Premier offers second chance to homebuyers

Potential home shoppers often find themselves in a quandary as they wonder "Can I get a mortgage loan with today's new, tougher lending requirements?"

Potential homebuyers can discover the answer to this looming question by reviewing the gamut of mortgage options with a mortgage professional while undergoing mortgage prequalification, said Rick Piette of Premier Mortgage Lending.

"Everyone realizes that Southern Nevada is a buyers' market where home prices are significantly lower than just a few years ago and there are deals to be made with thousands of foreclosures and short sales on the market," he said. "I believe that this is definitely the time to buy a home, if you can, as prices are expected to go up as the housing market rebounds," said Piette, a longtime Las Vegan who has worked for more than 25 years in the residential mortgage industry.

"There are thousands of Southern Nevadans who want to buy a home at today's deflated prices, but they are uncertain as to if they can because banks have tightened their lending practices or because they have less-than-stellar credit. This uncertainty discourages them before they even begin their home search. I, along with many professional Realtors, encourage those interested in buying a home to meet with a mortgage broker that offers many different types of mortgage products to find out if and for what type of mortgage they can qualify, and more importantly to determine the amount that they feel comfortable paying," he said.

Piette and his Premier Mortgage Lending provide this free mortgage prequalification service and can help connect potential borrowers to lending programs including a traditional Federal Housing Administration, Veterans Affairs or conventional loan, or to its privately funded, nontraditional Another Chance Home Loan Program.

"By becoming prequalified for a mortgage, you can make an educated decision as to if now is the time for you to buy a home. If it is, you can begin your home search with confidence," Piette said.

During the prequalification process, a mortgage broker determines the amount of a mortgage for which potential borrowers may qualify by reviewing their income, assets and debts, credit score, down payment and other criteria.

According to Piette, certain standards must be met to qualify for a traditional loan offered by a conventional lender.

"We at Premier Mortgage Lending always lead potential borrowers to the mortgage program that's in their best interest with a low interest rate," Piette said. "Those who do not qualify for a conventional loan, including individuals who have recently experienced a short sale or foreclosure, may qualify for a mortgage offered by private lenders through our Another Chance Loan Program."

According to Piette, through Another Chance, private and institutional portfolio lenders offer home loans following full-documentation underwriting guidelines. At least a 20 percent down payment is required. These 15- or 30-year, fixed-rate loans carry interest rates that are typically higher than traditional mortgage rates. Borrowers may close within 30 days from the time of loan approval. Borrowers may refinance the loan at any time without penalty.

An Another Chance mortgage can be used on the purchase of a new home in addition to a resale. The lender is working with many of the valley's builders, including Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Ryland Homes and William Lyon Homes.

According to Piette, more than half of those who have participated in the prequalification process have learned that they can obtain a loan through the Another Chance Loan Program.

For details, call 485-6600 or visit www.premiermortgagelending.com or AnotherChanceNevada.com.

Premier Mortgage Lending is at 8689 W. Sahara Ave., Suite 100. The company is a member of the Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.