The global financial downturn of 2007-2912 (lovingly known as the Great Recession) was arguably the worst financial crisis of this generation. One of the biggest causes of this collapse was the over-lending of home mortgages in the US to those who ultimately could not afford them. This lending spree caused millions of buyers to be put in terrible financial danger and even foreclosed on, leaving a good portion of American citizens out of any near-future home buying opportunities.
Thankfully, the economy is seeing an upturn (knock on wood) and things are steadily improving, but the citizens who lost their jobs are still having a hard time getting back on their feet.
In comes the Back to Work Program, a government-sponsored program that specifically intends to give would-be homebuyers a second chance. Traditionally, there are two to seven-year waiting periods before you can get a loan after a “Negative Credit Event”, something such as a foreclosure or bankruptcy, before you can purchase a home or get a large loan. Waiting periods for some were extended even further when they realized that the period extended from the date of final foreclosure, and not when the process began. For some, the period between which home purchases were allowed was as much as ten years!
Through this program, many will now be able to recover and purchase a home even with poor credit. Even with this good news, the word is not out there, and even the occasional lending agency has not been notified of the program’s existence. The best thing you can do is to make sure that if either you personally, or a close friend or family member has experienced a home foreclosure that they know they have a chance for the future.
For more detailed info from HUD, you can view this downloadable PDF here:
To schedule a time for you or someone you know to talk about this new program, please contact us at firstname.lastname@example.org or call us directly at (cp) 512-300-4568, or (office) 512-222-8665. You can also start your dream home search on our website at http://dreamkeyrealestate.com
W. Cavin Weber
Dream Key Real Estate
“Making Dreams Come True One Key at a Time”