According to the Greater Las Vegas Association of Realtors, the median single-family home sales prices increased to $200,000 in August, a 9.9 percent one-year increase from August 2013. This represents a significant increase from when the Southern Nevada real estate market bottomed with a median single-family home sales price of $118,000 in January 2012, but well below the June 2006 median sales price peak of $315,000. “Many don’t realize that other lending programs are now available like the privately funded ‘second-chance loans’ that can completely eliminate the wait time and allow you to buy a home right now, at today’s prices,” Piette said. One of these “second chance loan” programs is Another Chance Nevada, a privately funded program of Premier Mortgage Lending, a full-service lender based in Henderson. Another Chance Nevada connects borrowers to private and institutional portfolio lenders who 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, and the loan can be used on a brand-new or resale home. The loan may be refinanced at any time without penalty. “Another Chance Nevada eliminates that mandatory wait time of conventional mortgages and allows you to purchase another home as little as one day after your short sale or foreclosure is completed,” Piette said. “I believe that everyone who is thinking about buying a home should go through the mortgage prequalification process, regardless of their personal financial history, because this is the only way to really know if you can buy a home, the lending programs for which you can qualify, and the price of homes you can buy,” Piette said. “We can help you learn if you can qualify for Another Chance Nevada as well as conventional mortgage programs and arm you with the facts so that you can make an educated decision as to if now is the right time for you, personally, to buy a home.” reviewjournal/real-estate/premier-mortgage-lending-offers-second-chance-program
Posted on: Tue, 07 Oct 2014 04:08:07 +0000
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