The Federal Housing Administration (FHA) recently introduced a brand new loan program that is designed to help Atlanta home buyers who suffered financial setbacks during the economic recession.
The Back to Work-Extenuating Circumstances Program allows borrowers who lost their home due to financial hardships, such as a short sale, foreclosure or bankruptcy, to become eligible for home loans much sooner than what was previously allowed.
The normal waiting period for someone who has dealt with a bankruptcy is two years, while a short sale or foreclosure waiting period is up to three years. With the new FHA loan program, borrowers can apply for a new home loan in just 12 months.
The federal guidelines require that borrowers prove that they have had a significant reduction in income of at least 20 percent over a six month period through no fault of their own, such as the loss of a job. Borrowers must also be able to prove that they have “fully recovered” from the economic event that caused the loss of their home, they must attend a home counseling program at least 30 days prior to applying for a new loan and they must be purchasing their primary residence. In addition to the program-specific requirements, the borrowers must meet all of the standard FHA guidelines, such as having a satisfactory credit score.
To find out more about the new FHA loan program to help Atlanta home buyers who have fallen on hard economic times, contact Academy Mortgage by calling 404-713-8662 or visit their website at www.AcademyMortgage.com.
Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.