I’m pleased to inform you that I just received a memo from our management stating that we are accepting HUD”s guidelines for the “Back to Work” program.
HUD’s “Back to Work” guidelines allow people who had a foreclosure, short sale or deed in lieu of foreclosure because of a significant loss of income and/or employment during the recession, to buy a home again quicker than the standard wait period of three years (for FHA).
“Back to Work” provided expanded guidelines for an “extenuating circumstance” and the borrower must be able to document the loss of income and be able to demonstrate that they have re-established their credit for the last 12 months. I’ve written more about FHA’s “Back to Work” here.
If you are interested in this program, I strongly recommend starting the preapproval process well before you start looking for your next home. If you are considering buying a home anywhere in Washington state, I’m happy to help you!