Nevada’s Homeowner’s Bill of Rights

Nevada’s Homeowner’s Bill of Rights

Hey, everyone. You may have heard about the Homeowner’s Bill of Rights that will be effective starting October 1st.  While the name sounds appealing to homeowners, it actually makes it easier for lenders to foreclose on properties.

Homeowners need to be aware of the recent changes in our market. Since February, the number of default notices has increased each month; in January there were less than 200, in August there were more than 2,000!

The Federal Reserve will soon stop providing money for short sales. What does this mean? Lenders will be more inclined to foreclose on your property than allow you to short sell it.

If you or anyone you know is having difficulty or just having questions about the Homeowner’s Bill of Rights, please call me at 888.558.0421. I can help and I know of some great attorneys who can help as well.

Thank you for watching!

Mortgage FAQs: Buying a House After a Short Sale or Foreclosure? Why So Many Documentation Requirements?

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Our mortgage industry continues to change, evolve and adapt based on years past. That’s why in today’s mortgage update we discuss some of the most important questions that arise in many homebuyers’ and sellers’ minds. Here are the answers as provided by our very own mortgage expert Linda Bertuzzi of Nova Home Loans.

Why do I have to provide so much documentation for my home loan?
Many buyers ask this question and over the years the answer has varied greatly. It started out where home loan files were very thick and they consisted of paper after paper of verifications. Tax returns, income statements, affidavits from previous lenders and landlords, credit reports and so much more. Then for a while things changed. The mortgage industry got very lax and all of a sudden anyone and everyone could walk into a mortgage company or bank and walk out with a home loan.

We all know what the result of that was and following the 2007/2008 housing crisis things changed slowly but very surely. Major banks across the nation had to settle with state and federal regulators and end resulted in very stringent mortgage processes.

What you are experiencing today is part of a collective effort to avoid another mortgage crisis in the future as well as make sure buyers truly can afford what they are borrowing. It’s not just a matter of a house payment; a home loan is a long-term investment that buyers must be able to afford.

How soon after a short sale or foreclosure may I buy another home?
At first after the housing market crashed there were many unknowns as to how long it would take homeowners that were underwater to buy again. But with an effort to streamline the process and help to strengthen the housing industry as a whole, both the Obama Administration and lending institutions came together to be more lenient.

Today, homeowners that were forced to short sale their home can now buy another home as soon as the next day from the sale of their home. This applies in certain cases, and only if the homeowner never defaulted on any payments and remained current throughout the short sale process. On average FHA and VA loans holders can expect to be able to purchase another home within two years of a short sale or foreclosure if credit score is rebuilt and some other requirements have been met.

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If you would like to explore your options, we invite you to contact us today! Linda can be reached at 702 596 9565 and is ready to assist in making your real estate goals become a reality!

Mortgage Process FAQs Part 2; What Every Buyer Needs to Know in Today’s Marketplace

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As anyone in the Las Vegas area will tell you, I’ve been doing this for longer than most people can remember. And time and again, the most frequently asked questions have to do with mortgages and financing. So today, I met with Linda Bertuzzi of Nova Home Loans at 702-596-9565, a long-time partner and friend of the Mitch Schwartz real estate team and we share with you a three-part series with the answers to your questions.

One of the hardest things to see as a real estate agent is when we’ve helped someone sift through countless homes, find the perfect dream home and then lose the home because they were not prepared. In today’s mortgage FAQs, we cover what you can do to make sure all your ducks are in a row so you can GET the home of your dreams!

While in process of getting my loan, may I make any other new purchases?
The answer is no. Getting a home loan entails a long process that takes into consideration every little aspect of your financial makeup. It highly depends on your debt-to-income ratio, your spending patters and of course your ability to pay the loan. Though you can make cash purchases or investments with funds you do not plan to use for your down payment or other closing expenses, it’s important to stay in touch with your lender so they know what to expect. Some of the things to avoid are maxing out credit cards, making large purchases and opening new lines of credit.

Do I have to worry about my credit being checked after the first time?
The answer is yes. Though your lender will pull your credit initially to evaluate your creditworthiness as far as your loan goes, lenders are required to keep checking throughout the loan process. Due to a loan quality initiative, banks are required to monitor your credit until the loan closes, making sure you are not pulling more debt with your existing credit lines. Keep in mind, if your credit score dips in the process, you could easily lose the house and wait until you have rebuilt your credit.

How long does it take to get a loan?
The typical time it takes for a loan to be processed is anywhere from 45 to 60 days. However, these are loan applications that have been completed to the maximum capability of the buyer. All requested documents are submitted prior to the loan application process begins; tax returns, bank statements, income statements and verifications – all need to be submitted in entirety.

What’s the most important thing to know about getting a home loan?
The single most important thing buyers should know, especially in a world where information is easily available online, is to educate yourself on the process. Find out what to expect and know in advance the items you will need to present to your loan officer. Any shortfalls in this regard will likely cause hiccups in your buying a home.

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Are you in the market to buy a new home? Ideally the loan process should be started about 30 days prior to writing any offers. Contact us today for more information on what you need, we’ll put you in touch with our favorite lenders and get the ball rolling!