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FHA “BACK TO WORK PROGRAM” HELPS REVIVE HOMEOWNERSHIP
A LITTLE-KNOWN FACT
FHA “BACK TO WORK PROGRAM” HELPS REVIVE HOMEOWNERSHIP!
Florida has certainly seen its fair share of hardships due to the economic and housing crisis this country experienced over the past decade. People living in Florida are still digging their way out of the ruins so-to-speak. A special FHA lending program offered by the US Department of Housing and Urban Development (HUD) is available for those who have recovered and want to own a home again.
The historic crash affected many good people who got caught in the crash. Sometimes credit events are out of a person’s control and do not always determine an individual’s ability or willingness to pay on a mortgage. This was especially the case during the crash of the housing market over this past decade.
Many are not aware of this excellent program. HUD/FHA created this program in 2013, and it’s called the “Back to Work – Extenuating Circumstances Program.”
If you or anyone you know have experienced any of the following financial difficulties, relief may be eligible for the program.
- Pre-foreclosure sales
- Short sales
- Chapter 7 bankruptcy
- Chapter 13 bankruptcy
- Loan modification
- Forbearance agreements
HUD/FHA has removed the familiar waiting periods that typically follow a derogatory credit event.
*To qualify for the program, mortgage borrowers must:
- Meet standard FHA loan requirements, with the exception of the waiting period after a credit event.
- Document the prior financial hardship.
- Re-establish a responsible credit history.
- Attend a brief homeowner counseling program.
*This is not a complete list of guidelines. Please contact us for further details and to apply.
The process begins with a “Pre-Purchase Counseling” course with a HUD-approved housing counseling agency. Individuals who complete the counseling course receive a certificate which is good for six months. 30 days must elapse after completion of counseling course before loan application can be commenced.
Many families are still facing challenging times today, but there is information available to guide people in making more informed, quality decisions for their financial well-being. We’re experts in helping those who are ready to own a home again. Give us a call today – it will be worth your time! There are solutions and alternatives that you may not know about.