Since the housing crash began in 2007, about 7.2 million homes have been sold by short sale or have been foreclosed on, forcing these home owners to become renters. The Federal Housing Administration (FHA) is helping these new renters be able to purchase their own home again with their new Back to Work Program.
The new FHA Back to Work Program gives homeowners the opportunity to qualify for a low interest loan with as little as 3.5% down payment. There are some conditions to meet, but people that have found themselves in this position can now buy a home in only one year after their loss.
First of all, the buyers must show that at least 20% of their household income had been lost for at least six months, creating the reason for the short sale or foreclosure.
Secondly, the buyer must show that they have worked to re-build their credit over the last year.
The nickname for this new situation is Boomerang Buyers, those that bounce back and can once again buy a home, and Uncle Sam has developed this program to help people that lost their homes and have worked to re-build their credit. Call Ryan Realty today to see if you can qualify for this new program, and start the process to owning your own home again!