We Have Good News For You!
Recently, the 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 propensity to repay a mortgage, the Back to Work program was created.
Back to Work Program* Details:
- Purchase transactions only
- Household income must have been reduced by at least 20% for 6 months or longer and be the result of a period of unemployment or income loss beyond the borrower’s control
- Good credit history must have been re-established in the last 12 months