Springboard helps formerly distressed borrowers get back on track
Firm qualifies as HUD-approved housing counselor for innovative program
Borrowers who suffered significant financial hardships in recent years are not completely ‘out’ when it comes to trying to buy homes again, says Heather Shanahan, a representative with housing counseling agency Springboard.
In fact, she says her company is playing a key role in helping qualified borrowers move through the Federal Housing Administration’s Back-to-Work program, which shortens the waiting period for once-distressed or first-time homebuyers who want to get back into properties.
All future homeowners have to show is that they’ve recovered from a financial hardship and received counseling from a HUD-approved agency. If they meet these qualifications, the borrowers can buy properties once again in as little as a year.
Luckily for Springboard, which is fully known as Springboard Nonprofit Consumer Credit Management, the agency is a HUD-approved counselor, which allows it to participate in these initiatives.