Premier helps buyers get ‘Another Chance’ to own

Thousands of Southern Nevada homeowners have found themselves at a crossroads figuring out where to live after turning in the keys to their home after a short sale or foreclosure. Many believe that they have no other choice than to start over as renters and that it will be many years before they can hold keys to their own homes again.

Not true. New programs now make it possible for qualified Southern Nevadans to rebuild their lives in a home of their own immediately after experiencing a foreclosure or short sale. Among those is the Another Chance Nevada program offered by Las Vegas-based Premier Mortgage Lending.

"For many people who have experienced a short sale or a foreclosure, it's not a question of 'if' they want to be a homeowner again, it's instead a question of 'when' can they buy another home. For many, the answer to that question is 'now' through our new Another Chance Nevada program," said Rick Piette of Premier Mortgage Lending.

" They're looking for a second chance to experience the pride of homeownership plus the tax advantages and opportunity to rebuild their equity," Piette said.

Through Another Chance Nevada, private and institutional portfolio lenders offer home loans following full-documentation underwriting guidelines. These 15- or 30-year, fixed-rate loans carry interest rates that are typically higher than traditional mortgage rates. At least a 20 percent down payment is required.

Borrowers may close within 30 days from the time of loan approval, and may refinance at any time without penalty.

"When you sit down and carefully analyze the numbers, in many cases, it actually costs less to buy a home at today's low prices than to rent," he said. "For many who plan to live in the home for many years, it makes good financial sense because as a homeowner you have the opportunity to deduct interest payments from your taxes and to build equity, while as a renter your monthly payment just goes to someone else who can enjoy the tax benefits and build equity at your expense.

"We recently did an analysis of our actual second chance home buyers that left their prior home and purchased a new home of similar size and amenities. We found that in almost every case, our borrowers had reduced both their payments and their loan balances in half," Piette added.

An Another Chance loan may be used on purchase of a resale or a new home. The lender is 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 that anyone should take when determining if buying a home makes financial sense is visit with an experienced lender and complete the mortgage prequalification process, a service that Premier Mortgage Lending offers for free," Piette said. "We can help you determine not only if you can qualify for a mortgage, but also weigh the monthly mortgage payments and decide if now is financially a good time for you to buy ."

For additional information , call Premier Mortgage at 485-6600 or visit www.anotherchancenevada.com.

Premier Mortgage Lending is at 8689 W. Sahara Ave., Suite 100 .