Genesis Housing Services is offering pre-purchase counseling to help borrowers fulfill the requirements of the Federal Housing Administration (FHA) “Back to Work” program.
Gilbert, United States of America - September 18, 2013 /MarketersMedia/ --
Genesis Housing Services is excited to work with FHA in implementing this program, which aims to speed up the process and allow borrowers to become homeowners again.
As a result of the recent recession, Housing and Urban Development (HUD) recognizes that many borrowers who experienced unemployment or other severe reductions in income were unable to make their monthly mortgage payments and ultimately lost their homes. These events also forced some borrowers to file for Chapter 7 or Chapter 13 Bankruptcy protection. Due to these recession-related periods of financial difficulty, borrowers’ credit was negatively affected. FHA recognizes the financial hardships that these borrowers faced and understands that their credit history may not fully reflect their current situation and their ability to repay a home loan.
Under the new guidelines implemented by HUD, homeownership should increase for those who qualify for FHA-insured home loans. FHA is continuing in its commitment to help borrowers who have experienced periods of financial difficulty due to extenuating circumstances obtain a home.
“Never in the history of lending have I seen HUD take such an important step in helping get renters (previous homeowners), back into homeownership by expanding their credit guidelines for FHA insured home loans,” explains Tim Hensley, Executive Director for Genesis Housing Services.
Counseling is required for borrowers who meet these guidelines. Visit http://genesishs.org for more information about the counseling.
Contact Info:
Name: Tim Hensley
Email: info@genesishs.org
Address: 207 N Gilbert Rd, Suite 001, Gilbert, AZ 85234
Phone: 480 - 306 - 5161
Organization: Genesis Housing Services
Source: http://marketersmedia.com/fha-back-to-work-pre-purchase-counseling-now-available/22224
