FHA Back To Work Home Mortgage Program

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

Real Estate Professionals Since 2000

The Hoffman Home Team serving the Denver Metro & Surrounding Areas since 2000.

Our team works with a variety of clients from traditional listings, first time home sellers, buyers, first time buyers, short sales, bank owned homes, HUD properties, real estate investors, and clients that need help with divorce, estates, bankruptcy, growing families, empty nesters, relocation or any other life changes that can effect your real estate. We are here to help.

We can sell a home regardless of what your financial situation is. Find out What is My Home Worth. Or Find A Home here. We use the latest technologies including our new FREE Real Estate Mobile App.

We are here to help answer your questions and find a solution to your real estate needs. Here are some Real Estate Resources here: Home Selling Resources or Contact us today.

Heidi & Dennis Hoffman ~ Hoffman Home Team ~ 303-949-9770 ~ Keller Williams Realty

Thinking of Selling?

Thinking of Selling Your Home?
Facing an OPPORTUNITY, CHALLENGE, OR CHANGE?
And your not sure what to do with your current home?

If your looking at GOING FOR AN OPPORTUNITY This seller has to move for a new job, business or educational opportunity (or perhaps has a kid who is an all-star academic or athlete and wants a specific school district).  Getting married and want more space.  Just found out you are having a baby and you want to be out of your apartment.

If you are TACKLING A CHALLENGE This seller is facing a relationship change (separation, divorce, a financial issue, or perhaps (sadly) an illness.  We have worked with estates and know what the challenges can be.

MAKING A CHANGE IN HOW YOU LIVE Your home just doesn't have what you want. Perhaps it is too small. Perhaps it is too big, and maintenance is costly or a hassle. Something in the neighborhood has changed. You made a buying mistake and simply don't like something about your home. Kids have left the nest and you want to down size.

The Hoffman Home Team promises to save you money and time, and to handle all of the details so that you may focus on whatever is motivating you to sell. We are here to help. Whatever the situation, we have help many clients with the strictest confidence. We already know that you want the maximum price possible -- that is obvious. What the Hoffman Home Team offers that others don't is service. We pledge to provide the less amount of hassle and intense focus so that you can save your time and energy on the reason you need to move. Check out the Seller Resources and Give The Hoffman Home Team a call, contact us today. Real Estate Professionals since 2000.

Heidi Hoffman ~ Hoffman Home Team ~ 303-949-9770 ~ Keller Williams Realty