FHA Back To Work Home Mortgage Program offered by HUD/FHA.
The
Department of Housing and Urban Development (HUD) has announced guidelines for borrowers seeking to purchase a home after going through a foreclosure, short sale, deed in lieu, or bankruptcy. Certain "eligible" borrowers may now qualify for an FHA home loan in as little as 12 months after the "event", opposed to the previous 24-36 month required waiting period.
This program is specifically designed for borrowers who could no longer afford their mortgage payments due to an "extenuating circumstance", such as a job loss or reduction in income of 20%. The event have had to take place for a period of At LEAST 6 months prior to a
foreclosure, short sale or bankruptcy. Even borrowers who went through both a bankruptcy and a foreclosure may qualify as long as they have fully recovered from the "economic event".
FHA is allowing for the consideration of borrowers who have experienced as "Economic Event" and can document it:
*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 program.
It is important to note that there needs to be good satisfactory credit for at least 12 consecutive months following the foreclosure to qualify. This includes the following:
* No history of delinquency on rental housing payments (This would mean that the underwriter is going to want a letter from your landlord to verify this)
*No more than one thirty (30) days delinquency on payments due to another creditors (this will come from your current credit report)
*No collection accounts/court records reporting (other than medical and/or identify theft) on your credit report.
To qualify, you must be able to document the loss of employment by obtaining:
*Signed Tax returns
*Proof of income loss from your employer or previous employer
*Proof you went from full time to part time work
If you were effected by the economic downturn and you are wanting to
buy a home, give the
Hoffman Home Team a call today. The Hoffman Home Team works with lenders that know about this program. We are here to help you to get ready to buy again. Call Us Today!
Heidi Hoffman ~
Hoffman Home Team ~ 303-949-9770 ~
Keller Williams Realty
