Good news for Georgia home
buyers. The Federal Housing Administration (FHA) has introduced a new loan program designed to assist those who have undergone foreclosure, deed-in-lieu, taken a short sale or declared bankruptcy during the economic recession. Normally people who opted for the solutions would have to wait years before being eligible for an FHA-insured mortgage loan. The new program, Back to Work – Extenuating Circumstances, reduces the waiting period for most borrowers to just 12 months, and is offered to first-time and repeat home buyers.
Potential borrows must be able to demonstrate that they have had a significant reduction in income over a six month period, that they have fully recovered from the event, and completed Housing Counseling from a HUD-approved agency. You will also need to establish a good credit standing for 12 months.
Not all lenders are participating in this program; they must be FHA-approved. Because the FHA does provide the loan directly, you need to make sure that your lender is participating.in the program. If you have questions, you can contact Pam Wright, with On Q Financial (Pam.Wright@OnQFinancial.com – 770-883-2015).
Marie Dinsmore, Certified Luxury Home Marketing Specialist
The Dinsmore Real Estate Team | www.dinsmoreteam.com
