Skip to main content

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

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

  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   Digg Acct. of Gene Mundt, Mortgage Lender
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 
Gene Mundt, Mortgage Lender, a Lender with 37 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, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

Referrals are Welcomed!



Popular posts from this blog

Love Your New Construction .. But Educate Yourself About Future Tax Bills

Love Your New Construction ... But Educate Yourself About Future Tax Bills

*I want to preface this article by saying it's geography specific to the Chicagoland Area and its collar counties ...

So you've opted for building or buying a newly constructed home ... 

You've decided you'll invest most, or all, of your savings to cover Down Payment and Closing Costs.After all, it's a new home, you hopefully won't need money for repairs or improvements for quite a while, right?  

Plus:  The property taxes for your newly constructed home will initially be lower, as they'll be based upon the vacant lot on which your new home is built.  (The new home wasn't completed yet for the previous tax year's bill.) 

But how does this affectyour future tax bill and the tax portion of your monthly mortgage escrow payment?

When obtaining financing:  During your first year of a new construction occupancy, the real estate tax portion of your escrow account is based upon the last av…

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...

“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.