In a city with so much wide open space, it’s not surprising that Las Vegas evolved “out” instead of “up.” Even though recent years have seen resorts and hotels on the Strip head more in the direction of hi-rises (because there’s only so much Las Vegas Strip real estate) – our city is so unique and diverse that we don’t have the same housing limitations as other places (think San Francisco and New York).
“That’s one of the reasons that homeownership in Las Vegas is still affordable. Jobs aren’t all concentrated in one section of the city, they’re all throughout the valley,” explains Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “That makes it possible for people to take advantage of reasonable home prices that can be found in all corners of Las Vegas. And having a place to call your own is still not only highly desirable – it’s doable.”
In fact, it’s even more doable now than it has been recently – with the introduction of Premier’s new 1% Down Loan Program.
As Piette explains, “Right now, there are two huge demographics entering the home buying market: Millennials, with some 61% of prospective home buyers this year under the age of 35; and Baby Boomers – those 55+ who are making significant life changes that include relocating, downsizing, and/or retirement plans.
“For a long time, many assumed that younger generations would bypass homeownership opportunities altogether, but obviously, that’s not the case,” continues Piette. “Why? For the same reasons that applied for previous generations: Marriage, family, space, privacy, financial security.”
“But there has been one hurdle many have had to overcome: Saving up a 10-20% down payment to qualify for a loan. That’s caused many to delay their desire to buy a home for years. However, I’m happy to announce that now – here in Las Vegas – Premier Mortgage has removed that obstacle. Our new 1% Down Loan Program is changing lives and bringing the pride of homeownership to buyers of all generations,” Piette explains. “And perhaps most surprising to many is that this loan really is exactly as it sounds.
“Not only does it require only 1% of the purchase price as a down payment, but that amount can even be a gift – which means there’s no need to document the long-term accumulation of a large down payment in your bank accounts. Plus – and this part is real, even though it sounds hard to believe: The lender contributes an additional 2% down, so when you close escrow you immediately have 3% equity.
“It’s also a 30-year, fixed conventional loan – so there’s no adjusted payments over time,” continues Piette. “Your mortgage payment is a firm amount. And by taking advantage of the current low interest rates – buyers realize they can even afford to buy more home than they might have thought.
“Even better – buyers are finding they can buy and own a home for less money than they would spend on just the rent and deposits needed to lease a home. That’s an eye-opening discovery for most people!”
Learn more today about Premier Mortgage Lending’s 1% Down Loan Program by visiting www.1percentloan.com. You’ll discover more details about the benefits and requirements of this program there – then call us at 702.485.6600 and we’ll help you determine if you quality for this great opportunity.
Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, 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.