Buyers and Second Chance Mortgages
The financial recession of the early 2000’s virtually destroyed many Americans financially. People lost their jobs, their homes lost value and they could no longer keep a roof over their heads. These were people who were reliable borrowers, but circumstances beyond their control removed their ability to be just that.
The improvement in the job market has helped many suffering Americans work toward improving their financial position. They have paid off debts, tightened their budgets, improved their credit scores and are now looking again at homeownership.
The wait times for obtaining a home loan after filing bankruptcy 7 or 13, short sales, preforeclosures, foreclosures, deed –in-lieu, loan modifications, forbearance agreements have been long and punishing.
Good News!! The FHA has a new program” FHA Back to Work Extenuating Circumstances Program,” which offers those Americans an opportunity to obtain a loan to purchase a home. It has waived the wait periods and put in place a set of guidelines the borrower must meet. This is exciting news for those Americans seeking to return to homeownership.
You can contact a mortgage lender who is knowledgeable about the program and seek his guidance in applying for the loan. If you need a referral in the Atlanta area, shot me a quick email and I can send the names of lenders working with the program.