Back to Work program UPDATE: Lots of questions on this program, here is a quick summary to help answer some of your questions: • 12mos waiting period after a major derogatory item (Foreclosure, Short Sale, Deed In Lieu, CH7 BK, CH13 BK) • Credit issues MUST have been a result of loss of employment, or loss of household income beyond the borrowers control. FHA is looking for a reduction in income of 20% for a period of 6mos or greater) • Qualifying borrowers MUST demonstrate a full recovery from the economic event for at least 12mos. • Borrowers must complete housing counseling *Offered FREE of charge* • How do we document the loss of income? The following are examples of the documents needed to fully document the economic event. (Written Termination notice, proof of business closure, documentation of unemployment, letter from employer, Tax returns, W2s and Written Verification of Employment)
Posted on: Mon, 23 Sep 2013 22:37:18 +0000
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