Tag Archives: Beazer Homes

Premier Mortgage Lending buyers re-enter ‘hot’ realty market after short sale or foreclosure

PremierMortgageL-RPiette-8As the summer temperatures have spiked in the Las Vegas Valley so have the valley’s median home-sale prices and the interest in buying a home now.
“The Southern Nevada housing market has definitely heated up as potential homeowners and investors are both vying to buy homes at today’s amazing prices. Reports of our market’s 32 percent year-to-year increase in median sales prices have fueled this interest and led to 75 percent of homes sold within 60 days in May,” said Rick Piette of Las Vegas-based Premier Mortgage Lending, citing May home sale statistics released last week by the Greater Las Vegas Association of Realtors (GLVAR).

In May, the valley’s median sales price of a single-family house was $170,000, a slight increase from $167,000 in April and up from May 2012’s median price of $128,000. On the other hand, the median sales price for condominiums and townhomes was $89,000, up from $85,000 in April and $62,000 in May 2012.

“With prices continuing to increase, many people think that now is a great time to buy a home. I have met many people who want to buy a home but are uncertain where to start. And there are others who don’t believe that they can qualify to purchase a home due to a recent short sale or foreclosure,” Piette said.

“The only way to find out if you can buy a home is to meet with a full-service lender like Premier Mortgage Lending and go through the complimentary mortgage pre-qualification process. I believe that becoming prequalified for a mortgage makes your home search easier because you know if you can qualify for a mortgage, the type of mortgage and the amount before even setting foot in a home for sale.”

He said that new financing programs such as his company’s Another Chance Nevada program make it possible for those who have recently experienced a short sale or foreclosure. Another Chance Nevada connects individuals with private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at 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.

“The Another Chance program is designed specifically for those folks who’ve had a recent short sale or foreclosure and gives them an opportunity to buy a home at today’s great prices, build equity and re-build their financial future,” Piette said.

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.
“Buying a home today can be challenging if you need financing,” Piette said, explaining that the GLVAR reported 57 percent of homes sold in May were purchased with cash.

“As a full-service lender, Premier Mortgage Lending can connect you to many different lending programs based on your unique situation, including traditional loans and Another Chance Nevada. We can help you compete against all-cash offers by having a mortgage pre-qualification letter in hand. Most importantly, we can help you weigh if buying a home now is the right decision for you.”

For additional information or to schedule an appointment for mortgage pre-qualification, call Premier Mortgage at 485-6600 today.

Premier Mortgage Lending (NMLS 393282) is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117 and 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 combats study showing ‘mortgage confusion’ and wait times after short sale or foreclosure

Mortgages and the process to secure one can be confusing with unknown terms, percentiles and conflicting advice.

According to a May CNN Money article, nearly one-third of current and prospective homeowners surveyed by Zillow could not correctly answer basic questions about financing, with 34 percent not knowing the term “annual percentage rate” and 31 percent incorrectly believing that they are unable to obtain a mortgage with a less than 5 percent down payment. Confusion continued when it came to questions about buying a home after a short sale or foreclosure, with nearly one-third of homeowners unaware that they may not have to wait seven years before they can buy a home again.

This confusion does not surprise Las Vegan Rick Piette of Premier Mortgage Lending since he and the staff at his full-service mortgage company answer these questions, and more, every day.

“It is imperative that potential home buyers fully understand the home buying and lending process along with their many options before they even begin their home search. Buying a home is often the biggest purchase in your life, and it’s important to understand everything before signing on the dotted line,” Piette said.

“The CNN article demonstrates the need for home-buyer education and why mortgage pre-qualification is important. During the pre-qualification process, lenders can help buyers understand the process, terms and many options, and develop a realistic price point in the process,” Piette explained, adding that Premier Mortgage Lending offers this service free of charge.

“What we’ve found is that many people are unnecessarily waiting to buy a home because they don’t realize that there are so many different lending programs out there,” he said. “The truth is that a 5 percent down payment is not necessarily a requirement because loans insured by the Federal Housing Administration can require as little as 3.5 percent. Plus, lending programs exist that can dramatically cut the wait time to buy a home after a foreclosure or short sale, including Premier Mortgage Lending’s Another Chance Nevada program where there’s no wait time at all.”

