Network Funding, a private residential mortgage lending company, announced its first funding of one of its new Common Sense Lending Initiative programs, which was introduced to homebuyers in late 2015.

The common sense lending initiative is a collection of new mortgage programs that help people achieve financing they normally wouldn’t get approved for due to adverse financial events.

Borrowers included a firefighter and a teacher who had fallen on hard times, causing their house to go into foreclosure three years ago. As a result, conventional underwriting guidelines and government loan limits prevented them from getting a home loan. With the help from the homeowner’s access program, Network Funding gave them a second chance to purchase a home four years earlier than other lenders would have allowed.

“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,” said President Matt Kiker.

The company's programs include:

  • Homeowner’s Access Program: Provides access to financing for borrowers who can demonstrate the ability to repay, but otherwise would not qualify for a mortgage due to things like prior housing or credit events, lack of mortgage or rental history, high debt-to-income ratios and/or gift fund limitations.
  • Fresh Start Program: Specifically designed for people who’ve gone through foreclosure and/or bankruptcy and bounced back, the program only requires 24-month seasoning for bankruptcy, foreclosure, deed-in-lieu of foreclosure or short sales.
  • Investment Property Program: Fills in the gaps for the real estate investor, offering larger loan amounts, lower FICO scores and other benefits previously unavailable. Up to 10 properties allowed for financing, as well as up to $500,000 for cash-outs and refinancing.
  • Jumbo Alternative Program: Provides added flexibility for jumbo loans (loans greater than $417K), allowing up to 90% LTV without MI, the use of alternative income sources (stocks and asset depletion), and second home and investment property financing.
  • Foreign National Program: Helps buying a second home in the U.S. easier for qualified non-US citizens who visit the country on business or vacation. This includes second homes and investment properties.