November 6th, 2013 5:48 PM by Sam Kader
This FHA loan program allows borrowers who were harmed financially due to loss of a job and/or a decrease in earnings of 20% or more that lasted 6 months or more. If the borrower can meet the criteria of the FHA Back To Work – Extenuating Circumstances Program, they could be eligible to obtain FHA mortgage financing after re-establishing good credit for 12 months after a short sale or foreclosure.
EligibilityBorrowers must be able to document the circumstances and event that was beyond their control due to loss of employment or significant loss of income and must have recovered from the event (including reestablished satisfactory credit for a minimum of 12 months). HUD is also looking for a satisfactory credit history prior to the event.
You may be eligible for the FHA Back to Work program if you have suffered the following:
To qualify for the FHA Back to work Program, you must meet the minimum eligibility requirements.