{"id":11273,"date":"2013-10-23T12:45:18","date_gmt":"2013-10-23T19:45:18","guid":{"rendered":"https:\/\/fleysherlaw.com\/?p=747"},"modified":"2023-02-22T14:30:47","modified_gmt":"2023-02-22T14:30:47","slug":"fha-mortgage-applicants-with-recent-foreclosures-offered-a-pass","status":"publish","type":"post","link":"https:\/\/fleysherlaw.com\/blog\/foreclosure\/fha-mortgage-applicants-with-recent-foreclosures-offered-a-pass\/","title":{"rendered":"FHA Mortgage Applicants with Recent Foreclosures Offered a Pass"},"content":{"rendered":"\n

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 <\/a>applicants. For those who have experienced financial hardship such as unemployment. Or, a severe reduction in income beyond the borrower\u2019s 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.<\/p>\n\n\n\n

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<\/a>. Or, send an e-mail to emil@fleysherlaw.com<\/a>, or complete the contact form below.<\/p>\n\n\n\n