Second chance financing offered through Premier Mortgage Lending

Nevadans who have experienced a short sale or foreclosure are not necessarily locked out of buying a home at current low housing prices. Opportunities exist through private lending programs such as Premier Mortgage Lending's Another Chance Loan Program.

"There are over 100,000 prior homeowners who have lost their homes due to foreclosure or short sales in Southern Nevada. They're now renting because they do not believe that they have any other option," said Rick Piette of Premier Mortgage Lending. "Las Vegas is now a city of renters, although the numbers show that it is often less expensive to buy a home than to rent one.

According to Piette, the program opens the doors to homeownership through private and institutional portfolio lenders who offer home loans following full-documentation underwriting guidelines. These 15- or 30-year, fixed-rate loans carry interest rates that are typically higher than traditional mortgage rates, and require at least a 20 percent down payment.

Borrowers may close within 30 days from the time of loan approval and may refinance the loan at any time without penalty.

"The decision as to whether to buy or to rent a home is a personal one. It's both a financial and a lifestyle decision," Piette said.

The Greater Las Vegas Association of Realtors reported the median price of single-family homes at only $127,900 in April, and the median sales price of townhomes and condominiums was $59,900.

During an educational seminar presented to GLVAR members last month, Piette compiled a five-year financial comparison of purchasing a 2,100-square-foot home for $135,000 at the going rate of $64 per square foot through his program versus paying the average rent of $1,270 for a similar home. According to his comparison, five years of mortgage payments would be slightly less than five years of rent. However, the adjusted cost of owning the home when considering interest and tax deductions would save the owner $21,650 over the course of five years.

The mortgage can be used on the purchase of a new home. The lender is working with many of the valley's major builders, including Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Ryland Homes and William Lyon Homes.

For details, call 485-6600 or visit www.premiermortgagelending.com or AnotherChanceNevada.com. Premier Mortgage Lending is at 8689 W. Sahara Ave., Suite 100. The company is a member of the Better Business Bureau and Southern Nevada Home Builders Association and an affiliate member of the Greater Las Vegas Association of Realtors.