Another Chance Nevada connects individuals who have experienced a short sale or foreclosure with private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at 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 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.
“Many who are waiting along the sidelines to buy a home are becoming concerned about their future ability to buy a home because Las Vegas Valley housing prices have steadily increased during the past year. This is why hundreds of Southern Nevadans have chosen Another Chance Nevada, to help make sure that they don’t get priced out of the market,” he said. The Greater Las Vegas Association of Realtors reported that the median sales price of single-family houses increased 30.6 percent between April 2012 and 2013, while the median prices of condos and townhomes went up 41.9 percent during the same time frame.

“Hundreds of Southern Nevadans have turned to Premier Mortgage Lending for our complimentary pre-qualification service and to find out if they, too, can buy a home at today’s prices. As a full-service lender, we can help guide them to many different mortgage products ranging from traditional loans to the private and portfolio lenders of Another Chance Nevada. With this information, they can make an educated decision as to if now is a good time to buy a home of their own.”
For additional information or to schedule an appointment for mortgage pre-qualification, 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 and 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.

Purchasing a home after short sale, foreclosure now possible with Premier Mortgage Lending

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

While there are certainly rays of sunshine on the horizon for both our local and national housing market with increasing home prices and strong sales numbers, not everyone feels the warmth, especially the thousands of Southern Nevadans who have already lost their homes to either a short sale or a foreclosure and those prepping for a similar fate in 2013.

“2013 has continued to show a growth in both housing prices and home sales, reasons for optimism that our real-estate market is getting back on track. While this may be great news for our economy and home shoppers, it is bittersweet for others,” Rick Piette of Las Vegas-based Premier Mortgage Lending said, citing statistics released last week by the Greater Las Vegas Association of Realtors (GLVAR).

GLVAR reported a total of 3,232 sales in February, up from 2,821 in January. Last month’s sales price for a single-family home was $150,000, up 24 percent compared to February 2012, while median sales price for condominiums and townhomes were up 36.7 percent within the same one-year period.

“These statistics show that our market is in an upswing with a strong demand among buyers seeking to buy homes at today’s lower prices. They’re also a reminder of the misfortune of the thousands of Southern Nevadans who suffered the loss of their homes through short sales and foreclosures. Since the start of the housing downturn, literally hundreds of thousands of Nevadans have lost their homes. Getting these people back into homes of their own is fundamental to the success of our recovery, and a primary goal for Premier Mortgage,” Piette says.

“I expect the sales to remain steady because short sales and foreclosures will continue to hit the market with as many as 80,000 homeowners currently underwater and delinquent on their mortgage payments, possibly facing a short sale or foreclosure in the near future. I believe that Congress’ extension of the Mortgage Forgiveness Debt Relief Act will prompt some who are currently weighing their options to finally move forward with a short sale or foreclosure before the act expires Dec. 31,” said Piette, a longtime Nevadan who has worked in the mortgage industry for over 25 years.

He says that uncertainty often follows a short sale or foreclosure due to both emotions and conflicting information.

“Many people who have experienced a short sale or foreclosure think that they don’t have any option other than rent for at least two or three years, but more realistically at least five years. But, this is not true. New loan programs such as Premier Mortgage Lending’s ‘Another Chance Nevada’ make it possible to purchase a home right after a short sale or foreclosure and to take advantage of today’s great home prices.”

Another Chance Nevada connects individuals who have experienced a short sale or foreclosure with private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at interest rates that are typically higher than traditional mortgage rates, according to Piette.

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 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.

“While the decision to purchase now using non-traditional financing or to wait until you can qualify for a traditional loan is a very personal one, recent data suggests that now may be a good time to buy. Plus, if the housing prices continue to increase in 2013, it might make more financial sense to buy a home with an Another Chance loan now and then refinance when your situation allows,” Piette said.

As a full-service lender, Premier Mortgage Lending provides complimentary mortgage pre-qualification to help people determine if they may qualify for a traditional mortgage or Another Chance Nevada, and to weigh if buying a home is the right decision for them.

