Back to Work Program by HUD allows borrowers to buy just 12 months after a Bankruptcy, Foreclosure or Short Sale.*

Only available through certain lenders

HUD recently announced the Back to Work Program. The “Back to Work – Extenuating Circumstances” program. The Back to Work Program is aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. Back to Work Program Minimum Eligibility Requirements: The borrower must meet several minimum eligibility requirements to qualify. The borrower must have experienced an economic event. This is defined as any occurrence beyond the borrower’s control that resulted in a loss of employment, income or a combination of both. This must have caused a reduction in the borrower’s household income by 20% or greater that lasted six months or longer. The borrower must have recovered from the “economic event” with the re-establishment of satisfactory credit for a minimum of 12 months. The borrower must attend housing counseling from an approved HUD Housing Counseling Agency. Search HUD homes on the Hudhomestore website. Back to Work Program Highlights:

  • Previous bankruptcy, foreclosures and short-sales are acceptable. You no longer do you neBack to Work Program, hud Back to Work Program, bankruptcy rules, buy a home after bankruptcy, how long after bankruptcy, fha bankruptcy guidelinesed to wait three years after a previous foreclosure. Two years after a bankruptcy to obtain affordable financing. The minimum is now 12 months.
  • Only a 3.5% down payment is required (minimum credit score of 580 required for maximum financing).
  • No income restrictions.
  • Positive payment history reestablished
  • Minimum credit score of 580 is accepted
  • Gift funds permitted.
  • Single-family maximum loan amount of $729,750 in high-cost living areas.
  • First-time homebuyers are acceptable.