Why you should consider Back to Work mortgage lenders

 Recovering from a home crisis? Switch lenders for the “Back to Work” home loan

The housing market crash of 2008 definitely left its mark, as millions of families are still financially recovering. This past August, the Federal Housing Administration (FHA) launched the Back to Work home loan, giving these folks hope and a chance to financially reestablish. However, not all mortgage lenders have jumped on the FHA’s train, leaving many families behind. If you’re stuck in the dust, here’s why you should consider “Back to Work” mortgage lenders.

“Am I eligible?”
According to Mortgagee Letter 2013-26, a family experiencing deed-in-lieu, prior foreclosure, bankruptcy, prior short sales or forbearance agreements is eligible to apply for this program. The family has to qualify for the program by demonstrating recovery from their financial crisis. The Federal Housing Administration insures mortgage loans in all territories of the US, in all 50 states, as well as in the District of Columbia – you are sure to find one close to your place.



“How will the program help me?”
The program aims to help families that are trying to gain financial steadiness to qualify for a new mortgage program without long waiting periods – just 12 months after home loss. After you’re accepted into the Back to Work program, you need not have to incur a premium on your interest rate nor extra fees at closing. Families have to meet with a housing counselor, who will advise on buying a home, credit issues, reverse mortgages and foreclosure avoidance.

“Will the program help my credit score?”
After unfortunate financial events, some families face a credit drop of up to 250 points. Although this can be disheartening, however, re-entering the real estate market and applying for the loan is worth it. Once you are in the program and making on-time monthly payments, your credit score will gain a boost. Also, a housing counselor can offer credit-boosting advice.

Extenuating circumstances, one-time occurring events that are beyond a borrower’s control, results in a sudden and prolonged significant fall in income or a catastrophic surge in financial obligations. Financial crises are not always your fault and you deserve a way out. If your family has begun financial recovery, consider how “Back to Work” mortgage lenders can help.

New “Back to Work” lending program helps borrowers regain financial stability

The “Back to Work” loan program launches to save families from repeating the same mortgage mistakes twice

The new “Back to Work” lending program is designed to ensure successful home-ownership for families who have previously had financial hardships. Launched in August, the program may save millions of families who continue to suffer from the housing market crash of 2008, offering a second chance and brighter future.

One beneficial key factor in the program is that families may now apply for a new mortgage only 12 months after losing their home. The program waives the two-year waiting period after experiencing a Chapter 7 or Chapter 13 bankruptcy. The lessened waiting period will allow families to get back on track sooner, as long as they can prove they’re demonstrating full recovery from their financial loss.

Most families in the program face prior foreclosure, but some also face prior short sales, loan modification, deed-in-lieu, forbearance agreements and even bankruptcy. Mortgagee Letter 2013-26 specifies who in eligible in what circumstances.

If you are dealing with foreclosure or short sale, you first need to apply to the Back to Work loan program with a Federal Housing Administration approved lender. After acceptance, there will be neither a premium nor an additional fee at closing. You will also need to attend housing counseling, where you will receive advice on buying a home and credit issues among other helpful guidance. Mortgage companies typically recommend that your monthly mortgage payment does not exceed 28 percent of your gross income.

Rebuilding credit may seem frightening, but the new Back to Work lending program gets borrowers back on track. Paying a monthly house bill will boost your credit, which makes buying a home a great place to begin financial reconstruction, especially with the support of a housing counselor. Since families must demonstrate they are becoming financially stable before program acceptance, your credit score will start to revamp itself.

Almost any family that has had a financial crisis can apply for the lending program. If your current lender does not participate in the new “Back to Work” lending program, finding a new lender will not be difficult. There are insured loans in all 50 states, all U.S. territories and in the District of Columbia. More than ever, mortgage companies are ready to help any family still suffering from the housing crash; your new financial life starts now.

Financial Lenders – Offering Sustainable Lending Products

The dream of home-ownership and the ability to provide a safe and loving place for a family is a common hope for many. Reaching that dream can be a challenging and confusing journey. Navigating financial adversity and endless requirements for obtaining a loan can be a very frustrating process, which is why many reach out to lending firms for guidance.

It is important to find the right lending company to suit your needs. Most firms determine home mortgage loan eligibility based on credit scores, so if you have a less than perfect financial history, you will need to be mindful to reach out to a lending firm that considers more than a 3-digit credit score when determining whether or not to extend you a loan.

There are a few companies that give weight to an individual’s history, unique circumstance, and drive to overcome adversity and get back on their feet. These firms consider things like; what caused your financial trouble in the first place, are you successfully paying your bills now, and have you begun to re-establish financial stability. They pledge to be your lending partner and recommend a home mortgage loan that is right for you now and for the long term in order to set your up for success.

For first time buyers, this is an especially important relationship. Finding the right home mortgage lender who will guide you to a loan that makes sense for your situation increases the chances that you will be able to maintain your loan and build a secure future for your family.

These types of lenders truly can help you turn your dreams into reality.