The Another Chance Nevada lending program has given hundreds of Southern Nevadans who have experienced a short sale or foreclosure another chance at homeownership. This Premier Mortgage Lending program offers this growing group of valley residents an option to buy another home again, without a wait period and even as little as a day after losing their home.
Among the Las Vegas Valley residents who are spending their holidays in a home new to them after a short sale are the Stewarts, who completed a short sale last December and closed on another home purchase through Another Chance Nevada in April.
“We had a short sale last December and it is usually really rough to get back into homeownership afterward, but we wanted to do it. We had a near perfect credit rating before our short sale, but we were unable to work with the bank,” valley resident Thomas Stewart said.
“We first heard about Premier Mortgage Lending’s programs in the newspaper and I just gave them a call to find out more information. We told them all about our situation and started the application process. Now we are very happy here living in our own house.”
Through Another Chance Nevada, the Las Vegas-based lender connects borrowers such as the Stewarts to private and portfolio lenders who offer 15- or 30-year loans with fixed interest rates that are typically higher than traditional mortgage rates.
Full-documentation guidelines are followed and at least a 20 percent down payment is required. The down payment can come from personal funds or can be obtained as a gift from family members. Borrowers may close within 30 days from the time of loan approval and may refinance the loan at any time without penalty.
An Another Chance Nevada loan can be used on the purchase of a resale 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.
“Working with Premier Mortgage Lending was very easy and we worked with a very personable consultant, (senior loan officer) Dianna Herra. We got prequalified first by answering real basic questions like how much do you make, what kind of income do you have, and what you can afford? We sent in the documentation as requested, and then they explained the program and came up with a figure that we would be eligible for. Then we started our home search and found a great home,” Stewart said.
“I was happy to find Premier because their program makes a lot of sense for lenders to take a chance on good people who were affected by the housing downturn. I am paying a higher interest rate now, but my actual payment is roughly what I would be paying in rent, even a little less. We’ll refinance in the future. We knew that we would have to pay to own a house and I knew that basically we are starting over again. We’re happy that we have a new start.”
For details, call 702-485-6600 or visit www.anotherchancenevada.com.
As a full-service lender, Premier Mortgage Lending also connects borrowers to conventional mortgages and the new the Federal Housing Administration’s “Back to Work – Extenuating Circumstances” program designed for homeowners displaced by a short sale or foreclosure.
Premier Mortgage Lending, NMLS No. 393282, is at 8689 W. Sahara Ave., Suite 100.