FHA Back to Work Program: Go to a HUD Approved Counselor for your Certification
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.
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.
You must have a certification 30 days PRIOR TO writing a contract on a new home purchase.
Available HUD Approved Counselors can be found by clicking here.