New American Funding can help get a new mortgage loan

New American Funding is a paid advertiser of Sonoran Living Live

Credit scores are not a measurement of character; instead credit reports are a snapshot of "Life Happens". Over the past seven years we have seen a lot of life happening to homeowners and hopeful homebuyers. Many families have been forced to file for bankruptcy, short sale their home or have lost their homes in foreclosure. Lending guidelines have gotten stricter and many buyers have been forced to rent without the option of buying a new home.

Government loans, such as VA loans for veterans or FHA loans, provide the second chance at owning a home for individuals and families. VA loans will allow borrowers to obtain a VA loan as soon as two years after bankruptcy, foreclosure or short sale (unless the foreclosure or short sale was on a VA loan). FHA loans are possible three years after bankruptcy, foreclosure or short sale (unless the foreclosure or short sale was on an FHA loan). FHA created the Back to Work Program which will allow an exception to the three year wait. This program only requires a one year waiting period if the borrower can provide documentation to show a 20% or more decrease in income for a six month period leading up to the qualifying event. The loss of income can be from losing a job or reduction in salary or hours, however, divorce and resignation are not acceptable situations for the Back to Work Program.

Many lenders, retail banks and mortgage banks, tighten the guidelines with additional "overlays" or rules eliminating the opportunity for many borrowers to own a home again after the life happens-events. This is important to know in choosing the right lender and mortgage consultant if you have experienced any of these credit challenges. A mortgage bank that is a delegated lender that follows the Fannie Mae and Freddie Mac guidelines, with little to no overlays will provide the most options for borrowers to get approved for a mortgage loan.

New American Funding, NMLS #6606, is a Fannie Mae and Freddie Mac Direct Seller/Servicer, FHA Direct Endorsement - HUD Approved, and VA Automatic mortgage lender.
The company is licensed in 33 states including Arizona, BK #0912376, with a local branch in Scottsdale and Mesa. Lisa Amato, NMLS #249826, is a Senior Mortgage Consultant with 21 years of experience in finance and mortgage lending. Amato will provide options for your next home purchase or refinance, servicing as your resource for information and guidance through the loan process, ensuring that all of your questions are answered while helping you achieve your goals. Don't let your past hold you back from a future which includes homeownership, with an affordable mortgage, so you can move on with your life.

New American Funding   
(480) 244-6490
www.newamericanagent.com/branch/scottsdale

New American Funding is a paid advertiser of Sonoran Living Live
 

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