Can you buy a home if you’ve had a short sale or foreclosure?

Mortgage loans are confusing — let's just admit it. Because there are vast differences in every individual's financial situation, there's simply not a "one-size-fits-all" home loan. And for those who lost their home to a foreclosure or short sale during the housing downturn — they might believe there's no loan for them. But that's not necessarily true, according to Rick Piette, owner of Premier Mortgage Lending.

"The most important thing a prospective buyer can do if they want to purchase a home after a short sale or foreclosure is to talk with an expert," Piette said. "Of course, if you have cash to purchase, there is no wait. However, that's a luxury most of us can't claim. So a mortgage loan is needed; but navigating the waters to find the right one can seem daunting."

Studies have shown that since the recession, over half of the people who want to buy a home are too afraid to ask if they qualify simply due to the financial hardships they suffered during that period. But with the passage of time, the economy on the upswing, and interest rates still low — now is precisely the right moment for potential homebuyers to be asking that question.

"At Premier Mortgage, our goal is always to get our clients the best deal possible, so we offer a variety of loan options," Piette said. "And often the first question buyers ask us is "How long do I have to wait to get a loan?" So the first thing we do is analyze the time since their event."

"Different types of loans require different waiting periods — anywhere from two to seven years — although most don't know what that number is for the home they lost. For many, we're able to confirm that enough time has passed and their credit has recovered enough for them to be able to pursue a new traditional mortgage loan.

"But even if it hasn't — and this is often a surprise to people — we have private financing programs that allow buyers to eliminate those waiting periods, so we can help them buy a new home as little as one day after their prior home transfers out of their name," Piette said.

Because private financing is free of the mandatory waiting periods that accompany government-backed loans after a foreclosure or short sale, Premier is often able to assist buyers in obtaining the happy news: "Congratulations! Your loan has been approved!"

And even while the rates and costs for this private financing may be slightly higher than a Federal Housing Administration or Veterans Affairs loan. With no pre-payment penalties, owners are free to refinance for more favorable terms in the future.

Piette believes that it's important for people to realize they're not alone in this situation. "The economic crisis affected so many homeowners, and every day, we work with people who are searching for a way to get back into a home of their own again. We know how important that is — both financially and emotionally — and we wanted to help make it possible for Nevadans. So we decided to look for solutions, and we created Another Chance Nevada.

For more information, visit www.AnotherChanceNevada.com. To schedule an appointment to discuss what mortgage loan options are available for your personal situation, call 702-485-6600, or apply online at www.premiermortgagelending.com.

Premier Mortgage Lending, NMLS No. 393282, is at 701 N Green Valley Parkway, no. 125 in Henderson. The full-service lender is a member of the Las Vegas and Boulder City chambers 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.