FHA “Back to Work” Certification

This is one of many HUD Approved Counselor agencies available.

 Back to work program

The Federal Housing Administration’s Back to Work – Extenuating Circumstances mortgage loan program shortens the waiting period to buy a home to as little as one year after you’ve had a bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale. You do need to know the rules and guidelines in order to qualify.

Do You Qualify?

FHA will consider you for eligibility if you had a financial hardship in the past but can now document the following circumstances about yourself:

  1. You meet FHA loan requirements
  2. You can document the mortgage or credit problems resulted from a financial hardship
  3. You have re-established a responsible credit history
  4. You have completed HUD-approved housing counseling

A lender will first have to determine if you meet the FHA loan requirements before you can apply for a FHA loan under the Back to Work program. You will need to explain how the financial hardship was something beyond your control that reduced your income or caused you to lose employment. If your household income dropped by 20% or more for at least six months, it may count for this type of financial hardship.

To re-establish credit you must have a 12 month record of on-time rental housing payments with no delinquencies, and not have been 30 days late on more than one non-housing loan payment. If you still have any open collection or judgment accounts, then a “capacity analysis” will be done to see if you can repay those creditors.

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How to Get Started

To start an application with a FHA-lender you must first take a “Pre-Purchase Counseling” course with a HUD approved housing counseling agency 30 days before you start the application. A certified counselor will assess your debt, ability to afford the mortgage, features of the mortgage, explain mortgage insurance and the loan application process. Springboard is a HUD-approved housing counseling agency, and can help you make sure you have done everything you need to do to access the “Back to Work–Extenuating Circumstances” program. You will need to complete your counseling at least 30 days before you apply for a new FHA mortgage. Your certificate is valid for 6 months.

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Contact your loan officer for a “Back to Work” counselor in your area, or contact Springboard at 888-845-9057.  (Springboard charges for this service.)