HUD’s FHA Back to Work Extenuating Circumstances due to Economic Event mortgage program in Illinois and Florida

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 in Florida and Illinois and 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 program in Florida and Illinois is a great mortgage loan program where it shortens the waiting period for potential home buyers who have had a prior bankruptcy and/or foreclosure to a one year waiting period.  However, there are certain guidelines the borrower must meet and this mortgage program is not for everyone.

Basic guideslines to qualify for HUD’s FHA Back to Work Extenuating Circumstances due to economic event mortgage program in Illinois and Florida

To qualify for HUD’s FHA Back to Work Extenuating Circumstances due to economic event mortgage program in Florida or Illinois, 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 in Florida and Illinois.  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 for HUD’s Back to Work Extenuating Circumstances due to economic event mortgage program in Illinois and Florida.

How do I know whether I qualify for HUD’s FHA Back to Work Extenuating Circumstances due to economic event mortgage program in Florida and Illinois

If you are interested in HUD’s FHA Back to Work Extenuating Circumstances due to economic event mortgage loan program in Illinois and Florida,  please contact me at 262-716-8151 or at www.gustancho.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/unemployement 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
Licensed in Illinois and Florida Commercial & Residential Lender.
Barclay Butler Financial Inc. 1051 E Main St. / Ste 219 East Dundee Il 60118. Phone (847) 551-1766 / (888) 301-5626. Fax (847) 551-1769.
Illinois & Florida Residential Mortgage Licensee. IL License # 0005290 FL License # MBR1242, NMLS # 278748.
Regulated by IDFPR-Phone 312-793-3000; 122 S. Michigan Ave. Ste 1900; Chicago, IL 60603.
Regulated by FLOFR- Phone 850-487-9687; 101 E. Gaines St. Tallahassee, FL, 32399.
The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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