The FHA has waived its 3-year foreclosure waiting period. We now offer FHA's back to work program! Call us at 800 315 8803 or visit us at www.bartprequalifies.com Borrowers with a recent history of bankruptcy, foreclosure, judgment, short sale, loan modification or deed-in-lieu can apply!The FHA "Back To Work" Program Is OfficialBorrowers with a recent history of bankruptcy, foreclosure, judgment, short sale, loan modification or deed-in-lieu can apply -- and get FHA-approved -- for an FHA-insured mortgage.FHA mortgage insurance is available for any loan which meets the following two conditions :The loan must be made by an approved FHA lender. (Call us at 800 315 8803 or visit us at www.bartprequalifies.com)The loan must meet the minimum standards of the "FHA Mortgage Guidelines".The minimum standards of the FHA mortgage guidelines are straight-forward. Some of the more well-known rules require mortgage applicants to show a minimum credit score of 500; to make a downpayment of at least 3.5% on a purchase; and, to verify income via W-2 or federal tax returns. Please note that banks have the right to add their own guidelines, which are called overlays.If you've experienced any of the following financial difficulties, you may be program-eligible :Pre-foreclosure salesShort salesDeed-in-lieuForeclosureChapter 7 bankruptcyChapter 13 bankruptcyLoan modificationForbearance agreementsPlease feel free to contact us 7 days a week at 800 315 8803 or visit us at www.bartprequalifies.com to discuss your back to work scenario. Below are some FAQS to see if you may qualify for FHA's back to work program.What is the FHA Back To Work - Extenuating Circumstances program?The FHA Back To Work - Extenuating Circumstances program is the FHA's "second chance" for mortgage applicants who have experienced financial hardship as a result of unemployment or severe reduction in income.How do I apply for the program?Call us at 800 315 8803 or visit us at www.bartprequalifies.com.What are mortgage rates for the FHA Back To Work program?Mortgage rates are the same as mortgage rates for any other FHA loan. There is not a higher interest rate, or additional fees paid at closing.What are the minimum eligibility requirements of the FHA Back To Work program?In order to qualify, you must meet several minimum eligibility standards. The first is that you must have experienced an "economic event" (i.e.pre-foreclosure sale, short sale, deed-in-lieu, foreclosure, Chapter 7 bankruptcy, Chapter 13 bankruptcy, loan modification, forbearance agreement). You must also show that your household income declined by 20% or more, for 6 months or longer, which coincided with the above "economic event". Secondly, you must outline a full recovery from the event. Finally, you must complete housing counseling before closing on your loan. How do I document a 20% loss of household income for the FHA?In order to document a 20% or more loss of household income, you can provide federal tax returns or W-2s, or a written Verification of Employment from your employer at the time, denoting prior income. The onset of the economic event, which should represent a loss of at least 20% for at least six months, will be verified according to standard FHA guidelines. This may include W-2s, pay stubs, unemployment income receipts, and or additional item. We will outline the documentation required throughout the loan process. To get started please call us at 800 315 8803 or visit www.bartprequalifies.comHow do I document a "satisfactory" credit history since my "economic event" for the FHA?We will your credit report as part of the FHA Back To Work loan approval process. All accounts will be reviewed, including delinquent accounts and current accounts. We should be able to cnnfirm, the the borrower showed good credit history prior to the economic event; that the derogatory credit occurred after the onset of the economic event; and, that the borrower has re-established a 12-month history of perfect payment history on major accounts. Minor delinquencies are allowed on revolving accounts.Can I use the Back to Work as a first-time home buyer?Yes!Can I use the Back To Work program as a repeat home buyer?Yes!Can I use the Back To Work program for an FHA 203k construction loan?Yes!Does the FHA Back To Work program waive the traditional 3-year waiting period after a foreclosure, short sale, or deed-in-lieu?Yes, the program waives the agency's three-year waiting period. You no longer need to wait three years to apply for an FHA loan after experiencing a foreclosure, short sale or deed-in-lieu.Does the Back To Work program waive the traditional 2-year waiting period after bankruptcy?Yes, the program waives the agency's two-year waiting period. You no longer need to wait two years to apply for an FHA loan after experiencing a Chapter 7 or Chapter 13 bankruptcy.How do I apply for the program?Call us at 800 315 8803 or visit us at www.bartprequalifies.com. We lend nationwide.With the FHA Back To Work Program, how soon until I can buy a home after foreclosure?12 months after a foreclosure.With the FHA Back To Work Program, how soon until I can buy a home after a short sale?12 months after a short sale.With the FHA Back To Work Program, how soon until I can buy a home after a deed-in-lieu of foreclosure?12 months after a deed-in-lieu of foreclosure.With the FHA Back To Work Program, how soon until I can buy a home after Chapter 7 bankruptcy?12 months after filing for Chapter 13 bankruptcy.With the FHA Back To Work Program, how soon until I can buy a home after Chapter 13 bankruptcy?12 months after filing for Chapter 13 bankruptcy.Is there a counseling requirement in order to use the FHA Back To Work program?Yes, in order to the use the program, you must agree to attend housing counseling.Will my housing counselor help me shop for mortgage rates?No, your housing counselor will not help you shop for mortgage rates. However, many counselors can help you read a Good Faith Estimate which may help you make better lending decisions. To get started with the loan process please call us at 800 315 8803 or visit us at www.bartprequalifies.com. We lend nationwide!Why do I need to take housing counseling?The housing counseling required by the FHA Back To Work program.How long is the housing counseling session I am required to take?The housing counseling required will typically last one hour.Do I have to take housing counseling in-person?No, you do not have to take the housing counseling in-person. Housing counseling may also be obtained on the phone or online.If I complete counseling, am I automatically approved for the FHA loan?No, you are not automatically approved for the FHA loan.You must still qualify for the FHA mortgage based on Federal Housing Administration or our guidelines. Please call us at 800 315 8803 or visit us at www.bartprequalifies.com to get started. We lend nationwide!Are modified mortgages eligible for FHA Back To Work?Yes, modified mortgages are eligible.Are loans on a payment plan eligible for FHA Back To Work?Yes, loans on a payment plan are eligible.I lost my job because my employer went out of business? Does this qualify for the program?Yes, job loss resulting from an employer going out of business is Back-to-Work eligible. We will need to confirm the business closure, and we will probably request a letter of explanation from the borrower.I am unemployed. Can I still use the program?Yes, you can use the FHA Back To Work program if you are unemployed.I am still in Chapter 13 bankruptcy. Do I need the court's permission to enter into the mortgage?Yes, if your Chapter 13 bankruptcy has not been discharged prior to the date of your loan application, you must have written permission from Bankruptcy Court Trsutee to enter into the purchase transaction.Want More FHA Back To Work - Extenuating Circumstances Information?Call us 7 days a week at 800 315 8803 or visit us at www.bartprequalifies.com We lend nationwide!