Nevada Day: Celebrating 150 Years

This year Nevada celebrates its 150th anniversary.  On October 31, 1864, President Abraham Lincoln proclaimed Nevada the 36th state to join the Union.  A common myth that has been told over and over is that the Union wanted Nevada to become a state because our silver and gold production could help finance the Civil War.  In actuality, according to former Nevada State Archivist, Guy Rocha, the reasons for Nevada’s statehood were political, not economic.

imagesOn March 2, 1861, Nevada became a U.S. Territory.  President Lincoln appointed Governor James Warren Nye, a former police commissioner in New York City, as the first governor, and one of his primary responsibilities was to ensure that Nevada sided with the Union, not the Confederacy.  As a result, the federal government was able to buy much of Nevada’s silver and gold bullion in order to support its currency, and statehood would not change that.  The primary reason Nevada became a state was that Lincoln wanted Nevada’s electoral vote in order to defeat two former generals, John Fremont and George McClellan, generals who Lincoln had relieved of their commands during the war, in the upcoming presidential election.  Lincoln also wanted Nevada’s support in ratifying the 13th Amendment abolishing slavery.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

The America Dream of Homeownership

The National Association of Home Builders reports, “A recent survey of younger Americans illustrates that the goal of homeownership remains an important part of the American Dream.” This means good things for our growing economy.” 

Millennials have not made the “traditional” movements that older generations see as the norm. Instead of graduating college, getting married, buying a home and starting a family, they have slowed down the process. Rather than buying a home and living out the “American Dream”, they live at home, rent a home or rent an apartment with friends.

With the slow wage growth and student loan debt, millennials do not see the benefit in moving too fast. However, owning a home and starting a family are still in sight. Over the next 5 years, 8.3 million new millennial households are predicted to form and 73% of millennials believe home ownership is an excellent investment.

When these young buyers begin to take the plunge, low cost, no fees mortgage loans will be to their greatest benefit. Premier Mortgage Lending has the service, mortgage loans and quality products without the fees or points and at the lowest rates.

 “Despite all of the doom-and-gloom reports about their financial situation, Millennials themselves are overwhelmingly optimistic about the future.”

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

Purchase Options After Short Sale or Foreclosure

Jim Pic 12The lingering economic recession and the housing crash left millions of Americans and hundreds of thousands of Nevadans with the tough decision of whether to walk away from their homes. For those who did, the short sale or foreclosure now prevents them from purchasing another home with a traditional form of financing for years to come.

“For those who do not want to be renters and who want to get back into the housing market while home prices are still affordable, you need to understand your purchase options. Now there are many options in purchasing a home after a short sale or foreclosure, ranging from traditional loan with a wait time to private lending with no wait time at all,” said Rick Piette of Premier Mortgage Lending, a full-service lender based in Southern Nevada.

According to Piette, traditional financing provides two options:

  • Government-insured loans, which include VA loans and FHA loans; and
  • Conventional loans that comprise of two major groups – the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corp. (FHLMC).

The wait times for loan eligibility after a short sale or foreclosure vary among each entity.

“The shortest waiting time is a VA loan. If you’re eligible for a VA financing, you may be eligible to purchase a home two years after your previous home is transferred out of your name,” Piette said.

“The next shortest waiting time is with an FHA loan. You may be eligible to qualify for an FHA loan three years after your previous home is transferred out of you name, but remember that in Clark County the maximum FHA loan amount is currently $287,500.”

A change in conventional financing guidelines that occurred in August has doubled the “wait time” to qualify for a conventional mortgage among those who experienced a short sale.PML-4

“In August, FNMA, the largest issuer of conventional loans, upped their waiting time after a short sale to four years from the prior waiting period of two years, but with a 20 percent minimum down payment,” Piette said. “The good news is that under the new guidelines a home buyer who has experienced a short sale may now put as little as a 5 percent down payment to purchase a home, whereas the prior guidelines had a 7-year waiting period to qualify for 95 percent financing.”

The FNMA and FHLMC rules for those who experienced a foreclosure remain unchanged with a seven-year waiting period. The FHLMC also requires a seven-year wait after a short sale.

“If you do not want to wait the required timeframes that traditional loans require, you may want to consider non-traditional financing options called ‘private money loans,’” Piette said, adding that Premier Mortgage Lending offers both private lending programs and conventional loans to qualified borrowers.

“In the private money arena, both private and institutional portfolio lenders offer 15- and 30-year financing options. This type of financing allows you to purchase another home as little as one day after your short sale or foreclosure is completed,” he said. “You are often required to place a minimum 20 percent to 25 percent down payment, and these loans typically offer higher rates and fees than traditional loans.”

Premier Mortgage Lending has provided private, “second chance financing” to hundreds of Las Vegas Valley residents since 2011 through its Another Chance Nevada home loan program.PML-3

“It feels great to turn renters back into homeowners. Our customers are ecstatic to get back into the market with a home of their own,” Piette said. “I believe today, as I did in 2010 when I devised this program, that getting people back into homes of their own is fundamental to economic recovery. So goes housing, so goes the economy.”

The first step to determining one’s mortgage options is to meet with a full-service lender and go through the mortgage prequalification process, which Premier Mortgage Lending offers at no cost.

For additional information or to schedule an appointment for mortgage prequalification or refinancing, call Premier Mortgage Lending at 702-485-6600 or visit www.AnotherChanceNevada.com.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.