Obtaining a Las Vegas mortgage loan after a short sale, whether FHA, conventional or VA, can take between 2 and 4 years depending on which mortgage is preferred - even the FHA Back to Work Initiative can take a year but has strict requirements.
Las Vegas, NV -- (ReleaseWire) -- 12/16/2013 --Rob Flitton, “The Closer", a top REALTOR dealing in Las Vegas homes, had a client who closed on a short sale in November 2012, and yet this week went under contract to buy a brand new home from Beazer Homes in Providence Las Vegas.
“This is a second chance at ownership that I did not think would happen so soon” said the woman, a long time resident of Las Vegas. “Losing my home last year was traumatic because I had spent my whole life paying my bills on time, and now I will feel the pride of home-ownership again.”
Despite the woman not meeting the three main requirements of FHA’s Back to Work Program, the woman had the sufficient down-payment to qualify for a portfolio mortgage arranged through one of Rob Flitton’s Las Vegas mortgage providers - and it is expected that she will refinance this home in late 2014 with a standard mortgage at prevailing interest rates.
“I have now placed quite a few Las Vegas home buyer clients into this program and it is regarded very favorably by my clients” said Flitton, “and it is because the math works so well. Waiting on the sidelines paying rent is just not a good plan for almost anyone with the market expected to rise over the next couple of years.”
A portfolio mortgage is a mortgage that the lender or investor retains on their books and does not sell as a security - it is accordingly not subject to the oversight and regulation that normal mortgages are and so lenders have a much wider latitude in underwriting.
Extensive details about the various loan and mortgage options for buying a home in Las Vegas are available at RobFlitton.com.
About Rob Flitton
Rob Flitton is a highly successful real estate specialist with over 30 years of experience as a REALTOR, real estate developer, and custom home builder responsible for more than $250 million in transactions.