New Mortgage Program Helps Those Suffering from Significant Adverse Credit Buy Again

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
 
 
New Mortgage Program Helps Those Suffering from
Significant Adverse Credit Buy Again

 

 

http://www.genemundt.com

     In a continuation of a recent loosening of home financing guidelines, I now can offer "expanded programs" for Borrowers with Credit Scores (middle score) of 580 (FHA Loans) and 600 (Conventional Loans).

     These new options apply to: 

     Purchase Transactions of 1-to-4 residential units ... for Buyers use as a Primary Residence (Owner-Occupied).

     Allowances are made for Borrowers having suffered past major events such as:

  • Bankruptcy
  • Short Sales
  • Foreclosures


     This program's Waiting Periods are reduced from those of traditional programs.  

     Be aware:  There are several caveats to this program.  Those caveats include "Risk-Related" guidelines for Down Payments, Credit Scores, and Debt-to-Income Ratios.   

     This is NOT a reversion to bad lending practices of the first decade of the 2000's.  

     These will be very common-sense Underwriting deals.  Down Payment requirements of at least 15% or more will be required depending on Credit Scores.  

     The lowest Credit Score Buyers will need a substantial Down Payment of 25% or more and the loans will be either a:

  • 30-year Fixed Rate term 
  • 7/1 ARM
http://www.genemundt.com/ContactUs.aspx   

     These requirements will be in place to maintain stability of monthly payment amounts and the risk to the Borrower ...

 

     Borrowers most likely to take advantage of this program will be those that have:

 

  • Stability within their employment 
  • Stability in their income
  • Possess reasonable debt  
  • Have had an "event" (such as those listed above) during recent years ... or suffered financial misfortunes during the last 10 years.


     Misfortunes considered for this program include:

  • Loss of Home Value
  • Income Reduction
  • Layoff from Employment
  • Job Loss 
  • Etc.


     This program allows (with Qualifying Conditions), financing for a home purchase in the following cases:

  • 2-Years AFTER a Bankruptcy Discharge, Chapter 7 or Chapter 11
  • 1-Year AFTER a Bankruptcy Discharge/History - Chapter 13
  • 2-Years AFTER a Foreclosure (waiting period measured from the date of the action/judicial sale)
  • 1-Year AFTER a Short Sale, measured by the Closing Date on the Sold Property


     The minimum loan amount in this program is $150,000.  

     Please Note:  Several Underwriting Requirements must be met to qualify for this program.  It is NOT an "anything goes" loan product.  Those who qualify will have to meet stringent requirements and risk of lending will be weighed heavily during the process.

     Also Note:  This product may not be available in all states.

     Should you want more detailed information regarding this program and your ability to utilize its benefits, please contact me.  This program could provide the path back to homeownership that you've been looking for ...   



   *  Hoping to Buy a home in the Chicagoland area?  Contact Me today!  I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

 

 

 

https://1609956119.secure-loancenter.com/FreeConsult.aspx
Posted by

  

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   

Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender   

 

  

 

 

Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Illinois Will County Joliet
Groups:
Realtors®
Mortgages
Chicago Area Real Estate BUZZ!
Buyer Information - What Buyers Need to Know in Today's Market
Bananatude

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
2,257,053
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Gene. It is about time and ever more loosening should be done. There are many that can't qualify that would be outstanding homeowners and will pay their mortgages, if given the opportunity.

Nov 24, 2014 06:23 PM #1
Rainer
389,343
Anna Hatridge
Goodson Realty - Farmington, MO
Missouri Realtor with Goodson Realty

Good Morning.  I agree with Joe Petrowsky it is about time the lenders look to help those who have suffered a set back in life and have learned from their mistakes.

Nov 24, 2014 10:06 PM #2
Rainmaker
1,229,841
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Definitely true, Joe Petrowsky ... life got in the way of many good people.  Under no fault of their own, they were left to pay the price.  Hopefully this program and others that come are the start of a return to common sense lending ...

Anna Hatridge ... Agreed!  There is a special feeling of fulfillment when we are able to help those that suffered through these financial hardships ...

Gene

Nov 25, 2014 03:13 AM #3
Ambassador
2,693,856
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Gene, Sounds like these programs require some serious buyer skin in the game with the down payments, but makes sense to have that cushion built in from the start. 

Nov 28, 2014 07:45 AM #4
Rainmaker
1,229,841
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Given the circumstances, it makes complete sense that some "proof" would be needed prior to extending credit.  For those capable and willing to do that, this could be a great choice, Liz and Bill Spear  ...

Gene

Nov 29, 2014 01:08 AM #5
Rainmaker
1,012,495
Gloria Todor
Century 21 Absolute Realty - Springfield, PA
& Doug Durren (484) 431-3686 in SE PA

Hi Gene, Very good to hear about this program.  Lowering the credit score cut off point will help many more people when buying a home.

Thanks for this info.

All the best.

Gloria

Dec 01, 2014 02:58 AM #6
Rainmaker
1,229,841
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Agreed, Gloria Todor and Doug Durren - Delaware County PA Real Estate.  Hopefully we will see just that play-out over the next few months ...

Gene

Dec 01, 2014 03:37 AM #7
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,229,841

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
Contact Me For Mortgage Answers, Info & Assistance:
*
*
*
*
Spam prevention

Additional Information