The most recent recession affected each person and each family differently. Due to unfortunate circumstances beyond their control, many people lost their home. From 2009 – 2011 over 50% of all residential homes sales were attributed to either short sales or foreclosures. Fortunately, times have begun taking a turn for the better- Individuals, families, and businesses are finally getting back on their feet and the next home buying explosion is on the rise! To the benefit of those who may have lost their homes over the past 5 years, a new government loan program, called the Back to Work Program, rolled out last fall opening the door for these folks to be able to purchase a home once again! These are our ‘boomerang buyers’ and our job is to help them achieve their goals of becoming homeowners again! In order to qualify there are a few simple guidelines:
- There must have been an economic event that caused a reduction in income of at least 20% for a minimum of 6 months (i.e. loss of employment)
- Re-Established Credit – must have no late payments over the past 12 months
- Only a one year waiting period from when the home was taken back and the deed was recorded
- Completion of a Housing Counseling course
And despite what many may think, down payments are surprisingly low for this program- and they could even be a gift! If you, or someone you know, are in this situation you owe it to yourself to explore the possibilities. Even if you can’t qualify right this second, we can help with a “roadmap” on how to get there. Everyone deserves a 2nd chance when life throws them a curve ball!