Nova Home Loans opens in Green Valley

Nancy Roodhouse with Nova Home Loans is the new face of mortgage loans in Green Valley. She opened an office in Continental Plaza on Aug. 15. According to Roodhouse, with the current low interest rates and low home prices, this is a time for potential home buyers to explore the possibility of getting a loan.

Nova Home Loans has five offices in Tucson and 13 in Arizona and has wanted a presence in Green Valley for some time, Roodhouse said. It’s no surprise then that when she was offered the chance to have an office in Green Valley, Roodhouse jumped at it.

“I’ve been in this business as a processor, an underwriter and a closer for 16 years and have been a loan officer for the past two years. This was my opportunity to have my own office and originate my own loans. And I’ve already joined the Chamber.”

Consequences of the 2008 sub-prime mortgage crisis resulted in higher interest rates on adjustable home loans, which led to a flood of mortgage delinquencies and foreclosures. Today, however, potential home buyers can take advantage of low interest rates and the decline in residential real estate prices.

In addition to offering conventional loans, Roodhouse said Nova Home Loans offers Federal Housing Authority, Department of Veterans Affairs and Department of Agriculture loans. For a conventional loan, the minimum credit score is 640—a welcome news considering that most residents in Green Valley have a credit score of 800, Roodhouse said.

“Purchasing a home is different for retirees than it is for young people. Retirees are analyzing whether to pay cash or get a loan at a low interest rate while young people need to prepare and save so they would not be house poor,” she said.

About 80 percent of mortgages issued to sub-prime borrowers were adjustable rate mortgages and as the rates peaked, delinquencies soared. “Sahuarita is a prime example of young people having to walk away from a home, and then home values in the neighborhood dropped,” Roodhouse said.

She advises anyone interested in buying a home in the near future to come in and explore getting a loan. Being pre-approved gives a buyer confidence and shows a seller they need not worry about the buyer’s ability to get approved.

“There are great interest rates now and great prices on homes. Underwriting and loan guidelines have tightened, and getting a loan approved takes 30 to 45 days,” she said. Nova Home Loans is at 210 W. Continental Road, Suite 132 in Continental Shopping Plaza. Hours are 8:30 to 5 Monday through Friday; 520-625-6682.

Once you get your pre-approved loan and you begin hunting for that dream property, it’s best to turn to the experts. For great prices on homes and incredible homes in South AZ, Dorn Homes can be depended on. Every Dorn-built house for sale in South Arizona is stylish, convenient, comfortable, and energy efficient. A semi-custom house for sale in Green Valley is also available to give you an idea or starting point of how you would like your dream home to be.


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