Premier Mortgage Lending assists buyers with second chance

Premier Mortgage Lending and its Another Chance Home Loan Program offer homeownership for Southern Nevadans who have experienced a short sale or foreclosure, according to manager Rick Piette.

"Now truly is a great time to buy a home in Las Vegas. But, it can be difficult for someone to take advantage of this opportunity unless you are a cash buyer or have financing all lined up. It's even tougher for those with less-than-perfect credit and for those who have experienced a short sale or foreclosure," he said.

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 said.

"The program 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."

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 that they can obtain a loan through the program.

For details about the 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, 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.