{"id":3162,"date":"2021-03-27T20:02:32","date_gmt":"2021-03-27T19:02:32","guid":{"rendered":"https:\/\/businessfinancenews.com\/?p=3162"},"modified":"2021-12-09T19:46:02","modified_gmt":"2021-12-09T18:46:02","slug":"fha-back-to-work-program","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/fha\/fha-back-to-work-program\/","title":{"rendered":"FHA Back To Work Program"},"content":{"rendered":"\n
The FHA back to work program (1<\/a>) allows homeowners who have experienced foreclosure (5<\/a>), a short sale (6<\/a>) deed-in-lieu (7<\/a>), or bankruptcy (8<\/a>) to reapply for mortgage credit within 12 months (3<\/a>) (9<\/a>). The reason for your foreclosure, short sale, and so on has to have been caused by an economic event (10<\/a>) (11<\/a>), an economic downturn (12<\/a>) (13<\/a>), or even job loss (14<\/a>) (15<\/a>) as a result of the economic downturn (16<\/a>). And, a loss of income (17<\/a>) of at least 20 percent. You have to have maintained a good credit score (18<\/a>) since that time. That means that even though you may have been forced to sell your home on a short sale or into bankruptcy (19<\/a>) (20<\/a>), you have maintained good credit history, and made your payments on time (2<\/a>) (4<\/a>). Also, in order to be able to qualify under the program, the prospective borrower needs to go through counseling (21<\/a>). <\/p>\n\n\n\n You need to have a counseling session one-on-one for at least an hour at least 30 days before you apply for a new mortgage. The FHA Back to Work program recognizes the fact that it is the economic downturn that caused the loss and not the borrower. <\/p>\n\n\n\n The FHA realizes that, that this situation is not necessarily representative of the ability or willingness to repay the debts on time on the side of the borrower. Therefore, part of this FHA Back To Work program is to demonstrate that even though the borrower encountered this experience, the payments are still made on time. The borrower should also demonstrate a satisfactory credit history and as a result, are qualified to introduce an application for a new mortgage.<\/p>\n\n\n\n The FHA Back To Work Program is a distinctive type of FHA home loan that supports prospective borrowers during a financial difficulty through the diminishing of the waiting interval to apply successfully for an FHA Loan after a bankruptcy filing, a short sale or a foreclosure has taken place.<\/strong><\/p>\n\n\n\n The FHA Back To Work program is a mortgage loan program available via the FHA which reduces the waiting period to purchase a home after bankruptcy, foreclosure, or short sale. To qualify for the program, mortgage borrowers must meet standard FHA loan requirements<\/a>, document prior financial hardship, re-establish responsible credit history, and attend a brief homeowner counseling program<\/strong>.<\/p>\n\n\n\nWhat is the FHA Back to Work Program?<\/strong><\/h2>\n\n\n\n