Working on Your Credit

alo25Working on Your Credit

I have found out that working on your credit does not necessarily mean you cannot afford a home.  There are programs out there that will allow you to accomplish your goal of home ownership.  Of course, it is a hellish process.  It takes much longer than usual because they are checking, double checking, and triple checking to make sure that you have paid off your debt.

Different than Sub-Prime?

I bet you are thinking – How is this different from the sub-prime market that was very active not so long ago that caused the Real Estate Bubble?  Good Question.  I think the major difference is the fact that it’s not a free pass as the Sub-Prime Market was back in the day.  Underwriters are requiring more information and digging deeper into credit histories.  They require receipts and are asking a lot more questions.

 How Did You Learn About This?

Like many things in my life my clients taught me a thing or two.  One buying couple introduced me to Lighthouse Mortgage because they wanted a home and their credit was bad.  Vernon Morrison is their lender and it surprised me that he wanted to talk to me to make sure I understood the clients’ spending limitations.  This was a totally unusual situation for me when the mortgage lender was concerned that my clients stay on budget.

Right Product?

This isn’t the right product for everyone.  However, it is an option where there was NO option before for people with bad credit.  I believe it allows good, hard working people who made a mistake a second chance.  I believe people deserve a second chance, especially when they have turned their life around and are heading in the right direction.  If you have corrected your course and paid your debts, you should be allowed to be considered for buying a home.  I am glad these two have been given that chance.  They deserve a home for their boys.  They deserve a reward for turning their credit around.