Program To Help Short Sellers and Foreclosed Owners Buy Again

As a result of the real estate market crash in 2008 and the subsequent downturn in the economy, many homeowners with prior stellar payment records on their mortgages ended up losing their homes in foreclosure or being forced to do a short sale to get out from under it.  Most of these former homeowners then became renters but have the desire to buy a home again once back on their feet.  However, depending upon just how severely their credit was impacted as well as whether they had a foreclosure, short sale or bankruptcy, they may have to wait as long as 7 years to obtain a home loan again.  However, thanks to an FHA program called “Back to Work”,  which, surprisingly,  has received little attention, there is hope for these homeowners including the opportunity to obtain a home loan again without the normal waiting period if their problems were related to a job loss and they meet certain criteria.

The Back to Work program allows borrowers that may be otherwise ineligible for an FHA-insured mortgage due to FHA’s waiting period for bankruptcies, foreclosures, deeds-in-lieu, and short sales, as well as delinquencies and/or indications of derogatory credit, including collections and judgments, to be eligible for an FHA-insured mortgage if the borrower meets certain guidelines, which include:

(We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ]

Search ALL St Louis Homes For Sale

See ALL Homes That Will Be Open In St Louis This Weekend

Continue reading “Program To Help Short Sellers and Foreclosed Owners Buy Again