www.lasvegasmtg.com Report: Life after Bankruptcy, Foreclosure, or Short Sale in Las Vegas.
By John Le Francois
www.lasvegasmtg.comReport: In May 21, 2010 I reported about the new rules were being implemented by Fannie Mae that created large barriers for borrowers that recently had a Bankruptcy, Short Sale or Foreclosures from getting a home loan.
With Las Vegas, Nevada being #1 in Foreclosures and Short Sales for several years and #14 for unemployment for Metropolitan Areas in the country it was no wonder that Bankruptcy filings are almost double of the national average. In 2010 Las Vegas, Nevada had 15,000 Bankruptcy fillings per 1 million residents while the national average was only 6,600 filings per 1 million residents. With so many Foreclosures, Short Sales and Bankruptcy filed 30 to 40% of the Las Vegas, Nevada population would be excluded from buying a home for several years. Until now!
All Western Mortgage now has a portfolio lender that is using common sense underwriting to determine the borrowers ability to repay the loan obligation for borrowers with Bankruptcy, Foreclosures and Short Sales over one year old.
A Portfolio Lenderis a lender that does not follow Fannie Mae guidelines as they service their own loans and do not sell on the secondary market. With so many borrowers that would benefit from this program while housing prices are still low was the reason this Portfolio Lender is in Las Vegas to fill this niche market.
Las Vegas Home Loans for clients that have had a Bankruptcy Short Sale or Foreclosure within one year.
Portfolio Lender
- Bankruptcy 7 and 13 discharged over 1 year.
- Foreclosure over 1 year old.
- Short Sale over 1 year old.
This program is common sense Underwriting without harsh rates. Requires documentation of the hardship and must demonstrate that credit has been restored.
Not FICO score driven or hits for the borrowers that qualify.
Eligible Hardships
- Death or illness in family.
- Loss of Job.
- Loss of income.
- Divorce.
Ineligible Hardship
- Strategic Defaults.
- Arm resets are not a hardship.
Terms
- 20% down payment.
- Loan Limits $417,000.00.
- Debt to Income ratio 45% (no exceptions).
- 30 year loan.
- Must open savings account if approved ($110.00).
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