New FHA Program

Dated: 09/06/2013

Views: 2005

If you are not aware, there is a new program opportunity through FHA called ‘Back to Work’- Extenuating Circumstances
 There are a three main requirements for borrowers who have experienced an Economic Event and can document that:
1-    certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control; (20% decrease in household income for at least 6 months)
2-    the borrower has demonstrated full recovery from the event; and, (one year’s time)
3-    the borrower has completed housing counseling (30 days prior to loan submission)   Below is a Link for you to advise your borrowers of the counseling offices throughout the United States   http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

Jim Cavoto Managing Broker

Jim Cavoto has been serving Colorado Real Estate market since 2000. Jim carries both Real Estate Employing broker level license & The Colorado Mortgage Origination License. As a rare "Native" of Col....

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