FHA Back to Work Program
FHA Back to Work Program has been hitting the airways, internet and social media with a frenzy. Maybe you haven’t heard of it referred to as 
the FHA back to work program, but have heard that FHA has lifted their time frame of when a buyer, who has gone through a short sale, bankruptcy or foreclosure, can purchase a home using a FHA insured loan. For example, a time frame of 3 years was required, if you had experienced a short sale, but that time frame has been reduced to 1 year.
Folks, I have to be honest here, when I first heard the change from 3 years to 1 year, I thought they were off their rocker. Why would they insure a loan from someone who only a year ago, had a short sale completed? I know that may tick some off and that’s not my intention, but having to do a short sale sometimes means there was some financial irresponsibility. Now, I did say sometimes, so please don’t send me any hate mail. 🙂
As I’ve told my kids and believe it for myself, if you do not take responsibility for the situation you are in, your situation will not get better, or you will continue repeating the same old mistakes. Ok, ok, I will hop down from my soapbox now.
This 15 page letter from HUD, states that:
FHA is continuing its commitment to fully evaluate borrowers who have experienced periods of financial difficulty due to extenuating circumstances.
As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage payments, and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure. Some borrowers were forced to file for bankruptcy to discharge or restructure their debts. Because of these recent recession-related periods of financial difficulty, borrowers’ credit has been negatively affected. FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.
Before, with a short sale on your record, you had to wait 3 years before you could purchase a home using a FHA insured loan, now you can purchase in as little as a year. BUT WAIT! Before you jump for joy, there are hoops to jump through to make sure your situation has indeed improve.
As with any FHA insured mortgage, you must meet a couple of guidelines: The loan must be made by an approved FHA lender and the loan must meet the minimum standards of the FHA mortgage guidelines.
There’s more: To that end, FHA is allowing for the consideration of borrowers who have experienced an Economic Event and can document that:
- certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control;
- the borrower has demonstrated full recovery from the event; and,
- the borrower has completed housing counseling
For more information check out this 15 page document from HUD.
So, this is good news if you meet their requirements. If you want to find out more, I have a list of quality FHA lenders who would be happy to talk to you about your situation and see if you could qualify for this program. Call me direct at 904-910-3516 or if you prefer, email me at pam@pamgraham.com
I can’t find a lender that is actually offering the “Back to Work” program? I’d appreciate any direction with that.
Thanks
Fred
Check your email Fred, sent you two lenders
I would love to know what lenders in the Florida or Central Florida area are offering the new Back to Work program by FHA. Any help is truly appreciated!
Rebecca, check your email , I sent you two lenders in Florida.
I would like to know the lenders that are offering the Back to Work FHA program in Orange County.
Thanks!
Roberto, check your email, just sent you their contact info.
can you please forward me in lenders in Florida or central Florida area that are offering the new back to work program by FHA . Thank you very much
Steve,
Check your email, I just sent you a couple of contacts.
I would like to know the lenders in Florida (Jacksonville) that offers the FHA back to work program.
Thanks!
Erica,
Check your email, I just sent you over a couple of lenders who participate in the program.
Hello Pam, I am also looking for lenders that adopted the Back To Work FHA Loan Program. I am looking to purchase in Port Saint Lucie, Florida.
Thank you!
Gisela,
Just sent you an email with two lenders who participate in the program. Good luck!
I am looking for lender in orlando fl, that offers FHA back to work program. Thanks! ..
Julia, check your email. I sent you a lender that can halo you.
Did not receive anything..:(
Just sent it to you again. Please let me know if you got it or not.
Check your email Kevin. Let me know if it didn’t go through.
Armando, check your email, just sent you some contact info. Please let me know if you don’t get it.
Please send me names of Lenders who are participating in the FHA back to work program for home purchase in West Palm Beach
thanks
I would like to know of any lenders in Jacksonville that participate in the FHA back to work program. Thank you in advance.
Katelia, check you email. I just sent you some info. Please let me know you got it.
I received the info, Thank you
I would like to know of any lenders in Nassau County, Fl or Jacksonville Fl area that work with the Back to Work Program.
Thanks
I’m looking for a back to work program lender in the Miami area.
I need the names of any lenders in Clay County or Jacksonville, FL that participate in the FHA Back to Work program. Thanks!
I would like a contact for lenders offering this program in Miami, I’m interested in relocating to Lady Lake Fl.
Thanks
Gina,
Check your email, I sent you a lender contact. Please let me know if you get the email or not.
Hi. I am looking for a lender that is offering the FHA Back to Work Program in Clay County- Fleming Island area. Everyone I have contacted (realtors) have told me they do not know of anyone. Thanks!!
Looking for lenders that do the back to work program in the palm harbor/ Clearwater area. Thank you
Hi I am looking for back to work lenders in the Jacksonville FL area. Any help would be greatly appreciated. We were denied conventional already and have put 2500 in earnest money on a home with dr Horton. The loan officer there ignores calls and emails so I have not been able to clarify with him. He told us we should try back to work even though I mentioned using it before the conventional application and he told me it is junk and everyone who tries it is denied. He works with dhi. I don’t think they do back to work and I’m worried he is trying to burn time so we lose our money. Help!