Were you ever affected by an unforeseen economic event that prevented you from making your mortgage payment on time? Was your credit score once in the “good” to “excellent” range but now you’re trying your best to get out of the “poor” to “fair” range because of a recession or market crash? Trying to improve your credit can be difficult, take a lot of time, and put a hold on many things you’d like to do such as refinance your home loan.
If any of these scenarios sound familiar to you, you’re in luck because there is finally an answer. The FHA now offers a Back to Work program that offers much more lenient guidelines for getting approved for a mortgage loan.
Most mortgage lending companies will only work with a borrower whose credit score is above 580, who can put down at least a 3.5% down payment, and be able to verify their income. However, if you’ve experienced any financial troubles such as a job loss, foreclosure, bankruptcy, deed-in-lieu, short sale or loan modification then you may qualify.
If your credit score has suffered because of any of the above and you can document that there was a significant loss in income (at least 20% of your household income) then this may be the answer you’ve been looking for. However, you must also be able to document that you have fully recovered from the event and also complete household counseling where you can better understand loan programs, learn how to create a budget, avoid scams, and prepare for the future.
Note that this is for case numbers effective on or after August 15, 2013 through September 30, 2016.
If this sounds like a solution to your circumstances, please contact us today and we can help you get started: 800-245-3279 or firstname.lastname@example.org