Rick Piette Named Affiliate of the Year 2013

Rick Piette Affiliate of the Year

Congratulations to Rick Piette who was recognized as the 2013 Affiliate of the Year by the Greater Las Vegas Association of Realtors. Rick was recognized at the Affiliate Luncheon for the Greater Las Vegas Association this November.

The Greater Las Vegas Association of REALTORS® (GLVAR) the “Voice for Real Estate” in Southern Nevada is an 11,500 member trade association that has served real estate professionals since 1947. GLVAR represents professionals active in all phases of the real estate industry, including residential sales, property management, appraisal, development, auctions, and commercial sales. With over 60 years of service to its members GLVAR has become a leader in the preservation of private property rights and in issues that impact the real estate industry. GLVAR is one of five local associations in Nevada and the sixth largest local REALTOR® association in the United States.

Premier Mortgage Lending leads Las Vegans back to homeownership after short sales, foreclosures

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The Another Chance Nevada lending program has given hundreds of Southern Nevadans who have experienced a short sale or foreclosure another chance at homeownership. This Premier Mortgage Lending program offers this growing group of valley residents an option to buy another home again, without a wait period and even as little as a day after losing their home.

Among the Las Vegas Valley residents who are spending their holidays in a home new-to-them after a short sale are the Stewarts, who completed a short sale last December and closed on another home purchase through Another Chance Nevada in April.

“We had a short sale last December and it is usually really rough to get back into homeownership afterward, but we wanted to do it. We had a near perfect credit rating before our short sale, but we were unable to work with the bank,” valley resident Thomas Stewart said.

“We first heard about Premier Mortgage Lending’s programs in the newspaper and I just gave them a call to find out more information. We told them all about our situation and started the application process. Now we are very happy here living in our own house.”

Through Another Chance Nevada, the Las Vegas-based lender connects qualified borrowers like the Stewarts 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.

An Another Chance Nevada loan can 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 is to contact the Las Vegas-based lender and complete the complimentary prequalification process like the Stewarts.

“Working with Premier Mortgage Lending was very easy and we worked with a very personable consultant, (senior loan officer) Dianna Herra. We got prequalified first by answering real basic questions like how much do you make, what kind of income do you have, and what you can afford? We sent in the documentation as requested, and then they explained the program and came up with a figure that we would be eligible for. Then we started our home search and found a great home,” Stewart said.

“I was happy to find Premier because their program makes a lot of sense for lenders to take a chance on good people who were affected by the housing downturn. I am paying a higher interest rate now, but my actual payment is roughly what I would be paying in rent, even a little less. We’ll refinance in the future. We knew that we would have to pay to own a house and I knew that basically we are starting over again. We’re happy that we have a new start.”

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

As a full-service lender, Premier Mortgage Lending also connects borrowers to conventional mortgages and the new the Federal Housing Administration’s “Back to Work – Extenuating Circumstances” program designed for homeowners displaced by a short sale or foreclosure.

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.

 

Premier Mortgage Lending Re-Opens Doors To Homeownership After Short Sales, Foreclosures

Rick Piette

Thousands upon thousands of Southern Nevadans have packed up and moved into rentals after losing their homes to a short sale or foreclosure as a result of the recent tough economic times.

Unbeknownst to many and contradictory to the advice received at the time of their unfortunate move, many no longer have a pre-determined “wait time” before buying another home thanks to new lending programs that reduce the wait to buy another home to a year or even a day after a short sale or foreclosure.

“There seems to be conflicting information about how long you have to wait before you can buy another home after a short sale or a foreclosure. Because of new lending programs, there is no longer a cookie-cutter wait time,” explained Rick Piette of Premier Mortgage Lending, a full-service lender based in Las Vegas that serves the greater Las Vegas area. “Depending upon your unique circumstances and the specific lending program, many people can buy another home a year or even one day after a short sale or foreclosure.”

According to Piette, the confusion has been caused because the government-sponsored enterprises standards (GSEs) describe at least a two- or three-year wait after a short sale and longer after a foreclosure. However, some new lending programs have less restrictive guidelines, offering qualified borrowers the opportunity to buy another home without this prescribed wait.

Among these new lending programs are the Federal Housing Administration’s “Back to Work – Extenuating Circumstances” and the locally-based Another Chance Nevada, both of which are available through Premier Mortgage Lending.

“Both the ‘Back to Work’ program and Another Chance Nevada are designed for those who have experienced a short sale or foreclosure. Each shortens the wait time to buy another home, reducing it to a year through the FHA’s ‘Back to Work’ program and to as little as a day through Another Chance Nevada. While each re-opens the doors to homeownership, there are some distinct differences in addition to the wait period that potential borrowers need to understand,” Piette said.

Announced in August, the “Back to Work – Extenuating Circumstances” program is designed for those whose short sale or foreclosure was a result of a financial hardship such as a 20 percent loss of income or loss of employment, and this “economic event must be proved.” Among the requirements is that the borrower has financially recovered by showing 12 months of timely payments and meets HUD requirements for an FHA-insured mortgage.

On the other hand, Another Chance Nevada was launched by Premier Mortgage Lending two years ago and is a non-traditional loan program. Private and institutional portfolio lenders offer 15- or 30-year, fixed-rate loans at interest rates typically higher than traditional mortgage rates. At least a 20 percent down payment is required, which can come from personal funds or 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.

“The obvious advantage of this loan is that you could move right into a new home of your own, without the double move and without renting,” Piette said.

Hundreds of Southern Nevadans have used an Another Chance Nevada loan 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 that you should take before beginning a home search is to meet with a full-service lender like Premier Mortgage Lending for complimentary mortgage prequalification. It’s important to meet with a full-service lender who knows about the many different lending programs, takes the time to understand your personal situation, can help you understand your options, and is able to connect you to different lending programs including both new programs as well as conventional mortgages,” Piette said.

“It’s only after meeting with a mortgage professional can you accurately answer the questions ‘Can I buy a home again?’ and, more importantly, ‘Is now a good time for me to buy a home?’”

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.