Premier Mortgage Lending opens doors of homeownership through second chance financing

The decision as to whether to buy or rent a home is a personal one, entailing both financial and lifestyle considerations. For Southern Nevadans who have experienced a recent short sale or foreclosure, the prospect of homeownership may appear unattainable. However, this is not necessarily the case thanks to private lending programs such as Premier Mortgage Lending’s Another Chance Loan Program.

“For the more than 100,000 prior homeowners who have lost their home due to a foreclosure or short sale, many think that their opportunity to buy a home of their own is closed and that their only option is become a renter. For many, renting is not their only option,” said Rick Piette of Premier Mortgage Lending, a full-service mortgage provider.

“If you are among the growing group of Nevadans who has lost your home from a foreclosure or short sale, you now have a choice to buy instead of rent through Premier Mortgage Lending and our Another Chance Loan Program.”

According to Piette, the Another Chance Loan 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. Borrowers may refinance the loan at any time without penalty.

“Buying a home is a very personal decision that greatly impacts one’s everyday living. For some who have experienced a short sale or foreclosure, the prospect may seem a little scary, while others look forward to it because of the many advantages,” Piette said.

“Owning your own home offers the sense of community, stability and security. You can decorate and make the home however you want, according to your needs and your style, without needing permission from a landlord. Owning a home offers tax benefits and the opportunity to build equity. You can control your own housing and not worry about your lease not being extended or that the home you’re renting may go into foreclosure,” Piette said. “On the flip side, as a renter it is easier to move and you have little responsibility for home maintenance, which some people prefer.”

Piette stated that purchasing a home at today’s low prices may offer mortgage payments lower than rent.

According to Trulia’s “Rent vs. Buy Index” for December 2011-February 2012, the Las Vegas metropolitan area ranks 11th among metropolitan areas where purchasing is more affordable than renting. Meanwhile, the Greater Las Vegas Association of Realtors (GLVAR) 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.

“At these prices, it is easy to understand why your mortgage payment may actually be less than renting the same type of home, even for buyers who pay a little higher interest rate through Another Chance,” Piette said.

Piette encourages potential home buyers to meet with a mortgage specialist to become pre-qualified for a mortgage before shopping for a home. During the pre-qualification process, potential borrowers can determine the type of mortgage they may qualify, the monthly mortgage payment in which they feel comfortable paying, and ultimately how much they may spend on a home.

An Another Chance mortgage can also be used on the purchase of a brand-new home. The lender is currently 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 about Another Chance Loan Program, mortgage pre-qualification or appointments, call 485-6600 or visit www.premiermortgagelending.com or AnotherChanceNevada.com.

Premier Mortgage Lending (NMLS 393282) is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117 and is a member of the Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

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, a full-service mortgage provider. “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.

“We as a community should be concerned about the decline in homeownership. It threatens the fabric of the community, the sense of neighborhood and the pride of taking care of the home you live in,” Piette said.

“If you are among the growing group of Nevadans who has lost your home from a foreclosure or short sale, you now have a choice to buy instead of rent through Premier Mortgage Lending and our Another Chance Loan Program.”

According to Piette, the Another Chance Loan 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. Borrowers 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. “There are many financial advantages to buying a home at today’s amazing low prices. The Greater Las Vegas Association of Realtors (GLVAR) 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. At these prices, it is easy to understand why your mortgage payment may actually be less than renting the same type of home, even for buyers who pay a little higher interest rate through Another Chance.”

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 the Another Chance program versus paying the average rent of $1,270 for the 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.

Piette says that there are also many lifestyle considerations that potential buyers should consider.

“Owning your own home offers the sense of community, stability and security. You can decorate and make the home however you want, according to your needs and your style, without needing permission from a landlord. Owning a home offers tax benefits and the opportunity to build equity. You can control your own housing and not worry about your lease not being extended or that the home you’re renting may go into foreclosure,” Piette said. “On the flip side, as a renter it easier to move and you have little responsibility for home maintenance, which some people prefer.”

Piette encourages potential home buyers to meet with a mortgage specialist to become pre-qualified for a mortgage before shopping for a home. During the pre-qualification process, potential borrowers can determine the type of mortgage they may qualify, the monthly mortgage payment in which they feel comfortable paying, and ultimately how much they may spend on a home.

“Doing your homework and becoming pre-qualified for a mortgage is becoming even more important in Las Vegas’ competitive housing market,” Piette said, explaining that, according to GLVAR, there were only 4,162 single-family homes and 1,161 condominiums and townhomes listed without any sort of an offer at the end of April.

An Another Chance mortgage can also be used on the purchase of a brand-new home. The lender is currently 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 about Another Chance Loan Program, mortgage pre-qualification or appointments, call 485-6600 or visit www.premiermortgagelending.com or AnotherChanceNevada.com.

Premier Mortgage Lending (NMLS 393282) is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117 and is a member of the Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.