There are an increasing amount of homeowners who have either sold their homes in a short sale or lost their homes in a foreclosure. Normally, in either situations, the homeowners would have to wait for 36 months to pass by until they would be able to buy a primary residence again with an FHA fixed-rate loan. Amazingly enough, the FHA Back to Work Program has been extended all the way through September 30, 2016, giving potential buyers an opportunity to purchase a primary home in just 12 months after a short sale or foreclosure.
The FHA Back to Work Program was first announced in 2013. It strives to fulfill one heavy-weighted goal and that is to offer families a second chance at homeownership. To qualify for this program, the homeowners must present documentation of their finances to see what financial problems caused them to forfeit their prior home. Unfortunately, the program does not consider the following reasons to be good enough for losing one’s home:
- Previous loan modifications
- Adjustable-rate loan recasting
- Inability to rent a previous income property
You will be eligible to qualify for the FHA Back to Work Program if you show that since the previous financial misfortune, you have taken some time to re-establish your income and have paid your other financial obligations. If you have a credit score of at least 640 or above, then you can qualify for the program. You can bring a 12-month credit history to prove and support the credit score requirement. The FHA wants to see proof that you have tried to get back on your feet, regardless of the fact that you lost your previous home.
Ace Mortgage Loan Corporation is a mortgage company located in Coral Springs, FL. We can assist you with the FHA Back to Work Program and help you in determining whether or not you qualify for it. If you do not qualify for the program, the professionals at Ace Mortgage Loan Corporation will help you in obtaining another kind of home loan such as a VA loan, USDA loan, or conventional loan. Their services are available to those living in Coral Springs, Coconut Creek, Pompano Beach, Plantation, Delray Beach, Boca Raton, Davie, and Plantation. There is hope for those homeowners who lost their prior home. A second chance is nearby, but you need to start first by calling Ace Mortgage Loan Corporation.