Another Chance Nevada Offers Second Chance After Short Sales & Foreclosures

Rick Piette of Premier Mortgage Lending
Rick Piette of Premier Mortgage Lending

The name of Premier Mortgage Lending’s increasingly popular Another Chance Nevada program reflects its goal: Offering “another chance” at homeownership to Nevadans who have experienced a recent short sale or foreclosure.

“As a longtime Las Vegan, I understand that our housing market goes in cycles, with prices fluctuating along with mortgage rates. Unfortunately, during our most recent shift, thousands of Southern Nevadans lost their homes in a short sale or foreclosure for various reasons,” Rick Piette of Las Vegas-based Premier Mortgage Lending said.

“Most have turned to renting even though they can afford mortgage payments if they bought a home at today’s great prices. Many don’t think that they have a choice, but they really do. Another Chance Nevada offers them a choice and a second chance at buying another home today.”
Piette explained that the premise of Another Chance Nevada is basic in that it connects qualified borrowers to private and portfolio lenders. However, there are differences, with the biggest being the wait time after a short sale or foreclosure.

“The biggest difference with Another Chance Nevada is the fact that we’re funded by private and institutional lenders, which gives us the flexibility to consider your personal situation when we’re reviewing your mortgage application. Conventional lenders have to follow the GSEs (government-sponsored enterprises) standards that state you must wait at least two or three years after a short sale and longer for a foreclosure before you can qualify for another mortgage. It’s even longer if you’ve had a bankruptcy. In reality, it can be much longer than that because you have to have near-perfect credit during those waiting years,” Piette said.

“Because we don’t have to follow the government manuals, Another Chance Nevada offers many the option of not relying on a landlord for years and buying another home now at today’s amazing prices.”

  • Another Chance Nevada follows full-documentation guidelines and offers fixed-interest rates like conventional mortgages, but there are some differences:
  • Another Chance Nevada loans are made by private and institutional portfolio lenders.
  • The 15- and 30-year fixed-rate loans have interest rates that are typically higher than traditional mortgage rates.
  • 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.
  • The loan may be refinanced at any time without penalty.

An Another Chance loan may be used on the purchase of a re-sale 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 in participating in the program is to meet with a loan officer for complimentary prequalification. As a full-service lender, Premier Mortgage Lending can connect qualified applicants to conventional loan programs as well.

“We’ve met so many Southern Nevadans who are surprised and excited to learn that they have the option to buy a home again. For many, after they compare the costs of renting vs. home buying and consider their personal goals, they decide that Another Chance Nevada is right for them,” Piette said.

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

Premier Mortgage Lending, NMLS #393282, is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117. 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.

Why The Pennies Count

Nearly every store has items ending in .97¢ or .99¢. Why? Because most people look at the dollar amount not the penny amount. What does this mean for you? A pocketful of pennies. Every penny counts towards making dollars. Think about it, if you save those pennies, by the end of the year you could have paid your cell phone bill for a month or done the food shopping for the week.

Now, I’m sure you’ve all driven through a toll road or parked in a cash only parking lot. Faced with the option of breaking a dollar bill or digging through your purse and pockets to find enough change, you’d be surprised how many people opt for the former. Spending the extra time to use those coins will mean your monthly expenditures won’t seem so high. A great way to save time is to have a container for all of your change in the car. So next time you’re at a toll road booth, you can just reach for the container and quickly find the change you need.

If you don’t want to take the extra time to rummage through your purse and pockets to find coins when you’re in need of change, take time every week to find all of the change and add it to your piggy bank. You’ll be amazed how quickly that piggy bank fills up.

Now that your piggy bank has filled up, what should you do with it? You have two options. First, keep saving those pennies for a rainy day or, second, get counting and head to the bank to deposit them into your account. If you’re going with the first option make sure you keep track of the types of coins you have. Some countries are starting to abolish certain coins. Most recently Canada abolished the penny in cash value. If you’re going with the second option you’ll have to roll those coins or bag them up, depending on which country you’re in, before heading to the bank.

It’s not just the cash value of all those coins that matters but also the educational purpose they serve. All us of used coins as a child to learn how to count, and to help us learn the value of money. Depending on the era we were born, we have different ideas of the worth of a penny, a nickel, and a dime but nonetheless we learned to save them to buy candy, comics, and toys. Fast forward to adulthood and many of us forget the value of the coins and focus on the bills. Maybe it’s time to to relearn our childhood appreciation for coins.