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FHA Back to Work Program waives 3 year waiting period

Reblogger
Real Estate Agent with Coldwell Banker Realty MD RE License 579412

This is great news for prospective home owners waiting to buy a home after foreclosure, short sale and bankruptcy.  Ask me how you can purchase a new home!!  Century 21 New Millennium is part of the largest relocation network in the world and I can help you find a home no matter where in the world you want to move. 

Original content by Greg Cook NMLS ID#283159

Effective Immediately, FHA Waives Foreclosure Waiting Periods Via Its “Back To Work – Extenuating Circumstances” Mortgage Program

If you’re a home buyer, whether it’s your first home or fifth, and a significant derogatory credit event has kept you out of the housing market. Then you got some good news from FHA.

Related: FHA Waiting Period after a Foreclosure

Effective immediately (August 15, 2013) FHA has waived it’s 3 year waiting period after a foreclosure, short sale or bankruptcy.

Effective for FHA Case Numbers assigned on, or after, August 15, 2013, borrowers with a recent history of bankruptcy, foreclosure, judgment, short sale, loan modification or deed-in-lieu can apply for an FHA 3.5% down loan.

Related: Buy a Home with $100 down?

The Federal Housing Administration moved to relax its guidelines for borrowers who "experienced periods of financial difficulty due to extenuating circumstances". Dubbed the "Back To Work - Extenuating Circumstances Program".

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

The FHA realizes that, sometimes, credit events may be beyond your control, and that credit histories don't always reflect a person's true ability or willingness to pay on a mortgage.

The minimum eligibility requirements are: In order to qualify for the FHA Back To Work program, you must meet several minimum eligibility standards.

  • The first is that you must have experienced an "economic event" (e.g.; pre-foreclosure sale, short sale, deed-in-lieu, foreclosure, Chapter 7 bankruptcy, Chapter 13 bankruptcy, loan modification, forbearance agreement).

  • The second is that you must demonstrate a full recovery from the event. And, third, you must agree to complete housing counseling prior to closing. 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".

Not all lenders will be participating in the program and not everyone will qualify under the FHA Back to Work Program, but if you have a “significant derogatory event” in your credit history this may be the program that gets you back on the path to homeownership.

We have helped countless home buyers find the right loan program and they all have one thing in common, they contacted us.

Contact a FHA loan specialist

Thanks to Dan Green from the Daily Mortgage Report for the heads up and some of the content

Greg Cook

First Time Home Buyer Specialist

Certified Military Housing Specialist

FirstTimeHomeBuyersNetwork.com

951-265-4532

greg@firsttimehomebuyersnetwork.com

http://firsttimehomebuyersnetwork.com

 

 

 

 

 

 

 

NMLS ID #283159

 

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June Piper-Brandon ~ Associate Broker ~ MRP, AHWD, CDPE, ePro

Coldwell Banker

410-292-0100 - Direct   410-461-7600 Office

June Piper Brandon - Agent with Century 21 New Millennium

June Piper Brandon - Agent with Century 21 New Millennium

Comments (2)

Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

HI June, that's great news. Thanks for sharing with us in AR Land.

Aug 18, 2013 04:42 AM
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Now that is very helpful to know.  I have buyers that will help now.

Aug 18, 2013 05:57 AM