Money Watch Q & A: FHA Back to Work Program - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Money Watch Q & A: FHA Back to Work Program

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If you lost your home because of a financial hardship, beyond your control, you may not have to wait a few years to buy again. According to tonight's Money Watch Q & A guest, the Federal Housing Administration's Back to Work program is allowing qualified applicants to buy a home as soon as one year after foreclosure, short sale or bankruptcy. Peter Padilla of Summit Funding, Inc. will be taking your calls about this program between 5-6 p.m. at (775) 858-2222.

As you will hear in tonight's Money Watch Q & A, through the FHA Back to Work program a lender will first have to determine if you meet the FHA loan requirements. You will need to explain how the financial hardship was something beyond your control and prove that it reduced your income or caused you to lose employment. If your household income dropped by 20% or more for at least six months, you may qualify for the financial hardship. Also, to re-establish credit you must have a 12 month record of on-time rental housing payments with no delinquencies.

To start an application with an FHA-lender, you must first take a "pre-purchase counseling" course with a HUD-approved housing counseling agency 30 days before you start the application. A certified counselor will assess your debt, ability to afford the mortgage, features of the mortgage, explain mortgage insurance and the loan application process.          

To learn more, please tune in to Channel 2 News at 5 p.m.

After our phone lines close, you can reach Peter Padilla during regular business hours at the contact information posted below:

Summit Funding, Inc.
100 N. Arlington Avenue, Suite 210
Reno, NV 89501
(775) 824-3640 (Ext: 118)
Fax: (775) 824-3642
ppadilla@summitfunding.net
NMLS: 306238

Written by Kristen Remington

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