We are in Montana today. And I just want to tell you about the 2nd Chance loan. I call it that because there’s a loan product available for people buying in Montana. It’s nationwide, but it’s called FHA, and it’s been around for years. And it focuses on ensuring people who need a little help for one reason or another. Some of those reasons might be a credit issue of the past, or maybe they’re just running a little low on income for what they’re trying to achieve. Tell people, Zach, a little bit about some of the scenarios that would get approved with FHA that might not get approved with a conventional loan.
You bet. One of the things that’s really cool is the FHA is intended to give you a 2nd chance. And so what that means is if you’ve had maybe a foreclosure or a bankruptcy or some major event that kind of smacked you and threw you down, it doesn’t mean that you’re out of the game from a financing perspective. FHA might be the solution to help you out.
Yeah, it’s an insured product. It’s backed by HUD and the Federal Government and they treat everybody the same when it comes to that insurance. So if you are at the low end of what it’s willing to do, you kind of get the same deal as everybody else. So it’s a true 2nd chance product. And so if you had like a medical issue and it knocked down your credit, just anything that happened, what you need to do is get with a loan officer right away, maybe right after the event and see how quick you’re going to get back into home ownership. Sometimes it’s two years and sometimes it’s less, and some people think it takes a lot longer to get back in. So as soon as you have that event and you’re ready to get back up and get going again, FHA is a great loan.
Absolutely. We’d love to take a look at your scenario here at Black Diamond Mortgage in Northwest Montana. So go to our website at www.BlackDiamondMortgage.com and click APPLY NOW. You’ll hear from a Loan Officer right away because we do believe in 2nd chances and we want to make sure that every one of you gets the opportunity to have that 2nd chance.
Yeah, there’s a myriad of options available and when you apply, we can give you some examples and scenarios of what you’re going to qualify for. But if you’re worried about something that happened in the past, we’ll take a look at FHA for you and see if it’ll help.