FHA Back To Work Versus NON-QM Loans
This BLOG On FHA Back To Work Versus NON-QM Loans Was UPDATED On July 8, 2017
FHA Back To Work Versus NON-QM Loans: I am getting my first batch of mortgage loan approvals on HUD’s FHA Back to Work Extenuating Circumstances due to economic event mortgage applications
- The first batch of closings are already tentatively scheduled for the first week of December.
- HUD’s FHA Back to Work Extenuating Circumstances due to economic event mortgage is a great program where it shortens the waiting period for potential home buyers who have had a prior bankruptcy and/or foreclosure.
- The waiting period after foreclosure, deed in lieu, short sale, bankruptcy is reduced to a one year waiting period.
- However, there are certain guidelines the borrower must meet and this mortgage program is not for everyon
Requirements On FHA Back To Work Versus NON-QM Loans
Borrowers need to meet certain requirements to meet FHA Back To Work Versus NON-QM Loans .
- The mortgage loan borrower needs to prove that he or she has either been unemployed or underemployed for at least six months prior to filing bankruptcy or the initiation of a foreclosure.
- This is the main key and thesis to qualify for HUD’s FHA Back to Work Extenuating Circumstances due to economic event mortgage program.
- Medical issues, death in the family, and divorce do not meet the qualification guidelines for this program.
- Many argue that the cause of a divorce resulted in the reduction of 20% or more in household income but unfortunately, mortgage lenders do not allow this as an extenuating circumstances.
- NON-QM Loans and Bank Statement Mortgage Loan Programs do not have any waiting period requirements after bankruptcy, deed in lieu of foreclosure, foreclosure, short sale.
Home buyers who are interested in HUD’s FHA Back to Work Extenuating Circumstances due to economic event mortgage loan program, please contact us at 262-716-8151 or email us at email@example.com.
- I would need a detailed letter of explanation on the extenuating circumstances due to an economic event six months prior to your bankruptcy filing and/or foreclosure.
- Need to explain your employment/unemployment status and how your household income suffered at least a 20% reduction for a bare minimum of six months.
- Once you submit that letter of explanation and if it is a go, you need to go to www.gustancho.com and click on the APPLY NOW icon on the top right and complete the 4 page 1003 mortgage application.
- I will need to do a tri-merger credit report and submit your 1003 and credit report to the underwriting department for their review.
- Once they give us a soft approval, you will be instructed to complete a HUD approved one hour housing counseling course and get a certificate of completion.
- 30 days after you receiving your housing counseling certificate, we will then start processing and underwriting your mortgage application as a TO BE DETERMINED subject property.
Within two weeks of submission of your application, you should get a formal FHA Mortgage Approval.
Gustan Cho NMLS ID # 873293
2017 IMPORTANT UPDATE ON FHA BACK TO WORK MORTGAGE PROGRAM
- HUD has eliminated the FHA Back To Work Mortgage Program as of 30, September 2017.
- This ARTICLE will remain on Gustan Cho Associates and not be deleted due to archival reasons.
- Home buyers who are interested in qualifying for home loan after bankruptcy and/or foreclosure with no waiting period can qualify with our new NON-QM Loan Program and Bank Statement Mortgage Loan Program where no waiting period is required. 20% down payment is required.
- Contact us at 1-800-900-8569 or email us at firstname.lastname@example.org for more information