by ashley63 (writer), , November 22, 2013 Credit: anonymous Back to Work Program "Back to Work" Program - For People in Financial Crisis Financial crisis? A new program called "Back to Work" home mortgage is waiting to help. Due to the economic financial downturn over the past six years, families have been stuck in a drought of monetary instability.
Newer posts are loading. You are at the newest post. Click here to check if anything new just came in. The FHA's back to work online home mortgage loans are made to work with families' financial situations and are possibly the key to getting the housing market back in gear.
The FHA back to work program lender
Category: Business | 73 views | Created: 11/09/13 Those who have lost their homes due to pre-foreclosure sales, short sales or deed-in-lieu or foreclosure can apply for the FHA "Back to Work" Program. Lenders can help borrowers qualify for the program and re-enter the housing market.
While the FHA is giving families new home-financing opportunities, the administration also wants recovering borrowers to learn from their previous hardships. That’s why potential “Back to Work” program borrowers are required to complete some one-on-one housing counseling.
The Federal Housing Administration has issued guidance for its new Back to Work program that could open the door for borrowers who lost their jobs and their homes during the recession to qualify for a FHA-insured mortgage.
This is a new year. This year is sure to prove a new leaf has been turned and 1st Alliance is ready to be a part of this exciting time. The FHA – “Back to Work” plan is here and 1st Alliance Lending is an expert-lending firm offering the product.
One of the major ways FHA ensures financial stability in this new program is through requiring “Back to Work” borrowers to participate in at least one hour of one-on-one housing counseling.
Back to Work borrowers must complete counseling between 30 days and six months prior to submitting a loan application. Housing and Urban Development provides recommended agencies on their website, www.hud.gov.
The borrower will need to provide the back to work mortgage lenders that he/she approaches with the certificate of participation that he/she has received from the HUD counseling agency. Unfortunately if this certificate is not submitted along with the other loan application forms, the borrower will not get the financing.
The Federal Housing Administration (FHA) with its “Back to Work” program gave a second chance those facing a financial situation. This mortgage restructure could potentially put millions of eligible families back in the housing market if they apply.
Anyone can use their knowledge to look for properties those are in their budget. Once buyer makes an offer, the lender then examines their finances in detail before issuing them a mortgage. After prequalification, these examination is often just a formality because the lender already knows their financial position in advance.
Lenders who offer the Back to Work program only accept borrowers who have satisfactory credit for at least 12 months. Credit histories with late housing, installment debt payments, delinquency and other derogatory credit issues are not accepted in the program.
New technology makes it easy for mortgage lenders to explain borrowers’ loan options and obligations online. However, these agencies seem to forget that regular folks are not mortgage experts — in fact, we sometimes get completely lost while reading through lengthy explanations and confusing language. Before to apply for FHA “Back to Work” home mortgage loans, borrower must read the deciphered terms that may help them, if they’re eligible.
FHA has eased lending rules for those who have experienced bankruptcy or a prior foreclosure. Though the economic downturn has caused extreme financial hardship over the past few years, this olive branch from the FHA could help potential borrowers finally get back into a home of their own.
If you are hoping for a second chance in the housing market after an economic event like foreclosure, short sale or bankruptcy, it’s not too late to apply for a new loan that could change your financial life. The FHA’s Back to Work home loan allows borrowers to put only 3.5 percent down with no premiums or fees at closing.
