Premier Mortgage Lending offers second chance for home loan

Premier Mortgage Lending and its Another Chance Home Loan Program are opening the doors to homeownership for Southern Nevadans who have experienced a short sale or foreclosure.

According to manager Rick Piette, the program and its free prequalification process have garnered the interest of prospective home buyers who want to purchase a home in today's buyers' market, but are uncertain if they can because of their past.

"Now truly is a great time to buy a home in Las Vegas, with the housing prices averaging under $125,000 and an inventory of over 21,000 homes in September. 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," Piette said.

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.

"The program has also been embraced by home builders as the loan can be used on the purchase of a brand-new home in addition to a resale. We're currently working with six 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 prequalification. According to Piette, more than half of those who have participated in the process have learned that they can obtain a loan.

"People are excited when they learn that they have the choice in whether to rent or to buy their own home," Piette said. "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, call 485-6600 or visit AnotherChanceNevada.com.

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.