FHA "Back To Work" Program #Ukiah #Willits #Mendocino County #FHA
By Rick Costa, FHA/VA/USDA expert
(Primary Residential Mortgage Inc. NMLS 3094)
Late last week, H.U.D. unveiled a new set of guidelines under the FHA loan program for borrowers adversely impacted by economic downturn of the last five years. The "Back To Work" program is geared towards borrowers who can substantiate that, their inability to make their mortgage payments, (that ultimately led to foreclosure or pre-foreclosure sale, deed-in-lieu, etc.) , was caused by an economic event, may now be eligible after 12 months for an FHA loan. For the purposes of this program, an "Economic Event" is defined as "any occurrence beyond the borrower’s control that results in loss of employment, loss of income, or a combination of both, which causes a reduction in the borrower’s household income of twenty (20) percent or more for a period of at least six (6) months. There ...
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