FHA says…Foreclosures? No problem!

approvedFHA Back To Work Program Waives Foreclosure, Bankruptcy, And Short Sale Waiting Periods

The Federal Housing Administration (FHA) has waived its 3-year foreclosure waiting period. Effective August 15, 2013, FHA has agreed to waive the current 3 year wait period under a new program called “Back-To-Work-Extenuating Circumstances

What is the FHA Back To Work - Extenuating Circumstances program?
The FHA Back To Work - Extenuating Circumstances program is the FHA's "second chance" for mortgage applicants who have experienced financial hardship as a result of unemployment or severe reduction in income.  Borrowers with a recent history of bankruptcy, foreclosure, judgment, short sale, loan modification or deed-in-lieu can now apply and get FHA approved for an FHA-insured mortgage.  It will still allow up to 96.50% financing!  This will certainly open the door for many who lost their jobs and their homes as a result of the recession. The FHA realizes that, sometimes, credit events may be beyond clients’ control, and that credit histories don't always reflect a person's true ability or willingness to pay on a mortgage.

If you have experienced any of the following financial difficulties, they may be program-eligible:
Pre-foreclosure sales
•Short sales
•Chapter 7 bankruptcy
•Chapter 13 bankruptcy
•Loan modification
•Forbearance agreements

If you think you may qualify for this new program and believe that now is a good time to get back into a home of your own, call me.

Thanks…Steve Jackson


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