Get Back to Work Program

The FHA (Federal Housing Administration) offers a mortgage loan program that shortens the period of time one has to wait after filing bankruptcy, being foreclosed upon, or giving up a home to a short sale or deed in lieu of foreclosure. This program is called “Back to Work—Extenuating Circumstances.”

Not everyone will qualify for this special new federal mortgage program, and there are specific rules to follow. Fortunately, we are hard at work helping everyone who qualifies to get access to this special program.

The Back to Work program requires counseling from an agency like credit.org; our counseling helps people who have returned to work determine their readiness to get a new FHA mortgage. We can help people even if they have recently declared bankruptcy or lost a home.

Part of the process is documenting your circumstances. Eligible borrowers will have suffered through a financial hardship in the past, but have since re-established credit, completed HUD-approved housing counseling, and documented that their financial hardship led to their mortgage or debt problems.

Your income should have dropped by 20% or more for at least 6 months to be considered a hardship. Re-establishing credit means making 12 months of on-time payments to rent and other loan payments. You must have no more than one 30-day delinquency with other (non-housing) creditors, and a capacity analysis must be conducted regarding repayment of open collection or judgment accounts.

Before applying for this Back to Work program, your lender will make sure you meet FHA loan requirements. Our HUD approved housing counseling (required at least 30 days before applying) can help you document your circumstances and understand the entire application process.

Credit.org has a dedicated web site for the Back To Work program where you can get started. If you have questions about the “Back to Work—Extenuating Circumstances” program or any other form of mortgage or debt relief, please contact us right away. We’re here to help.