Second Chance Mortgage

These are a great idea... so often people were caught up in something not of their own making, but it doen't mean their other credit isn't good or that their income isn't good.

Kathy, sounds like a good program for those who qualify. A great opportunity for that second chance.

Kathy what a great mortgage program, It Sure will help a lot of buyers who have been wanting to buy but did not have a mortgage that suited their situation. 

Useful and encouraging post for the ones who miss-tepped....Welcome back

A lot of people nowadays are looking second chances. .great post! 

Kathy, finally something to help the people who tried to do the right thing and be the right people! I guess the economy is strong enough where banks feel they can reach out to these folks.

Kathy, this is interesting and very good information for those people who fell on hard times and currently cannot qualify for loans based on that history.

This is good information.  I've already alerted my past short sale sellers. One of the most frequently asked questions is when will I be able to buy another house. 

Kathy, this seems to be a great program - should be helpful to couple of my clients. Thanks for sharing.

Kathy, can't keep up with everything. Thanks for sharing this important information. 

Ditto the comment above. Thanks for keeping us in the know.

First that I've heard about this. Wish I had read this an hour ago before the Staff Meeting which had a Mortgage Company giving their info out. I could've asked them if they work with this.

I have actually filed 7 past home owners that we are trying to document for this FHA program.

As a lender we are still getting our underwriters to understand this and an end investor that is copacetic with the program. 

only time will tell if this ever gains traction

good luck out there

Excellent news, Kathy.  What is the minimum credit score required for the Second Chance Mortgage program?  Re-blogged.

Kathy, thanks for introducing me to the "Second Chance Mortgage!"

Interesting information but how many previous homeowners under those specific circumstances would be eligible for that program? 

It seems to be a good product but I wonder how many people if will really help. Much like the HAMP, etc. not enough people to actually take advantage of it.

Very good & timely info - thanks so much for sharing!

Hi Kathy, great post and summary of the new FHA program.  It needs to get out to more folks.

Well we can always use new programs to get people back into home ownership.