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Learn About The New FHA “Back To Work” Program!

posted by Stephen Katz @ 1:09 PM
Tuesday, October 8, 2013

The FHA’s primary role is as an insurer of mortgage loans made by FHA-approved lenders. The FHA insures loans in all 50 states, all U.S. territories, and in the District of Columbia. Since its inception, the group has insured more than 34 million loans which makes the FHA the world’s largest insurer of mortgages.

FHA mortgage insurance is available for any loan which meets the following two conditions

Must be made by an approved FHA lender

Must meet the minimum standards of the “FHA Mortgage Guidelines”.

The minimum standards of the FHA mortgage guidelines are generally very straight-forward. The more well-known rules require mortgage applicants to show a minimum credit score of 500; to make a down payment of at least 3.5% on a purchase; and to verify income via W-2 or federal tax returns.

Loans failing to meet FHA mortgage guidelines do not get insured and the Federal Housing Administration has been steadily tightening its requirements since last decade’s housing downturn.

On August 15, 2013, though, the Federal Housing Administration moved to relax its guidelines for borrowers who “experienced periods of financial difficulty due to extenuating circumstances”.

Dubbed the “Back To Work – Extenuating Circumstances Program”, the FHA removed the familiar waiting periods that typically followed a derogatory credit event.

If you’ve experienced any of the following financial difficulties, you may be program-eligible

Pre-foreclosure sales

Short sales



Chapter 7 bankruptcy

Chapter 13 bankruptcy

Loan modification

Forbearance agreements


Contact us today to find out if you qualify,

Stephen Katz

(770) 309-0939 (direct) or (866) 742-8400 -- For the past 18 years, Stephen Katz has built a successful business almost entirely on referrals. As your mortgage consultant throughout the home loan process, Stephen will explain the pros and cons of all available mortgage programs and help you choose the financing option that is best suited to your needs. Throughout the loan process, he will keep you informed and will respond quickly to your requests with answers and solutions. Consistently a top producer, Stephen is a Mortgage Bankers Association "Diamond" Award winner, a Georgia Mortgage "Top Gun" and has closed almost half a billion dollars in loans. Put his knowledge and experience to work for you!

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