For additional information or to schedule an appointment for mortgage pre-qualification, 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 and 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.

Association of Realtors pushing for clarification on robosigning

While AB 284 tops the Association of Realtors’ agenda for the legislative session, association officials recently told VEGAS INC that the law has not been nearly as destructive as many people think. They said foreclosures are falling for a number of reasons, including the improved economy and last spring’s $25 billion National Mortgage Settlement between the nation’s five largest mortgage service companies, a coalition of federal agencies and 49 state attorneys general.

According to Vegas Inc., one in every 37 housing units in Nevada received a foreclosure notice last year, down from 2011. The National Mortgage Settlement provides that banks must offer homeowner relief and refinance underwater borrowers. Foreclosures are down because after the Settlement, banks now have little incentive to foreclose due to credits given for short sales and principal reductions, not foreclosures. Read the article here.

Premier Mortgage Lending offers Second Chance financing to Nevada homeowners even to those with a recent history of foreclosure or short sale. Call for details: 702-485-6600

Mortgage Forgiveness Debt Relief Act, Another Chance Nevada assist after short sales

Part of Washington’s bipartisan agreement to avert the “Fiscal Cliff” on Jan. 1 is the extension of a tax break that will make Southern Nevadans who are considering a short sale or foreclosure breathe a little easier — the Mortgage Forgiveness Debt Relief Act.

“Extending the Mortgage Forgiveness Debt Relief Act is so extremely important for Southern Nevadans who need to sell their homes but are underwater on their mortgages, and are either considering a short sale or in the process of one. Because of its extension, qualified homeowners who have to unfortunately leave their homes due to a short sale in 2013 will not have to pay taxes on their misfortunate and can avoid further financial loss,” said longtime Las Vegan and mortgage professional Rick Piette, owner of Premier Mortgage Lending.

First signed into law in 2007 and now scheduled to expire Dec. 31, the act exempts most homeowners who complete a short sale or experience a foreclosure on their principal residence from having to pay federal taxes on the cancelled balance of their mortgages of up to $2 million (or $1 million if filing separately). Borrowers who receive partial loan forgiveness from lenders may also benefit from this exemption. Without the exemption, debt that is forgiven or cancelled by a lender is normally considered income by the Internal Revenue Service and may be taxable.

“This act’s extension is big news for Southern Nevada because there are thousands of homes with delinquent mortgages. As banks move forward on these delinquencies in 2013, homeowners who have been trying to figure out their options may finally decide to move forward with a short sale. In 2012, thousands of Southern Nevadans were able to avoid taxes on the forgiven debt of a short sale and now thousands more will do the same in 2013,” Piette said, citing statistics released last week by the Greater Las Vegas Association of Realtors that showed short sales accounting for a record 45.8 percent of the 2,961 homes sold in December 2012, and foreclosures dropping to 9.5 percent of all sales.

“Deciding whether to proceed with a short sale is a very personal decision with many, many considerations. One thing that people need to figure out is where they are going to live next. Many people are surprised to learn that there are private lending programs out there that can help them buy another home as soon as a day after a short sale, including our Another Chance Nevada loan program,” Piette said.

The program connects individuals who have experienced a short sale or foreclosure with private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at 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.

Among the dozens of Realtors whose clients secured a home loan through the program in 2012 is Bret Runion. The owner of Desert Sun Realty said that the program provides residents not only more choices of where to live, but also the opportunity to begin re-building equity.

“Some of these folks who have experienced a short sale or foreclosure think that their futures are sealed and that they must rent, and the Another Chance Nevada program lets these buyers take advantage of today’s great housing prices. We help them get back into the market and to begin to recoup their losses,” Runion said.

In 2012, hundreds of Southern Nevadans purchased a re-sale or new home with an Another Chance loan. The Las Vegas-based 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.

“Another Chance Nevada is helping stabilize the Southern Nevada real estate market by generating more buyers. We currently have more buyers than sellers. This is why the prices have consistently gone up for the past several months. Another Chance Nevada buyers are also owner-occupants. This helps stabilize the neighborhoods,” Runion said.

