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26 September 2013

How Do I Qualify For “Back To Work” FHA Program? Buying A Home 1 Year After Foreclosure!

HUD’s recent announcement of their “Back To Work” program means that homeowners one year out of foreclosure may now qualify for a loan! But, there are restrictions. Said homeowner has to be able to prove an “economic event” occurred that led to the foreclosure. And establish “Qualifying Credit following and Economic Event.” In order to […]

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HUD’s recent announcement of their “Back To Work” program means that homeowners one year out of foreclosure may now qualify for a loan!

But, there are restrictions. Said homeowner has to be able to prove an “economic event” occurred that led to the foreclosure. And establish “Qualifying Credit following and Economic Event.”

In order to “establish” this “qualifying credit” after the “economic event,” the borrower must attend one hour of one-on-one counseling from HUD-approved housing counseling agencies, as defined at 24 C.F.R. §214.100. This counseling must address the cause of the “economic event” and the actions taken to overcome and reduce the likelihood of reoccurrence. The counseling must be completed between thirty days and six months before submitting a loan application to a lender.

And to make it even easier, the session can take place in person, via telephone, possibly via internet, or other methods approved by HUD.

So if you want to buy a home after foreclosure and just 1 year after a foreclosure, you need to get the counseling done ASAP.   It’s only 1 hour long and can be done over the phone for FREE.

Step By Step Instructions On How To Qualify For FHA “Back To Work” Program:

1.  Call one of our after foreclosure loan specialists at 888-634-4260

2. 7-12+ months after foreclosure get your counseling course done. (We will help direct you to the easiest and most efficient way to get the FREE counseling done)

You must have this course completed for at least 30 days prior to submitting your loan application to the lender and not more than 6 months.

3.  Get pre-approved.

Download the DFG Buyers Funding packet HERE to see what you need to qualify then fax in your request.  within 2-4 business days you should receive an underwriting decision and get a pre-approval letter.

4. Get a rate quote

Call 888-634-4260 and get a rate quote that you can lock.

Since rate locks typically are 15, 30 or 45 days, it’s generally in your best interest to already be pre-approved prior to trying to lock your rate.  It’s important to note that the longer your rate lock is, the higher the rate.   There typically shouldn’t be a charge for rate locks.

5. Start shopping for a home.

Once you have received your pre-approval letter back from your loan agent, If you don’t have a great buyers agent, we can refer you to one. Over the last 6 years, we have built an extensive network of trusted real estate agents.  Call us to find you an outstanding agent who knows some of the best strategies on how to get your offer accepted in a sellers market.

6. Get your offer accepted!

This is where it gets really exciting.  You can start to imaging your future in this new home and the happy feelings of home ownership are returning.  Typically it takes about 30 days to close on your new home purchase.

7.  Close on your new home!

Throughout the loan closing process, there will be an appraisal, inspection, walk throughs  and many other items that you will knock out.  It is vital to be working with experience after foreclosure professionals who have gone through this before to ensure that you won’t hit any road blocks along the way.  Call us today to get started and remember that Homeownership is within reach!

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