FHA Mortgage Applicants with Recent Foreclosures Offered a Pass

Written By: Emil FleysherOctober 23, 2013, , , ,

The Federal Housing Administration (FHA) has instituted a new program. Its name is "Back-To-Work-Extenuating Circumstances" to assist potential borrowers who faced financial hardship during the recession.
This program, which began August 15th, 2013 provides a second chance for mortgage applicants. For those who have experienced financial hardship such as unemployment. Or, a severe reduction in income beyond the borrower’s control. The purpose of this program is to assist borrowers with a recent history of foreclosure, judgment, short sale, bankruptcy, loan modification, or deed-in-lieu. It does this by acknowledging that their credit history may not fully reflect their ability or propensity to repay a mortgage. Prospective borrowers that have experienced an economic event and can document that the event was out of their control; that they have recovered, and that they have completed housing counseling. With all of these, they can apply for an FHA-insured mortgage that will allow up to 96.50% financing.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

Request A
Free Consultation

"*" indicates required fields

Name*

*Required Fields

This field is for validation purposes and should be left unchanged.
All
Cape Coral
Deerfield Beach
Jacksonville
Lake Worth
Orlando
Palm Beach Gardens
Port St. Lucie
Stuart
Tampa
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram