The Department of Housing and Urban Development (HUD) has released new Federal Housing Administration (FHA) lending guidelines for previous homeowners who lost their home due to economic factors outside of their control.

The FHA Back-to-Work program now allows homebuyers who have previously filed for bankruptcy, short sale, deed-in-lieu or foreclosure to reapply for mortgage financing in as little as one year after their economic hardship.

Advantages of the FHA Back-to-Work program

• Ability to buy a home within one year of filing for bankruptcy, foreclosure, deed-in-lieu or short sale
• Qualification requirements allow leeway for some negative credit marks
• Low down payment options are available

Is the FHA Back-to-Work program right for you?

To qualify for the FHA Back-to-Work program, applicants must be able to document a 20% reduction in income, 12 months of satisfactory credit and complete a HUD-certified housing counseling class.

To find out if you qualify for the FHA Back to Work program, visit www.michiganfhaloan.com and complete the contact information form. We will have one of our experienced FHA lenders follow up with you regarding your request.