The Federal Housing Administration (FHA) has implemented a new program titled “Back to Work.” This program seeks to help borrowers that would otherwise not qualify for an FHA mortgage because of FHA’s waiting periods for foreclosures, bankruptcies, deeds in lieu or short sales, as well as borrowers with delinquencies, judgments or other indications of derogatory credit. FHA recognizes the hardships faced by many borrowers during the recession and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.
To qualify for this program, borrowers need to demonstrate that:
- Certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control;
- The borrower has demonstrated full recovery from the event; and,
- The borrower has completed housing counseling.
This is a powerful program that offers hope to buyers who might otherwise have to wait years. You’ll need an informed Realtor and Lender. WE CAN HELP!!
Get the full details here.