ALAMEDA CA - Back to Work - Extenuating Circumstances Program, the new FHA program that allows for shortened waiting periods is a great opportunity for people looking to get back into the housing market after short sale, bankruptcy or foreclosure. The first thing a home buyer needs to do to get qualified for this program is take a counseling class.
The counseling must address the cause of the economic event and the actions taken to overcome the economic event and reduce the likelihood of reoccurrence. The housing education may be provided by HUD-approved housing counseling agencies, state housing finance agencies, approved intermediaries or their sub-grantees, or through an on-line course, and be completed a minimum of thirty (30) days but no more than six (6) months prior to submitting a loan application to a lender, as application is defined in Regulation X, implementing the Real Estate Settlement Procedures Act, 24 C.F.R. §3500.2(b).
The lender must verify and document that the borrower has completed the required pre-purchase housing counseling by obtaining a letter from the borrower issued by the Participating Housing Counseling Agency on agency letterhead and that includes the agency’s Tax Identification Number (TIN). The letter must state: the borrower’s name, the counselor’s name, that counseling was delivered in accordance with ML 2013-26 requirements, the date upon which counseling was completed, borrower’s signature and the signature of an authorized official of the counseling agency providing the counseling, and the borrower received the proper disclosures (C. Required Disclosures) from the housing counseling agency.
List of Local Counseling Agencies:
NID-HCA SAN LEANDRO- CHAMBERS
250 Macarthur Blvd.
San Leandro, CA 94577
The Towers- 2200 Powell Street # 530
Emeryville, CA 94608
NACA (NEIGHBORHOOD ASSISTANCE CORPORATION OF AMERICA) OAKLAND, CA
Oakland, CA 94611
MONEY MANAGEMENT INTERNATIONAL CONCORD
1070 Concord Ave #105
Concord, CA 94520
Toll-free Phone: 866-232-9080
MISSION ECONOMIC DEVELOPMENT ASSOCIATION
2301 Mission Street #301
San Francisco, CA 94110
Phone: 415-282-3334, xtn. 112
For more information or to apply contact Garrick Werdmuller at 510-282-5456 or Garrick.email@example.com.