Start Fresh with a CCCU Second Chance Mortgage in Las Vegas
It appears the worst is over – the foreclosure, short sale and bankruptcy crises that began in late 2005 and plunged millions of homeowners into a financial and emotional tailspin is now behind us.
For many of these homeowners, enough time has passed and their financial situations have improved enough to lure them back into the housing market. If you're one of them, you may not like the industry descriptor: “boomerang buyer.” But it would be difficult to find fault with the optimistic notion of bouncing back from such a setback – no matter what the cause or the circumstances that led to it.
Clark County Credit Union prefers the term “second chance” – and is proud to offer a 2nd chance mortgage in Las Vegas that could make home ownership a reality once again.
Review the terms of a second-chance mortgage in Las Vegas
To qualify, borrowers must:
- Prove two years of residency
- Demonstrate good job stability
- Use the mortgage for a primary residence located in Clark County
- Seek a mortgage loan for no more than three times their annual gross income
- Own no other residential property
A second chance mortgage loan in Las Vegas generally carries these terms:
- Loans for less than $100,000 must be amortized for 15 years
- A 20 percent down payment is required, along with a 2-point origination fee
Every customer is different – and CCCU treats them that way
Like many potential home buyers, the next question on your mind might be: “How long after a foreclosure, bankruptcy or short sale do I have to wait before I can apply for a 2nd chance mortgage in Las Vegas?”
In general, how quickly someone can “boomerang” from a foreclosure or bankruptcy depends on the reasons that led to the financial crisis, as well as the applicant's current credit score. For example, an applicant who had a good or very good credit score before losing a job is more likely to qualify for a 2nd chance mortgage in Las Vegas than someone who had poor credit and continues to make late payments.
Remember, the counselors at Clark County Credit Union are rooting for you and will do everything they can to help you achieve homeownership. They know every situation is different and so deserves careful and thorough consideration. They’re good listeners and take all mitigating factors into account.
Consider some guiding principles
This said, some guiding principles about mortgages might be helpful:
- The term “short sale” should not appear on a credit report. But if the payments leading up to the short sale were late, these payments remain on a credit report for seven years.
- Traditionally, people who defaulted on a mortgage and went into foreclosure were required to wait seven years to qualify for a conventional loan. Bankruptcies stayed on a credit report for 10 years.
- Loans guaranteed by the Department of Veterans Affairs (called VA loans) have the most lenient loan rules, with a two-year waiting period after a foreclosure.
- Loans backed by the Federal Housing Administration are easier to qualify for. In fact, some applicants do not have to ride out any waiting period if they never made a late mortgage payment. People who did default on a loan usually have to wait three years to qualify for an FHA loan.
- The FHA launched the Back to Work loan program in 2013 for people who lost their homes during the recession and housing crisis. The program allows people to apply for mortgages 12 months after a foreclosure or bankruptcy if they can prove a job loss or pay cut caused their income to drop by 20 percent or more.
Contact CCCU to get Started on your 2nd Chance Mortgage in Las Vegas
All of these guiding principles can be influenced by “extenuating circumstances,” such as a job loss, divorce, serious illness or death of the main wage earner. This is another reason why it behooves you to make an appointment with a counselor at Clark County Credit Union. They will give your situation the time and attention it deserves – and prove the worst of the housing crisis really is over for you, once and for all. Get started with a 2nd chance mortgage in Las Vegas by calling CCCU at 702-228-2228 today.