FHA Back To Work Program
FHA Back to Work Program Overview
FHA’s Back to Work Program can help those who find themselves 1 year (or more) beyond a short sale, foreclosure, bankruptcy or deed in lieu of foreclosure. This program is a great option for those that suffered a loss of income due to the downturn in the economy.
Basic FHA Back to Work Requirements
- Have had a reduction in income of at least 20%
- Reduction in income had to last at least 6 months
- Reduction in income must be related to economic event
- Reduction in income must have occurred prior to the event
- Re-established credit in the most recent 12 months
A borrower must also meet regular FHA guidelines and any FHA Back to Work related overlays.
FHA Back to Work Requires Counseling
The FHA Back to Work Program requires each eligible borrower must attend and complete a home counseling course. The counseling must be completed prior to any buyer executing a purchase contract on an Arizona property.
To get started to see if you can take advantage of the FHA Back to Work program call The HOUSE Team today.
Arizona FHA Loan Resources:
Team Number: 602.435.2149
Team Email: Team@JeremyHouse.com
By Jeremy House