Premier Mortgage Lending is helping prospective home buyers who have experienced a short sale or foreclosure to reopen the door of homeownership through its Another Chance Home Loan Program.
According to manager Rick Piette, the response to the privately funded, full-documentation loan program has been “unbelievable” among buyers taking advantage of the Las Vegas Valley’s deflated home prices.
“The response to the Another Chance Home Loan Program has been absolutely unbelievable among Southern Nevadans who want to purchase a home at today’s low prices but have doubts as to if they can because of their past,” Piette said. “Most of the people who we’ve connected to mortgages became victims of today’s economy due to unfortunate circumstances.
“Another Chance offers prospective buyers, even those who have experienced a foreclosure or short sale, the opportunity to take control of their housing situation and to purchase a home at today’s fabulous prices rather than paying rent for what is often more than what the mortgage payment would be on the same type of home. For many people who have experienced a foreclosure or short sale, unless they have cash on hand to buy a home, they have no alternative other than rent and hope that they will not have to move yet again because the home that they’re renting is going into a foreclosure or short sale,” Piette said.
“Some people say that those who have experienced a short sale or foreclosure may be able to purchase a home with a traditional mortgage after about three years. This benchmark is for people with near-perfect credit during those three years. As I meet more and more people, it has become clear to me that, for many, it will be many years before they can actually qualify through other programs because of personal circumstances.”
Through Another Chance, private lenders 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. Borrowers may close within 30 days from the time of loan approval.
“An Another Chance loan may be used on the purchase of a resale home or even a brand-new home. A lot of home builders have embraced the program, including six of the valley’s major builders with more than 40 neighborhoods combined,” he said.
The first step in participating in the program is to meet with a loan officer for complimentary prequalification.
“More than half of those who have participated in our prequalification process have learned that they can obtain a loan through Another Chance,” Piette said. “Our clients are ecstatic when they find out that they have the opportunity to buy a home of their own rather than rent. When the time comes, after they have re-established their credit, they have the opportunity to refinance into a traditional loan without penalty.”
For details about the Another Chance Loan Program, mortgage prequalification or scheduling an appointment, call 485-6600 or visit www.AnotherChance
Premier Mortgage Lending is located at 8689 W. Sahara Ave., No. 100, and is a member of the American Association of Private Lenders, Las Vegas Chamber 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.