Buy the Best


FHA Back to Work program helps people buy sooner after short sale

FHA Back to Work program helps people buy sooner after short sale

by Huntington Beach Realtor – Scot Campbell – Previews Property Specialist – Coldwell Banker Previews International

HUD logoThe FHA back to work program is available for Huntington Beach homebuyers who had a bankruptcy, foreclosure, or short sale in the recent past.  There are folks who had financial issues beyond their control and it is the intent of this program to help these homebuyers (who have worked out their financial difficulties) get back into homeownership before prices and interest rates climb any further.

FHA Loans allow as little as 3.5% down with loan amounts upto $625,500.

FHA Guidelines for a Short Sale | Home Guides | SF Gate

The buyer in a short sale can get a new FHA mortgage loan to complete the
purchase. These transactions must be at "arm's length," meaning the buyer has
no ...

These guidelines have changed the waiting periods required after the discharge of a bankruptcy, foreclosure or short sale. Under normal (previous) guidelines it is 2 years after a bankruptcy. 3 years after a foreclosure and a short sale unless it can be shown that there were extenuating circumstances for the short sale.

The guideline changes below effectively cut the waiting down to 12 months for each of these events.

Things to Know About an FHA Short Sale - Home Buying and Selling

A seller can qualify for an FHA short sale if HUD determines the seller has a
hardship. All FHA short sales fall under HUD, Housing and Urban Development,

The Special Credit Requirements / HUD Mortgagee Letter 2013-26 “Back to Work”:

When Can I Get a Mortgage After Short Sale? |

If you sold your home through a short sale, you'll have to wait before you can
qualify for ... The amount of time you must wait to obtain a new FHA mortgage
varies, ... in a declining housing market and buy a comparable house for a lower

This guidance applies to purchase transactions only.

Rules for FHA Loans Following a Short Sale -

FHA loan rules for new loans following a short sale may seem complex--the rules
that ... purchase a similar or superior property within a reasonable commuting ...

The provisions of this mortgagee letter apply when a borrower experienced an Economic Event, as defined in the ML, which resulted in a foreclosure, short sale, bankruptcy or other negative impact on their credit, AND whose application has been issued a “Refer” recommendation by TOTAL Scorecard, or received an “Accept/Approve” but must be manually downgraded. All other FHA eligibility and policy requirements apply in addition to these requirements.

Borrowers that may be otherwise ineligible for an FHA mortgage due to the waiting period for bankruptcy, foreclosure, deed in lieu, and short sales, as well as delinquencies and/or indications of derogatory credit, including collections and judgments, may be eligible for an FHA mortgage if the borrower can document that the delinquencies and/or indications of derogatory credit are the result of an Economic Event as described below has completed satisfactory Housing Counseling as described below, AND meets all other HUD requirements

Definitions: An Economic Event is any occurrence beyond the borrower’s control that results in a Loss of Employment, Loss of Income, or a combination of both, which causes a reduction to the borrower’s Household Income of 20% or more for a period of at least 6 months. The Onset of an Economic Event is the month of the Loss of Employment/Income. Recovery from an Economic Event is the re-establishment of Satisfactory Credit (as defined below) for a minimum of 12 months.

Understanding the HUD/FHA Short Sale Process

14 May 2012 ... Learn about HUD's short sale program, which allows sellers to satisfy ... I am
trying to buy a short sale house with an FHA loan through Wells ...

I know several FHA lenders who have done a good job for our clients in the past.  If you need a referral, please email me at

FHA "Back To Work" Loan - Rules & Guidelines

28 Jul 2014 ... The FHA has waived its mandatory waiting period after foreclosure via .... Via the
program, you can buy a home 12 months after a short sale.

Homesearching has never been easier on your smart phone, iPad/tablet, or computer… simply go to on your browser (No App Needed) to see all of the homes listed in the Realtor MLS updated continuously!

For a FREE Instant Home Value Report, go to

For questions about buying and selling real estate in Huntington Beach and Coastal Orange County, contact Scot Campbell.

FHA Short Sale | Bank of America

You may be approved to participate in an FHA Short Sale if you meet all of the ....
we'll provide you with an approval letter releasing the house for purchase.

Scot CampbellHe is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA. 

Home Buying: Can a buyer using a fha loan buy a short sale ... - Trulia

29 Jun 2008 ... Can a buyer using a fha loan buy a short sale? Find answers to this and many
other questions on Trulia Voices, a community for you to find and ...

Scot is a Previews Property Specialist,  has been a licensed for over 27 years, and has brokered over 1000 homes… including just about every type of transaction imaginable.

what exactly is meant by the 3-year requirement on FHA loan after ...

13 Apr 2013 ... what exactly is meant by the 3-year requirement on FHA loan after short-sale? ...
does put a hold on the borrower from buying thier next house after a short sale.

Read his profile and client reviews at

How to Buy Short Sale Homes on FHA | Finance - Zacks

Buying a short sale home has become a little easier as of 2012, as lenders have
loosened the reigns in the often drawn-out short sale approval process. Short ...

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

0 Comments - Leave a comment!

Sorry, comments are closed for this post.



Fernandacervantes Fernanda Cervantes 10 Lesbian Films That Won’t Leave You Wanting To Kill Yourself. I know what you’re thinking: ‘As if there are that many!

Cost-Benefit Analysis of Yeti Coolers for the Math Challenged

I recently read an article about the economic benefits of the super-duper, high-end coolers (ice chests) like those made by Yeti .