“We are very confident that the Las Vegas realty market is moving in the right direction, and in the next five to 10 years we see a tremendous amount of appreciation potential. Tremendous. If you are not able to participate and own real estate, you are not able to take advantage of that.”

According to both Runion and Piette, the first step that individuals interested in buying a home should take is to participate in the mortgage pre-qualification process. As a full-service lender, Premier Mortgage Lending provides clients of Desert Sun Realty, as well as others, complimentary mortgage pre-qualification to help them determine if they may qualify for a traditional mortgage or Another Chance Nevada.

For additional information or to schedule an appointment for mortgage pre-qualification, 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 and is a member of the Las Vegas 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.

Another Chance Nevada provides homeownership opportunities after foreclosures, short-sales

When her 30-plus-year marriage ended, Southern Nevadan Carol Ann Beck found herself at an unexpected crossroads. Among the myriad changes that she faced was the realization that she could not afford her home’s mortgage by herself. After her earnest, albeit frustrating attempt in securing a mortgage loan modification, she believed that she had no other choice than rent as her golf course community home went on the auction block.

After a year of renting, she discovered that her housing options were not limited and that she could indeed become a homeowner again through Premier Mortgage Lending’s Another Chance Nevada program.

“I had a really nice house, but after my husband left I couldn’t pay for it on my own. It went into foreclosure and I moved into an apartment, and apartment living was awful. When I met with a Realtor to help find a house to rent, she told me about Premier Mortgage Lending and a new loan program that could help me buy another house, something that I didn’t think that I could do for many years after a foreclosure,” she said.

“For me, this loan program was the most wonderful thing that could happen. I bought a house last year in Summerlin that’s perfect for me. My credit was good and the only thing that happened was a tragedy.”

Beck is among hundreds of Southern Nevadans who have purchased another home after experiencing a foreclosure or short sale through Another Chance Nevada. Through the program offered by Las Vegas-based Premier Mortgage Lending, private and institutional portfolio lenders 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. At least a 20 percent down payment is required. 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 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 full-service lender provides complimentary mortgage pre-qualification to help individuals determine if they, too, may qualify for Another Chance Nevada or traditional mortgage programs.

Beck lauded the mortgage and home-buying process as well as the service provided by Premier Mortgage lending.

“Having had a foreclosure with extenuating circumstances, I was amazed that I could ever get a mortgage again. Premier handled everything to perfection and kept me amazed,” she said.

“…The whole process was as straight forward as it can be. I worked directly with Andrea Hall at Premier and she kept me very informed throughout the whole process. It was a perfect transaction really, and everyone involved, including the Andrea and Realtor, were very kind,” she said. “I had a really wonderful experience, and I am hoping to work with Premier again in the future to refinance (into a traditional mortgage loan).”

For additional information or for mortgage pre-qualification, 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 and is a member of the Las Vegas 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.


Start over after a short sale, foreclosure through Another Chance Nevada

Thousands of Southern Nevada homeowners have found themselves at a crossroads in figuring out where to go and live after turning in the keys to their home due to an unfortunate short sale or foreclosure. Many believe that they have no other choice than to start over as renters and that it will be many years before they can hold keys to their own home again.

New programs now make it possible for qualified Southern Nevadans to re-build their lives in a home of their home by purchasing another home immediately after experiencing a foreclosure or short sale. Among those is the Another Chance Nevada program offered by Las Vegas-based Premier Mortgage Lending.

“For many people who have experienced a short sale or a foreclosure, it’s not a question of ‘if’ they want to be a homeowner again, it’s instead a question of ‘when’ can they buy another home. For many, the answer to that question is ‘now’ through our new Another Chance Nevada program,” Rick Piette of Premier Mortgage Lending said.

“Despite the heartbreak and headache that is often experienced when going through a short sale or foreclosure, many would like to become homeowners again and many would love to buy a home at today’s low prices. They’re looking for a second chance to experience the pride of homeownership plus the tax advantages and opportunity to re-build their equity,” Piette said.

“Another Chance Nevada does just that by re-opening the door of homeownership for those who are re-building their lives after a short sale or foreclosure.”

Through Another Chance Nevada, private and institutional portfolio lenders 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. At least a 20 percent down payment is required.

