As the economy and the housing market in Las Vegas continue to improve, things are beginning to look up for Southern Nevadans.

There’s an optimism that springs from seeing unemployment rates drop, new hotel/casinos on the boards, and families looking forward to planning their futures again – instead of worrying about what might happen tomorrow.

There’s no question that as the economy gets better, people want to take back control over parts of their life that they lost in the downturn. And one of the most important is having the ability to live in a home of their own!

As owners lost their homes to foreclosures and short-sales during the housing crisis, people discovered that due to federally-regulated waiting periods, they might need to delay getting a new mortgage loan for years. For many, renting was the only option, and since then, rental costs have spiraled at a rate higher than inflation. In many markets (Las Vegas included), it can take up to twice as much of your paycheck to rent than it would to own the same home.

But there is great news for those who want to own a home again. And many more people can qualify for a mortgage loan today than even they realize.

Fear of rejection has played a huge role in keeping families from owning a home in recent years. One recent study indicated more than half of people who said they’d like to buy a home in the next two years hadn’t even asked if they could get a mortgage – because they were afraid they wouldn’t qualify. Even if buyers have been turned down by one lender, oftentimes, another lender with considerable 2nd Chance experience is able to turn that “loan declined” response into “Here’s the key to your own home!”

How is that possible? First, mortgage brokers can work with a large number of lenders to find the right home loan for buyers – as opposed to banks or mortgage banks that typically offer only their own loan products. More choices opens up more home buying opportunities!

Second, some lenders have private lending divisions designed specifically to help those who were adversely affected by the housing collapse. Through these private lending programs, buyers are often able to get a new mortgage loan as early as one day after a foreclosure or short sale.”

Both private lenders and institutional portfolio lenders are not required to follow the pre-established waiting periods required for government-sponsored loans. Fixed rate loans are available at interest rates typically higher than traditional mortgage rates, and such loans require a minimum of 20 percent down payment. Why have these programs become so popular? Because buyers who utilize 2nd Chance financing enjoy all the financial and tax benefits of owning a home; re-establish a positive mortgage loan history; and are able to provide a safe and secure home base for their family’s future. Everyone deserves the opportunity to purchase a home of their own, and second chance financing programs have helped hundreds of Southern Nevada families get back on the path to financial recovery.” For those who are still dreaming about the possibility of owning a home again, it’s time for them to pick up the phone and call a Realtor. As goes real estate… so goes the economy. Let’s do our part to get Southern Nevadans into homes once again.