Residential mortgage lending company Network Funding declared its new Common Sense Lending Initiative programs that will allow and help hard-hit homebuyers purchase a house.
According to the HousingWire, the new initiative of Network Funding which is called the Common Sense Lending Initiative is a collection of new mortgage programs that allows a homebuyer to borrow money despite not being qualified for a loan under normal mortgage application processing, in order to purchase a house. The program aims to give hope to people who are experiencing financial difficulties.
Cited as example is a firefighter and a teacher who both got into a situation where they are unable to make payments on their mortgage. This practice is quite common and usually ends up in the lender seizing their properties. The incident happened three years ago and due to conventional underwriting guidelines and government loan limits, they were prohibited from getting a home loan. Now, with the help of the new homeowner's access program, Network Funding has given them hope of owning their homes.
Matt Kiker, the president of Network Funding, said, "We get a lot of pleasure from serving those who are serving our communities. With our Common Sense Lending programs, Network Funding has the opportunity to help credit-worthy families realize the American dream."
Meanwhile a report by Myinforms.com, has cited some of the programs of Network Funding. According to the post, the Homeowners' Access Program gives access to financing for people who want to borrow money and who has demonstrated the ability to repay. These individuals usually would not qualify for a mortgage loan due to things like prior housing payment delays or instances of bad credit.
Another initiative of the company is the Fresh Start Program which was created for people who've gone through foreclosure or has filed bankruptcy in the past but is able to bounce back. The program only requires two years of bankruptcy filings, foreclosure, or short sales. There are three other programs which are Investment Property Program, Jumbo Alternative Program and Foreign National Program.
