Have you wondered what to expect after foreclosure? When you might be able to buy again or if you should ever consider buying again? You try your best to keep up with bills and payments but with the unstable employment we had/are experiencing in our area many had no option but to short sale or foreclose on their home due to unforeseen reductions in their household income coupled with a mortgage payment that was way to high for them to begin with.
Buying again and only a year after foreclosure, in a price range that better fits your lifestyle long-term is now an here! 
Introducing the FHA “Back to Work” program!
The Federal Housing Administration has changed the rules to help buyers whose credit was tainted due to the loss of a job or income reduction. They will now be able to get a mortgage to buy again after a one-year waiting period through the FHA’s new lending program, dubbed “Back to Work.”
According to the instructions from the FHA:
Buyers who can document that they lost their home to foreclosure or filed for bankruptcy because they were laid off or because their household income was reduced by at least 20 percent for at least six months will be eligible to apply for a home loan after paying their bills on time for a year.
ONLY 1 YEAR!!!
The borrower must meet the following three conditions:
1. Credit impairments were the result of a reduction of household income beyond borrower’s control
2. The borrower has demonstrated full recovery from the event
3. The borrower has completed housing counseling at least 30 days prior to completing the loan application
See more details on the Back To Work FHA program.
Let’s talk! Give me a call or email me and we can see if you qualify for the “Back to Work” program!
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