What is it?The FHA Back to Work Program is a loan program offered through the FHA. It is for borrowers who have gone through an "economic event" that keeps them from obtaining a conventional loan. These events include: short sales, pre-foreclosure sales, chapter 7 and 13 bankruptcies, deed-in-lieus, loan modifications, forbearance agreements, and foreclosures. If you've gone through any of these derogatory credit events and are at least 12 months removed, you could be eligible for the FHA Back to Work Program. Who's eligible?

In order to qualify for the program, a borrower must have proof of at least 12 months of perfect payment history of major accounts. The point of the loan is to help people who went through economic crisis but were able to bounce back from it. The borrower must also agree to complete housing counseling before closing. This counseling only takes about an hour and can be done over the phone. The borrower must also prove that their household income declined by 20% of more for a period of at least six months at the time of the economic event.

Other qualifications include those of a regular FHA loan. A minimum credit score of 500 and downpayment of 3.5% are included. Income history will need to be verified through W-2's or federal tax returns.