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Sunday, October 22, 2017

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The Back to Work Program Offers Shorter Waiting Periods

By ashley63, published on Dec 5, 2013

For those still recovering from the housing crash of 2008, the Federal Housing Administration’s “Back to Work – Extenuating Circumstances” program may seem like a miracle. Online home mortgage lenders are now allowing borrowers to apply for a new, sustainable home loan without a three-year waiting period. In fact, the waiting period for those who have faced a previous financial crisis is only 12 months.

Mortgagee Letter 2013-26 defines an economic event as “any occurrence beyond a borrower’s control that results in loss of employment, loss of income, or a combination of both, which causes... (more)

Tags: back to work lending program, back to work loan program

New program launches through FHA and Back to Work program

By ashley63, published on Nov 29, 2013

The Federal Housing Administration is helping borrowers through “Back to Work” lenders launched on August 15, the “Back to Work – Extenuating Circumstances” lending program encourages financial stability by allowing families to make a fresh application for mortgage without having to wait for a long period. In the program, lenders are allowing families to apply for a loan just 12 months after losing their home.

Previously, borrowers had to wait a mandatory three years before qualifying for a new loan. In the new mortgage program, those with previous financial hardships can get back on... (more)

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What you need to know about the “Back to Work” loan program

By ashley63, published on Nov 22, 2013

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. As consumer confidence begins to rise and some employment opportunities have returned, many families have been looking to buy a new home.

However, some buyers are still left credit-less because of a failed mortgage that resulted in prior foreclosure, prior short sale and even bankruptcy. At this point, what could be more terrifying than a complex loan process?

This... (more)

Tags: back to work lending program, back to work loan program

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