Today Fannie Mae extended a helping hand to homeowners who might opt for a Las Vegas Short Sale who are trying to avoid foreclosure. Fannie Mae as of July of this year will offer a program to homeowners that will enable them to buy a home within two years of they use a Las Vegas Short Sale instead of going into a Foreclosure.
At present, a homeowner who opted for a Las Vegas Short Sale must wait four years before they can qualify for a loan. So, these new rules cut this time down by 50%, which is great for our community. This will have a big impact, as about half of all mortgages issued here in Las Vegas are backed by Fannie Mae.
Qualifying for Las Vegas Short Sale
To qualify, Las Vegas Homeowners must make a down payment of 20% at least, although some borrowers with special circumstances like a job loss may only be required to put down 10%. These new rules are designed to make an alternative to a Las Vegas Foreclosure like a Las Vegas Short Sale to be more attractive to Las Vegas Homeowners who may be weighing the two.
This program also sets up pre-approved terms for Las Vegas Short Sales and offers financial incentives to borrowers and lenders to complete such sales with homeowners – it appears to be well thought out.
If you know of any person here in Las Vegas that is contemplating a Las Vegas Short Sale please have them contact us, as we are offering free/no strings attached consultation with our in-house attorney. Please call 702.360.2030 or visit our web site contact form to schedule an appointment.
