Premier Mortgage gives options to homebuyers

Housing reports released last month have shed rays of optimism on the recovery of the Las Vegas Valley’s housing market, placing 2012 as a year with double-digit price increases and strong sales numbers.

Not everyone looks at this news fondly, especially the thousands of Southern Nevadans who lost their homes to either a short sale or foreclosure and do not think they can obtain financing for a new home purchase right now.

“The statistics definitely show that now is a great time to buy a home in Southern Nevada as the prices are low, and those who can are doing just that. Thousands of Nevadans have suffered the loss of their homes to either a short sale or a foreclosure, and there are as many as 80,000 homeowners in the valley who are currently underwater and delinquent on their mortgage payments and may lose their homes, too,” said Rick Piette of Premier Mortgage Lending. “Getting these folks back into a home of their own will help stabilize our neighborhoods and keep the momentum in home sales moving forward.”

According to a Jan. 29 article from CNN Money, housing prices have posted their biggest jump in six years nationwide. Citing the Standard & Poor’s Chase-Shiller index, an increase in the Las Vegas market’s home prices landed the valley among the top 5 of the 20 major markets that it tracks nationwide, comparing November 2012 sale prices to November 2011.

This national data complements statistics released locally by the Greater Las Vegas Association of Realtors, which recorded a 24 percent price increase from January to December 2012 and tagged 2012 as having the third most home sales in a year.

“A lot of people who want to become homeowners as well as investors who believe that now is a great time to buy a home and are contributing to the valley’s influx of home sales. There are thousands of others who also want to also take advantage of this window of opportunity to buy a home at today’s low prices, but because of a recent short sale or foreclosure they think they are locked out of homeownership as they’re waiting to qualify for a traditional home loan,” Piette said.

“If you are waiting until you can qualify for a traditional home loan, it may be quite a long time as there’s a growing disparity between what the lending manuals say in regards to waiting time and what we are seeing in actual practice. While the manuals state waiting periods of two to three years after a short sale or foreclosure, the reality seems to be more like three to five years for the typical Las Vegan to purchase again,” Piette said. “Many do not have to wait thanks to nontraditional financing programs like Another Chance Nevada by Premier Mortgage Lending.”

According to Piette, Another Chance Nevada connects individuals who have experienced a short sale or foreclosure with private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at 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 loan may 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.

“The decision to purchase a home now using nontraditional financing or to wait until you can qualify for a traditional loan is an individual decision. For many, Another Chance Nevada makes financial sense because their mortgage payment may be the same, if not lower, than rent,” Piette said. “Plus, if housing prices continue to increase like in 2012, it might actually cost more to buy a home with a traditional loan down the road than one now with an Another Chance loan.”

As a full-service lender, Premier Mortgage Lending provides complimentary mortgage prequalification to help people determine if they may qualify for a traditional mortgage or Another Chance Nevada, and to weigh if buying a home is the right decision for them.

For additional information, call Premier Mortgage at 702-485-6600 or visit www.AnotherChanceNevada.com.

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

The company is a member of the 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.