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Hi this is Kevin Brierton, Sr. Mortgage Loan Originator with First Choice Loan Services Inc. A common question today is; when could I qualify for a mortgage after a short sale, foreclosure or BK?
Well I have great news, FHA (Federal Housing Administration) instituted the Back to Work initiative, designed to help people recover from recent financial difficulties.
As a result of the recent recession, many homeowners found themselves unable to make their monthly mortgage obligations and experienced bankruptcy, short sale or even foreclosure. Because the FHA realizes that these isolated events may not fully reflect the borrower’s true ability or willingness to repay a mortgage, the Back to Work program was created.
Now there are Four Key points of FHA Back to Work that are very important.
1. This is for a Purchase Transaction only
2. The borrower’s household income must have been reduced by at least 20% for 6 months or longer. The borrower will need to document that the delinquencies or indications of derogatory credit were the result of an economic event. This economic event may be any occurrence beyond the borrower’s control that resulted in a loss of employment, loss of income or a combination of both which caused this reduction in the borrower’s household income
3. The borrower must complete HUD Housing counseling 30 days prior to loan application but no more than 6 months.
4. A good credit history showing a recovery from the economic event must have been re-established by the borrower in the last 12 months
If you or someone you know might benefit from this great program, please call me on my cell phone which is 480-251-6141 – again that is 480-251-6141.
Make it a great day!
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FHA BACK TO WORK 9-10-2015
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