Back to work program

svtthis · ‎10-10-2015

I am wondering if I can use the back to work program to purchase a house. I had a bk7 discharged in march of 2012 and a forclosure was included. The forclosure sale was in april 2013. I do have the credit score and a down payment of 5%. Looking to purchase a 160k max house. So can I qualify for a home loan? Does this program waive the PMI requirement?

ezdriver · ‎10-11-2015

The qualification criteria and documentation requirements are huge and complex. You need to find a lender who has done at least one successfully and have them tell you whether or not you have a chance to qualify for BTW exemption. In any case, you are eligible for FHA mortgage two years from the discharge date.

svtthis · ‎10-11-2015

@ezdriver wrote:
The qualification criteria and documentation requirements are huge and complex. You need to find a lender who has done at least one successfully and have them tell you whether or not you have a chance to qualify for BTW exemption. In any case, you are eligible for FHA mortgage two years from the discharge date.

Thanks for your reply. I'm getting mixed information I guess. Some say I can qualify others say I can't. Reasons I can is the waiting period is over but others who say I can't because of nobody will write a PMI policy on the loan. (wont be putting down 20% only 5%)

cartwrna · ‎10-12-2015

FHA only requires a minimum down of 3.5%, PMI is incorporated directly into the loan. The only down fall is with FHA you will pay the PMI for the duration of the loan, whereas with a conventional for instance PMI is/can be dropped once you reach 80% LTV.

Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?

ezdriver · ‎10-13-2015

@svtthis wrote:
@ezdriver wrote:
The qualification criteria and documentation requirements are huge and complex. You need to find a lender who has done at least one successfully and have them tell you whether or not you have a chance to qualify for BTW exemption. In any case, you are eligible for FHA mortgage two years from the discharge date.
Thanks for your reply. I'm getting mixed information I guess. Some say I can qualify others say I can't. Reasons I can is the waiting period is over but others who say I can't because of nobody will write a PMI policy on the loan. (wont be putting down 20% only 5%)

That statement is bs. I got mine done without any problem once the requirements for BTW were satisfied. I did 10% down ... so my MI goes away in year #11...if I do not refinance before then.

Find a mortgage broker that is willing to shop around among its list of lenders and get you reliable answers ... good or bad. How much do you personally know about the BTW requirements? If not much, spend some time reading as the specific requirements are well documented. It is best that you know as much as you can about the topic before you engage a lender or broker. All the best to you.