FHA Offers New Program For Those Who Had Experienced Financial Difficulty

Good Morning Everyone.!

I wanted to just briefly touch on a new program that FHA just released that can help out some of you that may be in the "waiting" period.  

FHA decided to easy up on their guidelines for those who experienced 'financial difficulty due to extenuating circumstances'.

The program was given the name "Back to Work." If you have experienced any of these financial difficulty due to extenuating circumstances'. 

The program was given the name "Back to Work." 

If you have experienced any of these financial difficulties you may be eligible for the new program so take a look...

-Pre-foreclosure sales
- Short Sales
- Deed-in-lieu
- Foreclosure
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Loan Modification
- Forbearance agreements

The FHA has finally realized that not everyone could control their credit events. Credit histories do not always tell the tale of someone's ability to or willingness to pay back a mortgage.
This program also waives the traditional 3 year waiting period after a foreclosure, short sale, or deed-in-lieu.
If you have experienced one of the above listed hardships then you may be eligible.
The second criteria is that you must demonstrate a full recovery from the event.
And third, you must also show that your household income declined by 20% or more for a period of at least 6 months, which coincided with the above "economic event".
To document the 20% loss of household income you will need to present your federal tax returns or W2's, or a written Verification of Employment evidencing the prior income.
If you lost income in seasonal work or part-time work you must provide 2 years documentation.
With the FHA Back to Work program you can now purchase a home after only 12 months after a foreclosure, short sale, deed-in-lieu, and chapter 7 or 13 bankruptcy.
This program is a great opportunity for those of you still stuck in that "waiting" stage.
Take advantage of the offer as it will expire September 30, 2016.
If you have additional questions about the program or want to get a meeting set up with our trusted loan officer, please let me know..!
I am ready to help..!