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
the borrower has demonstrated full
recovery from the event; and, (one year’s time)
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
Author:Jim Cavoto Managing Broker Phone: 720-309-3014 Dated: September 6th 2013 Views: 2,080 About Jim: Jim Cavoto has been serving Colorado Real Estate market since 2000. Jim carries both Real Estate Em...
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