Private and institutional lending programs like Premier Mortgage Lending’s Another Chance Nevada offer something that conventional mortgage lenders do not: A flexible approach with the opportunity to purchase another home after a short sale or foreclosure without a prescribed wait time.
Why and how?
Unlike conventional lenders, private and portfolio lenders are not required to take a one-size fits all approach and follow government-sponsored enterprises standards (GSEs) that outline at least a two- or three-year wait after a short sale and longer for a foreclosure qualifying for another mortgage.
“Another Chance Nevada offers those who’ve recently had a short sale or foreclosure an opportunity to own another home now instead of having to rent. Premier Mortgage Lending does not take a ‘cookie cutter approach’ like some conventional lenders when it comes to offering home financing after a short sale or foreclosure. Our approach is individualized because we realize that everyone’s scenario is different,” Dianna Herra, senior loan officer of Premier Mortgage Lending, said.
“As a full-service lender, Premier Mortgage Lending offers many financing options. After speaking to you about your situation, we will guide you to the program, whether it be traditional financing or second-chance financing, that best meets your needs. Everyone’s situation is different, and depending upon your specific circumstances, you may qualify to buy a home again after a short sale or foreclosure without any wait time.”
Through Another Chance Nevada, the Las Vegas-based lender connects qualified borrowers to private and portfolio lenders who offer 15- or 30-year loans with fixed 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.
“There are a lot of reasons why people want to own a home again, even after having the terrible experience of a short sale or foreclosure. Going through a foreclosure or short sale can be devastating and getting into a home again is significant for both your financial and emotional recovery,” Herra, a 20-plus year veteran in the lending industry, said.
“Owning your own home offers housing stability and the peace of mind of not having to move if your landlord decides to sell the house you’re renting. There are also tax advantages, and with the current housing prices, mortgage payments are even sometimes less than rent.”
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.
“I have met quite a few people who did not know that they could buy a home again after their foreclosure or short sale, believing that they’d have to rent for years. People are excited to learn that they have options and can live the American Dream of owning their own home again,” Herra said.
For additional information or to schedule an appointment for mortgage prequalification, call Premier Mortgage Lending 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.