Premier Mortgage Lending offers second-chance option

Another Chance Nevada is reopening the doors to homeownership for thousands of Southern Nevadans who have experienced a short sale or foreclosure during the housing market bust, according to Rick Piette of Premier Mortgage Lending.

Through the “second chance” financing program, Las Vegas-based Premier Mortgage Lending has offered this segment the opportunity to purchase a home — new or resale — without a waiting period.

“There are thousands of Southern Nevadans who want to purchase a home but are unable to because their past includes a short sale or foreclosure. There are a lot of Nevadans who would love to buy the homes for sale and under construction at today’s low prices, but they either can’t or don’t think that they can for whatever reason,” Piette said.

“Premier Mortgage Lending’s privately funded Another Chance Home Loan Program offers these borrowers this opportunity through what some call ‘second chance’ financing. We’re offering folks who unfortunately lost their homes during the Southern Nevada housing crisis a second chance at homeownership.”

Another Chance Nevada connects individuals 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 without penalty.

“With the Greater Las Vegas Association of Realtors’ recent report that home prices increased by more than 30 percent from May 2012 to May 2013, some folks who have been renting and waiting to qualify for traditional financing after a short sale or foreclosure are choosing to buy another home now with an Another Chance Nevada loan, with the plan to refinance when they’re able,” he said.

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 first step that anyone who is even thinking about buying a home should take is to meet with a full-service lender like Premier Mortgage Lending and go through the complimentary mortgage prequalification process,” Piette said. “Doing this can help you answer major questions: ‘Can I buy a home today, and if so, with what type of mortgage?’ and ‘Is now a good time for me to personally buy a home?’

“We’ve met with thousands of Southern Nevadans who are trying to find the answers to these questions. As a full-service lender, we’ve connected prospective borrowers to both traditional financing and Another Chance Nevada loans. Some decide that now is indeed a great time to buy a home at today’s prices, while others decide that it’s personally better for them to rent.”

For additional information or to schedule an appointment for mortgage prequalification, call Premier Mortgage at 702-485-6600 or visit www.Another
ChanceNevada.com.

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

The company is a member of the Las Vegas and Boulder City chambers of commerce, Better Business Bureau and Southern Nevada Home Builders Association. It is also an affiliate member of the Greater Las Vegas Association of Realtors.