A Foreclosure May Not Affect Your Chances Of Buying Another

Dated: 06/29/2016

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This week, we've talked about the FHA 203k loan and it's benefits if you're buying a fixer-upper, or are planning to do repairs to your current home. Today, we take a look at the  FHA "Back To Work - Extenuating Circumstances" Program.

If you were a victim of the foreclosure era, the FHA would like for you to know that your chances of homeownership is not necessarily lost. The Back To Work program is a mortgage loan program available via the FHA which reduces the waiting period to purchase a home after bankruptcy, foreclosure, or short sale. Borrowers will still have to qualify for the program, by meeting standard FHA loan requirements, documenting prior financial hardship, re-establish a responsible credit history, and finally attend a brief homeowner counseling program.

If you've experienced any of the following financial difficulties, you may be FHA "Back To Work - Extenuating Circumstances" Program-eligible :

  • Pre-foreclosure sales

  • Short sales

  • Deed-in-lieu

  • Foreclosure

  • Chapter 7 bankruptcy

  • Chapter 13 bankruptcy

  • Loan modification

  • Forbearance agreements

If you feel you, or someone you know can benefit from the FHA "Back To Work - Extenuating Circumstances" Program, give us a call! The Shields Team has experience with many home buying scenarios, and can help you  work through the process. Our office number is (423) 433-6517, and we welcome you to come by our office inside Keller Williams Realty, 1033 Hamilton Place in Johnson City TN. We think you'll be glad you did!

You can also see a massive list of properties we have for sale on our website here: Homes for Sale in the Tri-Cities

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Rayne Price

Holding a BS in Environmental Science, and MA in Education, real estate was not Shields Team Buyer Specialist Rayne Price's first career choice. It was only after encouragement from his wife and a cl....

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