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

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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