Financing in 76092>Question Details

Rob, Home Buyer in Grapevine, TX

FHA is allowing Home Loan after 1 year of foreclosure. My Credit score is 689. Any one know a Mortgage company that is implementing this now. Thanks

Asked by Rob, Grapevine, TX Wed Sep 11, 2013

0 votes Share Flag Financing in 76092

Help the community by answering this question:

Answers

20
You are referring to the new FHA "Back To Work" loan. You must attend special Home Buyer Counseling before you write a purchase agreement. You must also show that you have re-established good credit for 12 months, and that your income situation has stabilized. It is really much more complicated than this brief explanation. If you are still self-employed, that would be my main concern.

Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
2 votes Thank Flag Link Wed Sep 11, 2013
Was looking to use VA. But if the FHA Back to Work loan is available, may try that route. Lost wife in '99....lost job in '01...Foreclosed on small house in '02.
Have been paying 700 month for apt for last 5 years. Is there any chance for someone like that to get a house?
Flag Thu Sep 12, 2013
Was looking to use VA. But if the FHA Back to Work loan is available, may try that route. Lost wife in '99....lost job in '01...Foreclosed on small house in '02.
Have been paying 700 month for apt for last 5 years. Is there any chance for someone like that to get a house?
Flag Thu Sep 12, 2013
The Federal Housing Administration (FHA) recently announced a significant mortgage rule change that will allow some borrowers to get a new FHA loan just one year after a foreclosure, short sale, deed-in-lieu or bankruptcy as part of the new “Back to Work – Extenuating Circumstances” program.

To be eligible for the program, borrowers must be able to prove that a major economic event such as a job loss or severe reduction in income (20 percent for at least six months) was the main catalyst in losing their home. In addition, borrowers will need to show that their income has since fully recovered, and their credit score must be satisfactory. Finally, potential borrowers will need to complete a one-hour one-on-one housing counseling session. Borrowers will need to meet all other FHA eligibility criteria.

To be deemed with “satisfactory credit,” borrowers will need to meet the following guidelines for a minimum of 12 months:

No history of delinquency on rental housing payment.
No more than one 30-day late payment due to other creditors.
No collection accounts/court records reporting (other than medical and/or identity theft).
Prior to the major economic event, the borrower’s credit must have been satisfactory and in good standing.

However, even with the new rules, whether a particular borrower actually gets financing is ultimately at the discretion of individual lenders — even if the FHA rules say they can lend, individual lender rules could be significantly tighter, prohibiting them from lending below certain preset standards.

This is yet another reason why it is very important to shop around for your home loan. Borrowers can be told no by one lender and the same day be told yes by another. In addition, rates and fees for what some see as higher-risk borrowers may differ dramatically from lender to lender

Hope this helps and clears up some confusion.

All the best,

Fritz Walter
1 vote Thank Flag Link Thu Sep 12, 2013
We have rolled out the product, but remember you have to go though a HUD approved consumer counseling program 30 days before you can actually apply for a mortgage. I am in DWF let me know if you need some guidance.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
1 vote Thank Flag Link Thu Sep 12, 2013
Thanks. I am going tomorrow morning for the counselling.
Flag Thu Sep 12, 2013
Hi Rob
I think you need to start with big lenders to see if anyone can offer what you are looking for and then work your way down the list. Being self employed may make it harder but you will never know unless you try! Best of luck to you!

John Straub
1 vote Thank Flag Link Thu Sep 12, 2013
I agree that you should contact Tom. It's also advisable to ignore postings from agents/brokers about mortgages and qualifications. They are neither informed nor licensed on the subject and should not be giving out false information.
1 vote Thank Flag Link Wed Sep 11, 2013
Thanks Tom. I have family in Texas. I'll give them your name and number. Good luck to you!
1 vote Thank Flag Link Wed Sep 11, 2013
Yes. Any lender should be able to do it.
There has to be a documented job loss or other economic event. NOT just a straight guideline allowing everyone with a 1yr old foreclosure.

Can you tell us the reason for the foreclosure?


Tom Burris
Mortgage Banker
http://www.dallasloanguy.com/
(214) 763-4629 cell/text/nights/weekends(Really!!)
tburris@servicefirstmtg.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
1 vote Thank Flag Link Wed Sep 11, 2013
Contact Cathy Anderson at Supreme Lending. She is awesome and has done this type of loan for a client of mine within the last 30 days.

Call me at 817-682-1356 if you need me to give you her number
0 votes Thank Flag Link Fri Apr 18, 2014
Good morning, It looks like you are getting a lot of help and answers here. You have also received a lot of answers from out of state agents. I would love to help you out. My name is Greg Torres and I am a local broker located in Grapevine. I use HomeBridge Financial. They are a local Mortgage Banker that has in house underwriting, loan officers and processors. They follow all national FHA guidelines and can work you into most any loan you are looking for.

