1st Alliance Lending Launches Direct-to-Consumer Campaign for Underserved Borrowers and Home Buyers Eligible for FHA's "Back to Work" Loan Program

EAST HARTFORD, Conn., June 16, 2014 /PRNewswire/ -- 1^st Alliance Lending, LLC (www.1stalliancelending.com), a full service mortgage banking and servicing company offering Federal Housing Administration (FHA), Veterans Administration (VA) and conventional  mortgage products, has launched a direct-to-consumer campaign to reach underserved home buyers who may be eligible for the new FHA "Back to Work" home loan program.

The Back to Work program offers consumers a second chance to realize the American dream of home ownership. According to the U.S. Department of Housing and Urban Development (HUD), "many borrowers experienced periods of recession related financial difficulty and/or credit impairment resulting from unemployment or a severe reduction in income. FHA recognizes the hardships faced by these borrowers, and that their credit histories may not fully reflect their true ability or propensity to repay a mortgage."

As one of the nation's leading mortgage lenders serving the more than 15 million homeowners who have either lost or are in jeopardy of losing their homes, 1^st Alliance Lending has helped more borrowers remain in their homes through the use of government-backed, principal reduction refinance programs than any other lender.

"Through the new FHA rules, borrowers with prior foreclosures or short sales are allowed to apply for FHA financing after just one year, rather than being forced to wait three years," said Brian Faux, chief operating officer, 1^st Alliance Lending.  "This is a huge opportunity for those former homeowners who suffered economic hardship during the recession but are now on the road to recovery."

According to the Back to Work program rules, applicants must demonstrate – with supporting documentation – what happened that caused the hardship and that they have re-established their income and paid their other obligations.

Mr. Faux commented, "At 1st Alliance Lending, our success qualifying people for government-backed programs is deeply rooted in an individualized, prudent underwriting process that looks beyond credit scores, to real people and real life situations. We consider the story of each borrower rather than underwrite to a computerized checklist. In fact, close to 85 percent of our underwriting is done manually which most lenders do not or cannot offer.

"The relationships forged with our customers go way beyond the sale, as we retain the servicing on our loans and the principles that guide us; our focus on real people and real life is ever present from closing day to the last payment.  We understand that many borrowers have had unpleasant experiences with mortgage lenders in the past, and we work hard to ensure their experience with 1st Alliance Lending is not more of the same. 1st Alliance Lending is more than a mortgage company; we are their partner in sustainable home ownership."

Consumers seeking more information about the Back-to-Work program or to file an application should call 1^st Alliance Lending at 855.656.0911 or visit
www.1stalliancelending.com/backtowork.

About 1^st Alliance Lending
1^st Alliance Lending, LLC (www.1stalliancelending.com) is a full service mortgage banking and servicing company offering FHA, VA and conventional mortgage products. The company offers a broad array of mortgage solutions to a diverse group of homeowners and borrowers in 46 states. 1^st Alliance Lending's primary focus over the last five years has been saving homeowners from foreclosure through the use of government‐backed, refinance programs. Headquartered in East Hartford, Conn., the company employs 140 persons and has been recognized by the Hartford Courant as one of the top employers in the state.

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SOURCE 1st Alliance Lending, LLC