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Premier Mortgage Lending offers second-chance program

Effects of the recent economic recession linger in Southern Nevada as thousands upon thousands of Nevadans continue to move forward after a short sale or foreclosure alongside increasing home sale prices.

The question that Rick Piette of Premier Mortgage Lending hears most from those who are rebuilding their lives after a short sale or foreclosure are “Can I buy a home now before home prices go up higher?” This is often followed by: “Is now a good time to buy a home?”

There are no simple answers. His best advice: Become educated about your many options.

“I completely understand why there are a lot of questions about when you can purchase another home after a short sale or foreclosure with all of the news stories out there about mortgage reforms and changes in lending programs. It can easily get confusing because the wait time varies by the program and your individual financial situation, and these guidelines can and do change,” Piette said.

He said an August change in conventional financing guidelines doubles the wait time before one may qualify for a conventional mortgage to four years after a short sale.

“Waiting to qualify for a mortgage can be frustrating for the thousands of Nevadans who can now afford mortgage payments because their personal financial situations have improved like our economy. While waiting, they are watching the housing prices increase and would like to buy a home at today’s prices because they can afford it. But, they don’t think they have any choice but to wait and hope that they won’t get priced out of homeownership.”

According to the Greater Las Vegas Association of Realtors, the median single-family home sales prices increased to $200,000 in August, a 9.9 percent one-year increase from August 2013. This represents a significant increase from when the Southern Nevada real estate market bottomed with a median single-family home sales price of $118,000 in January 2012, but well below the June 2006 median sales price peak of $315,000.

“Many don’t realize that other lending programs are now available like the privately funded ‘second-chance loans’ that can completely eliminate the wait time and allow you to buy a home right now, at today’s prices,” Piette said.

One of these “second chance loan” programs is Another Chance Nevada, a privately funded program of Premier Mortgage Lending, a full-service lender based in Henderson.

Another Chance Nevada connects borrowers to private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at interest rates typically higher than traditional mortgage rates.

At least a 20 percent down payment is required, and the loan can be used on a brand-new or resale home. The loan may be refinanced at any time without penalty.

“Another Chance Nevada eliminates that mandatory wait time of conventional mortgages and allows you to purchase another home as little as one day after your short sale or foreclosure is completed,” Piette said.

“I believe that everyone who is thinking about buying a home should go through the mortgage prequalification process, regardless of their personal financial history, because this is the only way to really know if you can buy a home, the lending programs for which you can qualify, and the price of homes you can buy,” Piette said.

“We can help you learn if you can qualify for Another Chance Nevada as well as conventional mortgage programs and arm you with the facts so that you can make an educated decision as to if now is the right time for you, personally, to buy a home.”

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

Premier Mortgage Lending, NMLS No. 393282, is at 701 N. Green Valley Parkway, Suite 125.

The full-service lender is a member of the Las Vegas and Boulder City 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.

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