Please feel free to call Stephen Brady, Mortgage Loan Originator, NMLS #258307 at 214-394-5264 or email him sbrady@HomeBridge.com. He is extremely knowledgeable and helpful in answering any and all loans questions and scenarios.

Best of luck to you and if you are looking at purchasing a home after your loan questions are solved, please feel free to call and interview me.
0 votes Thank Flag Link Fri Apr 18, 2014
Don't let a foreclosure stop you from buying a new home. See Comstock if you have a buyer in need. They have a flexible credit loan. This program assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
http://www.thinkcomstock.com/buy-after-foreclosure
0 votes Thank Flag Link Fri Apr 11, 2014
The FHA home loan after 1 year only applies to certain circumstances in which the foreclosure occurred. I recommend looking further into this to see if these circumstances apply to you. Either way, you should speak with a lender, like myself, for direct and immediate help. We would be happy to discuss your situation and to direct you of what to do next. On the other hand, you credit score is definitely acceptable but all of your finances will be looked at in a tougher angle because of your past foreclosure. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Feb 19, 2014
Hi Bart

I am self employed. When my business got hurt, I started new business with dba name and continued to use the same S Corporation. Is that a problem? My score is 700 now.

Thanks
0 votes Thank Flag Link Thu Dec 5, 2013
Yes I do have all the documentation. I finished counselling too. I got more income this year than the last year. I would like to start this process after I file 2013 returns.
What do you think?
Flag Fri Dec 6, 2013
If you have all the documentation and we can send it over to the underwriter to review before we submit the file. She is in house. Feel free to contact me at 800 315 8803
Flag Thu Dec 5, 2013
We have completed 2 FHA back to work loans in the Dallas/FT Worth area since it was implemented. Have you completed the counseling?

If I can be of service, please let me know. My name is Bart Gabe, and I have been lending since 1987.Please do not hesitate in emailing or calling me, 7 days a week at 800 315 8803.

I look forward to working with you in the future.

Bart Gabe
Lending Nationwide Since 1987
800 315 8803 - 7 days a week
http://www.bartprequalifies.com
bart@bartprequalifies.com
NMLS 20743
0 votes Thank Flag Link Tue Dec 3, 2013
I would be happy to help you get in touch with qualified professional loan experts who will be able to help you with this process. Email me at suhrperiorrealty@gmail.com and I will forward you several professionals you can choose to contact.

http://bit.ly/1a87vYI

Buy/Sell through me and I'll move you for FREE*!!!

*some restrictions apply contact me for details*
0 votes Thank Flag Link Tue Dec 3, 2013
Does any one know a lender who is getting FHA Back to Work Loans successfully in DFW Area?

Thank you
Prasad
0 votes Thank Flag Link Thu Nov 21, 2013
I would be happy to send you a few qualified loan officers for you to contact for multiple opinions on getting the best rates and deals possible it is never a bad idea to get more opinions email me at suhrperiorrealty@gmail.com

http://bit.ly/1a87vYI

Buy/Sell through me and I'll move you for FREE*!!!

*some restrictions apply contact me for details*
Flag Tue Dec 3, 2013
We do them. Most people just do not qualify
Flag Thu Nov 21, 2013
I am with Barbara Cocker on this.......
If still self employed I don't think you would have a chance.

This is for people who lost their job (think: layoff due to bad economy) and that job was 20% or more of the household income.... or some such.
I don't have the guidelines pulled up.

Not knocking you personally, but I don't think the guidelines were written for your particular profile.

I don't want to discourage you though. Maybe you should find a lender and go over your story a little further.

Good luck.
And please feel free to ask follow up questions.


Tom Burris
Mortgage Banker
http://www.dallasloanguy.com/
(214) 763-4629 cell/text/nights/weekends(Really!!)
tburris@servicefirstmtg.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Wed Sep 11, 2013
Yes we are. The fine print is the foreclosure has to have come from a loss of job or 20% or more decline in income.
0 votes Thank Flag Link Wed Sep 11, 2013
Tom,

Self Employed. Online business went bad. Could not afford the house. Spent all the savings around.100,000 $. All the savings are gone. Got into debt of $ 28000. I had to let this house go. BoA started deed in Lieu. Half way through the process they said no more time and and they foreclosed it. Since then I built my credit back up to 690. Hope this info helps.
0 votes Thank Flag Link Wed Sep 11, 2013
The TRUTH is that the rules are in effect now. I don't originate in Texas but I'm sure someone has the program available. I have it in California as do others. There is no "hefty" down payment requirement, it's the same as any FHA mortgage.

A few guidelines to note:

You must be able to document an economic event that caused a drop in income of 20% or more that lasted more than 6 months.
You must rebuild your credit and show that you have fully recovered from the event.
You must complete HUD approved housing counseling.
0 votes Thank Flag Link Wed Sep 11, 2013
Try Grant Griggs at Gateway Mortgage - 817-368-3052
0 votes Thank Flag Link Wed Sep 11, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Texas > Tarrant County > Southlake > 76092 > Financing in 76092 > Question
Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer