Back to Work – Extenuating Circumstances” program.
Although several conditions need to be met, this could be an opportunity for you to purchase your dream Long Beach home or condo. To qualify, borrowers must prove that they lost their home because of a significant economic incident, such as losing a job. Circumstances must have changed significantly, resulting in the family income being fully recovered when applying for the new loan, too. Those wishing to purchase a home must also have an adequate credit score and participate in a one-on-one counseling session lasting one hour.
In addition to these conditions, borrowers need to meet all other FHA requirements as well as having a solid history of on-time rental payments, no more than one 30 day late payment to creditors, and no reported collection or court records. This program could be a great way to gain approval for your home, benefitting both buyers and sellers. If you’d like to learn more about Long Beach real estate or are thinking about buying or selling, please contact me.
