Rick Piette of Las Vegas-based Premier Mortgage Lending said his company’s Another Chance Nevada program is removing a barrier to home-ownership faced by thousands of Southern Nevadans after a short sale or foreclosure — the wait time before they can become homeowners.
“Thousands of Southern Nevadans have lost their homes due to the economy and they don’t believe that they can buy another home anytime soon,” he said. “They’re surprised to learn that they have options and can buy a home right after a short sale or foreclosure through private mortgage programs like Another Chance Nevada.”
He said government-sponsored programs, which are often used by conventional lenders, require homeowners to wait at least two or three years after a short sale and longer for a foreclosure.
“Because Another Chance Nevada is privately funded, we are not required to follow the same (requirements),” he said. “We consider each individual’s unique situation that led to the short sale or foreclosure and can offer them a second chance at homeownership, even a day after the sale of their previous home.
“We consider the unique circumstances behind it and are respectful of the fact that they’re among the thousands of Southern Nevadans in this unfortunate situation,” Piette, a longtime Las Vegan, added.
Another Chance Nevada is similar to conventional mortgages in that it follows full-documentation guidelines and offers fixed rates, but there are some differences:
■ They are made by private and institutional portfolio lenders.
■ The 15- and 30-year fixed-rate loans have interest rates that are typically higher than traditional mortgage rates.
■ At least a 20 percent down payment is required. The down payment can come from personal money or can be obtained as a gift from family members.
■ Borrowers may close within 30 days from the time of loan approval.
■ The loan may be refinanced at any time without penalty.
An Another Chance loan may be used on the purchase of a re-sale or a new home. The lender is currently working with Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Richmond American Homes, Ryland Homes and William Lyon Homes.
The first step in participating in the program is to meet with a loan officer for a free prequalification. As a full-service lender, Premier Mortgage Lending can connect qualified applicants to conventional loan programs as well.
“Our clients are ecstatic when they find out that they have the option to buy a home at today’s prices and that they do not have to rent” Piette said.
For additional information, 702-485-6600 or visit www.anotherchancenevada.com.
Premier Mortgage Lending is at 8689 W. Sahara Ave., Suite 100. The lender is a member of the Las Vegas and Boulder City Chambers of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.