FHA “Back to Work” Program
About the Program
Under the new federal program called “Back to Work – Extenuating Circumstances”, if you have had a foreclosure, short sale, deed-in-lieu of foreclosure, or have declared bankruptcy you may qualify for a new home loan if you are back to work and can document the extenuating circumstances.
Do You Qualify?
FHA will consider you for eligibility if you had a financial hardship in the past but can now document the following circumstances about yourself:
- You meet FHA loan requirements
- You can document the mortgage or credit problems resulted from a financial hardship
- You have re-established a responsible credit history
- You have completed HUD-approved housing counseling
A lender will first have to determine if you meet the FHA loan requirements before you can apply for a FHA loan under the Back to Work program. You will need to explain how the financial hardship was something beyond your control that reduced your income or caused you to lose employment. If your household income dropped by 20% or more for at least six months, it may count for this type of financial hardship.
To re-establish credit you must have a 12 month record of on-time rental housing payments with no delinquencies, and not have been 30 days late on more than one non-housing loan payment. If you still have any open collection or judgment accounts, then a “capacity analysis” will be done to see if you can repay those creditors.
How to Get Started... Contact me at (404) 857-2508!
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Natasha
Liburd Bazile is
a Realtor with Keller Williams Atlanta Partners
and the Lead Home Stager with Heart
of Decor in Georgia (virtual services available). She prides
herself in being a guide to her clients and finds fulfillment in helping
them achieve their goals.
Direct Phone: (404) 857-2508
www.SoldbyNat.com - Email - Facebook - Twitter - YouTube
Direct Phone: (404) 857-2508
www.SoldbyNat.com - Email - Facebook - Twitter - YouTube
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