List of negative credit events includes:
The Back to Work program specifically aims to help borrowers that lost their home after a drop in household income that was beyond their control – such as a loss of employment.
In order to qualify, the potential borrow must meet the following requirements:
The borrower must also meet basic FHA loan requirements.
For the FHA loan, borrowers typically must wait between 24 and 36 months to obtain a new loan depending on the negative credit event and the debt conditions. Under the Back-to-Work program, the borrower can cut the wait to just 12 months.
Other finance programs (conforming, VA, USDA) generally have stricter requirements. To obtain conventional finance after a negative credit event, the borrower must wait between 2 and 5 years depending on the down payment size and the specific issue.
Creating an account is fast, easy, secure and FREE! Your account enables you to easily modify your loan application and view the status of your loan anytime day or night.
When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely.
Kick your feet up while we crunch the numbers. Pre-approval can be done very quickly if you provide a complete and accurate loan application and supporting documentation.
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