Premier Mortgage offers second-chance financing for homebuyers

The now-is-the-time-to-buy mindset is prevalent in today’s realty market, with thousands of homebuyers hedging their bets that valley real estate prices will continue to rebound as they scoop up short sales and foreclosures. Preparation, research and having financing in place are key for those who wish to compete in today’s multiple-offer home sales, according to Rick Piette of Premier Mortgage Lending.

“It’s often said that ‘cash is king’ in real estate, especially in today’s Las Vegas market where sellers and banks entertain multiple offers. Having cash in hand is not necessary in the resale market, but being prepared with both knowledge and financing are essential if you want to take advantage of today’s amazing home deals and have your offer selected over those of investors,” Piette said.

He said being prepared is necessary to compete as homes are being sold quickly, citing Greater Las Vegas Association of Realtors’ February sales report when more than half of homes sold were on the market for 30 days or less.

Prices have steadily increased in the past year, with real estate data provider CoreLogic reporting that Nevada led the West with a 19.3 percent yearly increase in resale prices between February 2013 and February 2012.

Piette predicts that sales will remain steady as thousands of current homeowners who are underwater on their mortgages will decide to move forward with a short sale or foreclosure before the Mortgage Forgiveness Debt Relief Act expires Dec. 31.

He said the number may increase further if the 2013 Nevada Legislature approves the proposed Assembly Bill 300, which would modify Nevada’s robo-signing law and make it easier for banks to foreclose.

“Understanding all of your financing options is the first step in deciding if now is the time for you to buy a home of your own. Hundreds of valley residents have learned while researching their options that new loan programs like Another Chance Nevada by Premier Mortgage Lending are opening the door to homeownership for those who have recently experienced a short sale or foreclosure. The only way to know if you can qualify for a home loan, whether it be a traditional mortgage or nontraditional financing, is to meet with a full-service lender and undergo mortgage prequalification,” Piette said.

“While going through our free pre-qualification service, hundreds have been surprised to learn that having a recent short sale or foreclosure doesn’t necessarily lock them out of homeownership and they don’t have to wait to buy a home with Another Chance Nevada.”

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 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.

“Prequalification is a very important first step for anybody looking to buy a home without cash in hand. It’s important to go through it with a full-service lender like Premier Mortgage Lending, which can help guide potential borrowers to a full array of mortgage products from traditional loans to the private and portfolio lenders of Another Chance Nevada,” Piette said.

“During the free service, we help people learn not only if they qualify for a loan and the amount, (but) we give them a chance to think about how much of a mortgage payment they can realistically afford when they add up taxes, insurance and other costs in a no-pressure setting. With this information in hand, they are able to decide if now is the right time for them to buy a home. If they decide that it is, they can present the mortgage prequalification letter with their purchase offer and effectively compete with investors in today’s competitive seller’s market.”

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, as well as an affiliate member of the Greater Las Vegas Association of Realtors.