Effectively immediately FHA has waived the three year period for homebuyers who have experienced periods of financial difficulty due to extenuating circumstances.
Effective for loans originated after August 15th, 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.
If you have experienced any of the following you may be eligible:
* Pre-foreclosure Sales
* Short Sales
* Chapter 13 or Chapter 7 Bankruptcy
* Deed-In-Lieu
* Foreclosure
* Loan Modification
* Forbearance Agreements
* Loan Modification
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.
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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).
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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".
If you call us we can help!!!
12295 Oracle Blvd. #330, Colorado Springs, CO 80921
NMLS Lic# 238361
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