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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)
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)
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?
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