Sometimes, we all need a second chance, especially if we have been crushed by a financial crisis. Let’s face it, while many people lost their jobs during the latest recession, thousands more have returned to work and are working on rebuilding their financial lives. However, before you can approach Back to Work Mortgage Lenders there are very specific things you must do in order to qualify for a new loan. Some of these include:
- Credit repair steps – There is no easy way to repair your credit. It requires persistence and a commitment to ensuring you are contacting creditors and working closely with them.
- Managing current debt - In order to successfully obtain a new mortgage, you will have to demonstrate you have a solid payment plan in place for managing your current debt. This means all payments must be made on time and as agreed. In some cases, changing your payment plans to bi-monthly can help you pay off your “old” debt faster.
- Demonstrating financial capability - Before you can obtain a new mortgage, you will need to show that you are saving money as well as paying your current obligations. Keep in mind, you will need to put a 3.5 percent down payment on a new home and you will want to save some money in reserve for emergencies.
If we are being honest, none of us ever anticipates a financial crisis that results in losing our homes. Additionally, the road to recovery is often a long and complicated one and full of twists and turns. If you have recently lost your home to foreclosure or given up your home in a short sale, it may be time to consider contacting 1st Alliance Lending. We understand the road to recovery is not an easy one and we are here to help.
Regardless of whether you lost your home a week ago, a month ago or a year ago, we can help you get back on track and help you qualify for the programs that Back to Work lenders are offering. We’ll work closely with you every step of the way until you realize your final goal of being back in the home of your dreams. Contact 1st Alliance Lending today and let us help.