News Blog‎ > ‎

FHA's new "Back To Work" Program

posted Aug 28, 2014, 5:57 PM by Massey Kouhssari   [ updated Mar 28, 2015, 1:34 PM ]

FHA “Back to Work” Program: Get Your Consulting Requirement Fulfilled Here

We are here to help you get the required Consulting that is needed to obtain a new FHA mortgage – even if you’ve recently lost your home or declared bankruptcy.

About the Program

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. BankerBroker.com is here to help you complete the program qualifications.

Do You Qualify?

FHA will consider you for eligibility if you had a financial hardship in the past but can now document the following circumstances about yourself:

1.       You meet FHA loan requirements

2.       You can document the mortgage or credit problems resulted from a financial hardship

3.       You have re-established a responsible credit history

4.       You have completed HUD-approved housing Consulting

A lender will first have to determine if you meet the FHA loan requirements before you can apply for a FHA loan under the Back to Work program. You will need to explain how the financial hardship was something beyond your control that reduced your income or caused you to lose employment. If your household income dropped by 20% or more for at least six months, it may count for this type of financial hardship.

To re-establish credit you must have a 12 month record of on-time rental housing payments with no delinquencies, and not have been 30 days late on more than one non-housing loan payment. If you still have any open collection or judgment accounts, then a “capacity analysis” will be done to see if you can repay those creditors.

How to Get Started

To start an application with a us as your FHA-lender you must first take a “Pre-Purchase Consulting” phone interview with a HUD approved housing Consulting agency 30 days before you start the application. A certified counselor will assess your debt, ability to afford the mortgage, features of the mortgage, explain mortgage insurance and the loan application process. BankerBroker.com is a HUD-approved housing Consulting agency, and can help you make sure you have done everything you need to do to access the “Back to Work–Extenuating Circumstances” program. You will need to complete your Consulting at least 30 days before you apply for a new FHA mortgage. Your certificate is valid for 6 months.

BankerBroker.com’s Pre-purchase Counsulting

BankerBroker.com offers the HUD-approved housing consulting that is required for your FHA loan application.

If the recession caused a loss of income that led you to lose your home or declare bankruptcy, you can call BankerBroker.com for Pre-purchase Counsulting and ask about the “Back to Work” program. 877-410-6663

 

Comments