Options that potential home buyers 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 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 GSEs (government-sponsored enterprises) that are used by conventional lenders. According to the manuals followed by GSEs such as the VA or FHA, 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.
“Our phones have been ringing off the hook from people who are interested in Another Chance and want to buy a home at today’s unbelievably low prices. We lead them through a mortgage prequalification process to help them learn whether buying a home at this time is a possibility,” Piette said. “Our clients are willing to pay the higher interest rate in the short-term in order to buy a home at today’s prices and because they value homeownership. Then after they build up their credit scores, we want them to refinance as quickly as possible.”
“By helping people buy homes now, we can get Southern Nevada’s economy and housing market rolling again.”
An Another Chance mortgage can be used on the purchase of a brand-new home in addition to a re-sale. The lender is currently working with many of the valley’s major builders, including Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Ryland Homes, and William Lyon Homes.
The first step in participating in the program is to meet with a loan officer for complimentary prequalification. According to Piette, more than half of those who have participated in our prequalification process have learned that they can obtain a loan through Another Chance
For details about the Another Chance Loan Program, mortgage prequalification, or to schedule an appointment, call 485-6600 or visit AnotherChanceNevada.com.
Premier Mortgage Lending (NMLS 393282) is located at 8689 W. Sahara Ave., No. 100, Las Vegas, Nev., 89144 and is a member of the Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.