FHA has a program for those affected by loss of a job or loss of income due to the economic recession. It is called the Back to work program. The Federal Housing Administration recognizes that due to a major down turn in the economy many people have fallen behind on mortgage payments or have experience any of the following events.
If you’ve experienced any of the following financial difficulties, you may be program-eligible:
Pre-foreclosure sales
Short sales
Deed-in-lieu
Foreclosure
Chapter 7 bankruptcy
Chapter 13 bankruptcy
Loan modification
Forbearance agreements
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In large part if the homeowners can show this was beyond their control and not reflect their true ability to repay a mortgage.
Below are a few of the program highlights
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The borrower(s) late payments began due to a 20% or more drop in income. The lender will need to document these events began at the same time and are related.
Credit will need to reflect 12 months on time mortgage and credit card/loan payment history.
The borrower(s) will need to complete housing counseling.
Borrower(s) still need to have the minimum credit/income/underwriting requirements.
For questions please do not hesitate to reach out to me.
Craig Thibeau
Senior Loan Officer
North East Financial Middletown, CT
Ph 860-334-1354
NMLS 398576 Company NMLS 117273
craig@northeast-mortgage.com
www.northeast-mortgage.com
