Premier Mortgage Lending offers second chance to buyers

Premier Mortgage Lending and its Another Chance Home Loan Program offers options to prospective homebuyers who have experienced a short sale or foreclosure and are looking to re-enter homeownership.

"Now is definitely a good time to purchase a home, if you can," said Rick Piette, manager for Premier Mortgage Lending. "A recent report from the Greater Las Vegas Association of Realtors showed that 48,186 single-family homes and condominiums sold in 2011. About half of these homes sold were cash-only transactions with many made by investors. This means that sales to typical buyers with lender financing were only about 24,000, a very low number for a city of nearly 2 million people and a result of tight mortgage lending.

"Tight mortgage lending is constraining homebuying in Southern Nevada, especially among residents who want to buy a home for their own family, rather than rent. It can be difficult for someone to take advantage of today's low prices, unless you're a cash buyer or have financing lined up. It's even tougher for those with less-than-perfect credit and for those who have experienced a short sale or foreclosure."

According to Piette, through Another Chance, private and institutional portfolio lenders offer home loans for the purchase of residential properties. Full-documentation underwriting guidelines are followed and at least a 20 percent down payment is required. These loans carry interest rates that are typically higher than traditional mortgage rates.

Borrowers may close within 30 days from the time of loan approval, he added.

The program has generated interest from prospective homebuyers as well as local homebuilders and Realtors.

"Of course, the response has been phenomenal among Southern Nevadans who hope to buy a home at today's fabulous prices, but are having difficulty due to unfortunate personal circumstances created by today's economy," Piette said. "People are excited when they learn they have the choice in whether to rent or to buy their own home. When the time comes, after they have re-established their credit, they have the opportunity to refinance into a traditional loan without penalty.

"Another Chance has also been embraced by homebuilders as the loan can be used on the purchase of a brand-new home in addition to a resale. We're currently working with eight of the valley's major builders who have more than 40 neighborhoods combined," Piette said. "Realtors have also expressed interest in the program as I have been invited to present informational seminars to members of the Greater Las Vegas Association of Realtors beginning in February."

The first step in participating in the program is to meet with a loan officer for complimentary prequalification. According to Piette, more than half of those who have participated in the prequalification process have learned they can obtain a loan.

For details about the Another Chance Loan Program, mortgage prequalification, or to schedule an appointment, call 485-6600 or visit AnotherChanceNevada.com.

Premier Mortgage Lending (NMLS 393282) is located at 8689 W. Sahara Ave., No. 100 in Las Vegas, and 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.