FHA Back to Work Program!
The "Back to Work Program" is designed to help buyers who have lost their homes as the result of an economic event.
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.
- Buyer must have experienced an economic event, defined as:
- Loss of employment
- Drop in household income of 20% or more lasting 6 months or longer.
- Purchase Loans only
- Demonstrate full recovery from the event, including re-establishing credit for the most recent 12 months
- Completion of housing counseling through a HUD-approved counseling agency
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