Omaha Properties announced last Thursday that it will join with several large lending institutions to help credit-challenged individuals buy a home. Those with lower credit scores (sub 600) will benefit from the program.“It brings great pleasure to be able to assist people who could never afford a home based on their credit score,” said Richard Kingsbury, chief investment officer for Omaha Properties.
“Many of these individuals are good, honest, hard-working people that for whatever reason had financial hardship at one time. Many are now back on their feet, but their credit score still hampers any chance of buying a home... until now!”
Omaha Properties works primarily with subprime lenders. The majority of its home mortgage buyers have credit ratings in the 500s and 600s. Kingsbury said the goal of the program “is to provide a way for people to enjoy the things most take for granted... owning a home. I always felt that it was important to give someone a second a chance. Many of our buyers are people who had something happen to them financially at some point in their lives. Most have given up on even trying to buy a home because of the guidelines placed on trying to get a traditional mortgage.”
“Many of these individuals are good, honest, hard-working people that for whatever reason had financial hardship at one time. Many are now back on their feet, but their credit score still hampers any chance of buying a home... until now!”
Omaha Properties works primarily with subprime lenders. The majority of its home mortgage buyers have credit ratings in the 500s and 600s. Kingsbury said the goal of the program “is to provide a way for people to enjoy the things most take for granted... owning a home. I always felt that it was important to give someone a second a chance. Many of our buyers are people who had something happen to them financially at some point in their lives. Most have given up on even trying to buy a home because of the guidelines placed on trying to get a traditional mortgage.”
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