Good news for Georgia homeFHA buyers.   The Federal Housing Administration (FHA) has introduced a new loan program designed to assist those who have undergone foreclosure, deed-in-lieu, taken a short sale or declared bankruptcy during the economic recession.  Normally people who opted for the solutions would have to wait years before being eligible for an FHA-insured mortgage loan.  The new program, Back to Work – Extenuating Circumstances, reduces the waiting period for most borrowers to just 12 months, and is offered to first-time and repeat home buyers.

Potential borrows must be able to demonstrate that they have had a significant reduction in income over a six month period, that they have fully recovered from the event, and completed Housing Counseling from a HUD-approved agency.  You will also need to establish a good credit standing for 12 months.

Not all lenders are participating in this program; they must be FHA-approved.   Because the FHA does provide the loan directly, you need to make sure that your lender is the program.  If you have questions, you can contact Pam Wright, with On Q Financial ( – 770-883-2015).

Marie Dinsmore, Certified Luxury Home Marketing Specialist

The Dinsmore Real Estate Team  | | 770-712-7789