NAR_grey_logo-01

FHA’s ‘Back To Work’ Program

Derek Sandoval

By Derek Sandoval

Through FHA’s “Back To Work – Extenuating Circumstances Program,” borrowers who have gone through bankruptcy, foreclosure, deed-in-lieu, or short sale, may be eligible for an FHA-backed mortgage sooner if they can prove their financial hardship was the result of an economic event, such as job loss or a significant decrease in income. In this video, Noel Brownell of Comstock Mortgage and I will explain the new program further.

Derek Sandoval has worked for Keller Williams Realty in Roseville, Calif., since 2009, and specializes in residential, REO, and short sales. Find Derek at www.dereksellshomes.com and dereksellshomes.featuredblog.com.

Comments
  1. Matt Miller

    Sounds like a great program IF you can find any lending institution to even work with you. Of the 15-20 companies we have called, half didn’t even know about this program and the other half said they don’t know how to go about implementing this program. Unless you can provide a list of lending institutions that will participate this is just another hopeless dream.

  2. Mr. Miller,

    You may have just unluckily landed on loan officer’s who do not know what they are doing. FHA has updated their guidelines to reflect a few changes with this program for loans starting August 15. You must be able to document income loss of 20% or more for at least 6 months, and also prove you have been current on all payments over the last 12 months. There is too much info for me to list, so feel free to call or email and I will be glad to help you. 727-804-6605

  3. Bob

    I have a chapter 7 bankruptcy that was discharged back in 2009 I included the house in the bankruptcy but I’m being told that I cant buy a new house because the property didn’t short sale until November of last year?

  4. Meado

    I’m reading that we also will need to take a credit seminar through an FHA approved credit counselor at least 30 days prior to applying for the new loan….can you tell us a little about that requirement as well? And can it be done online?

  5. Tom Demogenes

    What is the effective date of this program? When will the majority of lenders be familiar enough with the Back to Work Program so that they will start lending after teh one year waiting period? Thanks

  6. Lori

    We are in 2nd year of Chapter 13 bankruptcy. My husband passed away earlier this year. Are there any options under this program for re-finance?

ADD YOUR COMMENT