Every once in awhile we have a person or family come into our life who makes us feel grateful for whatever we’re struggling with on a given day.
We know it almost right from the beginning. As soon as they start to tell us about their dreams of homeownership, the tissues and tears start to flow.
Such was the case with some recent borrowers of ours who were referred by one of our realtor partners.
These poor folks had lost almost everything.
Within the last few years, one of their children passed away after a long and drawn out illness. The couple was so depleted emotionally from the grief that they simply couldn’t work, and our borrower lost his job.
They lost a child. Then a job. And eventually they lost their home.
But they kept their faith in God and their commitment to each other. And a year later they wound up sitting at our desk trying to buy a new home.
All of their friends and family told them it would be years before they’d ever own a home again due to the short sale on their credit report.
All of those well intentioned people were wrong.
That’s because you can still get a loan from us even if you’ve been turned down elsewhere.
In this case, we were able to put the borrowers on a little known FHA program called “Back to Work”. This program allows borrowers to get a mortgage loan as quickly as a year after a short sale under certain extenuating circumstances.
If you simply got sloppy with your bills or went through a divorce, this program probably won’t help.
But in their case… lost a child, excessive medical bills, lost a job. Those are good examples of extenuating circumstances.
Also, within the last year, our borrowers were able to show good rent history and had worked an extra job to save up some money for a good down payment. More proof that hard work can take you anywhere you want to go.
At the end of the day, we were able to give them hope and a new home!
Be thankful for the challenges in your life. There’s a good chance someone else would gladly trade places with you.
And if you know someone in a similar situation, make sure to send them to us, because not every mortgage lender has access to the Back to Work FHA program.