Borrowers may close within 30 days from the time of loan approval, and may refinance the loan at any time without penalty.

“Even though the interest rates of Another Chance loan are typically higher than of a traditional loan, the numbers and lifestyle considerations make sense for many,” Piette said. “Through the program, you can enjoy the many advantages of homeownership today and then, when you are able, refinance into a conventional loan without penalty.

“When you sit down and carefully analyze the numbers, in many cases, it actually costs less to buy a home at today’s low prices than to rent. For many who plan to live in the home for many years, it makes good financial sense because as a homeowner you have the opportunity to deduct interest payments from your taxes and to build equity, while as a renter your monthly payment just goes to someone else who can enjoy the tax benefits and build equity at your expense,” he said.

“We recently did an analysis of our actual second chance home buyers that left their prior home and purchased a new home of similar size and amenities. We found that in almost every case, our borrowers had reduced both their payments and their loan balances in half,” Piette added.

An Another Chance loan may be used on 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 anyone should take when determining if buying a home makes financial sense is visit with an experienced lender and complete the mortgage pre-qualification process, a service that Premier Mortgage Lending offers for free,” Piette said. “We can help you determine not only if you can qualify for a mortgage, but also weigh the monthly mortgage payments and decide if now is financially a good time for you to buy a home.”

For additional information or for mortgage pre-qualification, 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 and is a member of the Las Vegas 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.

Another Chance Nevada Unlocks Doors to Homeownership

Trulia.com real estate listing service’s recent ranking of the Las Vegas Valley as the third best place to buy a home among 50 major U.S. cities has flamed interest among renters and those undergoing a short sale or foreclosure. Many ask the questions:  “Can I buy a home at today’s low prices?” and “Can I have a mortgage payment lower than rent or my previous mortgage?”

Answering these questions can be very complicated and require the weighing of various factors such as one’s finances, credit history, personal goals, and lifestyle considerations. Being proactive and becoming educated in new financing options are key in deciding whether to join the thousands who are buying homes at today’s low prices.

According to Rick Piette of Premier Mortgage Lending, the first step is seeking the guidance of an experienced mortgage professional well-versed in not only conventional mortgages but also new finance programs designed for borrowers with less-than-stellar credit and who have recently experienced a short sale or foreclosure. Among these is a new program offered by the Las Vegas-based, full-service lender:  Another Chance Nevada.

“Deciding whether to buy a home or to rent is a highly personal decision and should be made only after you have all of the facts and fully understand your options. I have met many people who currently rent and agree that this is now a good time to buy a home with today’s low housing prices. However, some are reluctant because they just don’t know if they can qualify for a mortgage or they feel apprehensive of the home buying or mortgage lending process,” Piette said.

“The only way to find out if homeownership makes financial sense for your family is to be proactive and to learn about all of your options. One way to do this is by meeting with a lending specialist at Premier Mortgage Lending, learning about the different mortgage programs, and finding out if you, too, can buy a home through our complimentary mortgage pre-qualification,” Piette said.

“Many people have been happily surprised when they learn that our Another Chance Nevada can help re-open the doors to homeownership to those who have had a recent short sale or foreclosure. For many, an Another Chance loan makes financial sense when they consider today’s housing prices and compare the potential mortgage payment to rent.”

Through Another Chance Nevada, private and institutional portfolio lenders 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.  At least a 20 percent down payment is required.

Borrowers may close within 30 days from the time of loan approval, and may refinance the loan at any time without penalty.

“Another Chance Nevada offers those who are currently unable to obtain a conventional mortgage the advantages of homeownership today and, when they’re able, the opportunity to refinance into a conventional loan without penalty,” Piette said. “The program has grown in popularity, giving hundreds of Southern Nevadans the choice of where they live.”

An Another Chance loan may be used on 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.

“I think that it is vital for anyone who is interested in buying a home to visit with us and participate in the mortgage pre-qualification process. We can help you determine not only if you can qualify for a mortgage, but also weigh the monthly mortgage payments and decide if now is financially a good time for you to buy a home.”

For additional information or for mortgage pre-qualification, 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 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.

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.