Easily Accessible Mortgage Program for People Who Have Lost Their Homes

The U.S. Department of Housing and Urban Development (HUD) has launched a new program designed to provide FHA loans to people who suffered major blows during the housing market crisis. It is called “Back to Work” and sets more lenient mortgage requirements for those who want to become homeowners. When these are combined with the generally greater affordability of FHA loans, the deal seems quite attractive.

The new mortgage program is designed for people who have gone through bankruptcy, foreclosure, short sale, deed-in-lieu, loan delinquencies or debt collection and who have lost at least 20% of their income for a period of six months before the respective credit-damaging event. Representatives of the Federal Housing Administration explain that the initiative will help otherwise financially responsible people who experienced a major reduction in their credit score and got a blemish in their credit record due to the adverse circumstances.

In order to qualify for the “Back to Work” program, the home buyer must prove the reduction in or complete loss of income. The buyer’s credit record must not indicate late mortgage payments for the past year. Any mortgage accounts held by the buyer must have been current for the past year. Only one 30-day delinquency on other loans and credit lines is allowed. There must be no current collection accounts or public records. The use of housing counseling is also a requirement. .

Prospect home buyers who have experienced bankruptcy must meet two additional conditions. The bankruptcy discharge must have occurred at least one year before the application date. The reason for the bankruptcy must fall under the economic event requirements of the FHA. The bankruptcy filing must have been discharged with all payments having been made timely. peta dunia satelit .

All individuals and households that qualify for this mortgage program are able to take out FHA loans with the same terms and conditions as borrowers with undamaged income and credit score.

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