The Federal Housing Administration (FHA) recently announced its “Back to Work” program, which is giving individuals who suffered a long period of hardship during the recent housing crisis a second chance to prove they can carry a mortgage and own a home.
The program will waive many of the waiting periods associated with a significant “economic event” such as bankruptcy (Chapters 7 and 13), short sale or foreclosure.
Potential candidates may be first-time or repeat home buyers, and the program can be used for the 203K rehab loan.
FHA Back to Work Eligibility
To participate in the program, individuals must be able to demonstrate they’ve recovered fully from the “event”, and document the fact that they did have a household income loss of at least 20 percent for a period of at least six months that coincided with the “event.” They need to prove current, stable and documentable employment to qualify.
They also need to demonstrate a 12-month positive payment history, specifically on-time payment of all mortgage and installment debt.
FHA Back to Work HUD Counseling Sessions
Applicants also must attend counseling sessions before being able to participate in the program. This is usually a one-hour session with a HUD-approved counselor, and was designed to help participants prevent the “economic event” from happening again.
More Information on FHA Back to Work
To learn more about the FHA Back to Work program, contact us. We will help you determine the best home financing option for you and your family. In addition to low down payment FHA mortgage loans, Inlanta also offers no down payment USDA rural development loans, conventional financing, VA mortgage loans and renovation loans. Renovation loan programs are designed to help you finance the repairs and purchase or refinance of a home. Inlanta can securely accept mortgage applications online. Apply online now.
Our Mission Statement
Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.
About Inlanta Mortgage
Headquartered in Brookfield, Wis., Inlanta Mortgage was established in 1993. We are currently celebrating our 20th Anniversary! Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.