Second Chance Mortgage

Second Chance Mortgage

Do you have a credit score of 600? Did you have a bankruptcy 12 months ago? Then there is a Second Chance Mortgage for You.  You failed to do a Loan Modification? Are You a first time buyer? Lenders both large and small are providing Second Chance Mortgages with names such as “Second Chance Purchase Program,” “Low Credit Score Debt Consolidation Program,”or “another chance mortgages.”

Lender Guidelines are being reduced.  No Money Down loans are coming back!

Second Chance Mortgage

 What is a Second Chance Mortgage

A Second Chance Mortgage is a loan designed for a special borrower.  In many cases the borrower has had difficulty maintaining the repayment schedule, inconsistent unemployment, business loss, medical emergencies, and divorces.  Those life events are manifested in a low FICO score such as 640 or lower.  A bankruptcy more than 12 months ago, would be a characteristics of a Second Chance Mortgage.

Typically, a second chance mortgage will have a higher interest rate and less favorable terms.

Articles on Second Chance Mortgage:

Wells Fargo edges back into subprime as U.S. mortgage market thaws (Reuters) – Wells Fargo & Co, the largest U.S. mortgage lender, is tiptoeing back into subprime home loans again. The bank is looking for opportunities to stem its revenue decline as overall mortgage lending volume plunges. It believes it has worked through enough of its crisis-era mortgage problems, particularly with U.S. home loan agencies, to be comfortable extending credit to some borrowers with higher credit risks. By Peter Rudegeair and Michelle Conlin Feb 14, 2014 Read More

Americans Seize Second Chance Mortgages Post-Foreclosure Jason Schmitt lost his $90,000-a- year job at an oil rig in 2009. The bank repossessed his Tulsa, Oklahoma home and the former Army combat engineer went bankrupt. Last month, after moving with his family to his Missouri hometown, he got a Veterans Administration mortgage that lets borrowers buy property just two years after a foreclosure. By Prashant Gopal Apr 3, 2013 Read More

Premier’s Second Chance program helps foreclosed homeowners get a mortgage- The Another Chance Nevada lending program has given hundreds of Southern Nevadans who have experienced a short sale or foreclosure another chance at homeownership. This Premier Mortgage Lending program offers this growing group of valley residents an option to buy another home again, without a wait period and even as little as a day after losing their home.

Among the Las Vegas Valley residents who are spending their holidays in a home new to them after a short sale are the Stewarts, who completed a short sale last December and closed on another home purchase through Another Chance Nevada in April. December 13, 2013 Read More

FHA Back To Work Program Waives Foreclosure, Bankruptcy, And Short Sale Waiting Periods- he FHA has waived its 3-year foreclosure waiting period.

Effective for FHA Case Numbers assigned on, or after, August 15, 2013, borrowers with a recent history of bankruptcy, foreclosure, judgment, short sale, loan modification or deed-in-lieu can apply — and get FHA-approved — for an FHA-insured mortgage.The FHA “Back To Work” Program Is Official. The Federal Housing Administration (FHA) was formed in 1934. 31 years later, in 1965, it became part of the U.S. Department of Housing & Urban Development (HUD). The FHA’s primary role is as an insurer of mortgage loans made by FHA-approved lenders. The FHA insures loans in all 50 states, all U.S. territories, and in the District of Columbia. Since its inception, the group has insured more than 34 million loans which makes the FHA the world’s largest insurer of mortgages.  Read More

FHA Mortgage for Second Chance Loans- Let’s be honest— There are many borrowers with less than perfect credit who need a second chance loan with FHA that enables them to buy or refinance at a low affordable interest rate. Many applicants have been rejected recently from FHA mortgage programs because their credit score is too low for the new lending guidelines that most lenders have implemented in 2011. We are one of the unique lenders that offer FHA loans to borrowers with credit scores between 500-640 FICO.  In a recent article, Bloomberg indicated that there are 6.3 million borrowers in the 620-640 FICO range alone.  Imagine how many applicants are looking for mortgage refinancing or new home loans in with credit scores below 620. Read More By Nationwide Lender

Where can you get second chance loans in Atlanta GA to purchase a home? FHA mortgages are the least restrictive for a previous foreclosure. The standard waiting period for a new FHA mortgage after previous foreclosure is a minimum of 36 months.  Read More

 Second Chance Mortgage Lenders

Second Chance Mortgage Lenders



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