting systems used to review applicants’ files,” Piette said.
“However, through private mortgage lenders like Premier Mortgage Lending, there are opportunities for those who are victims of a short sale or foreclosure that will allow them to buy a home now and take advantage of today’s low housing prices.”
Piette explained to attendees how Premier Mortgage Lending offers prospective buyers, even those who have experienced a foreclosure or short sale, the opportunity to purchase a home the day after a short sale through privately funded, full-documentation home loans and the Another Chance Home Loan Program.
According to Piette, through Another Chance, private and institutional portfolio lenders offer home loans for the purchase of residential properties.
Full-documentation underwriting guidelines are followed and at least a 20 percent down payment is required.
These 15- or 30-year, fixed-rate loans carry interest rates that are typically higher than traditional mortgage rates. Borrowers may close within 30 days from the time of loan approval.