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Become a Homeowner Again in Less Time with CHW & HUD Back to Work Program
CHW – a Not-for-Profit in San Diego – Offers the Homebuyer Counseling Needed to Take Advantage of Financial Hardship Program for a New Home
The Federal Housing Authority’s Back to Work Extenuating Circumstances Program now allows borrowers who lost their homes due to financial hardships to be eligible for an FHA mortgage in one year instead of three under certain circumstances. Borrowers must:
· Prove that the foreclosure or short sale was caused by an “economic event,” which could be a loss of income or employment that is beyond the control of the borrower
· Prove they have fully recovered from the event that led to the foreclosure or short shale; and,
· Must complete at least one hour of one-on-one housing counseling from a Department of Housing and Urban Development-
Community HousingWorks has highly skilled HUD-approved homeowner coaches available in San Diego County for one-on-one coaching sessions. Clients meet with staff members who will assess purchasing power, affordability range and review finances and credit reports to determine mortgage readiness. Furthermore, CHW offers down payment loans to get borrowers back on the homeownership track. As a non-profit organization, CHW is trusted to have only your best interests in mind.
For many families, this initiative offers the opportunity to keep their dream of homeownership alive.
“Many of CHW’s clients have been sitting idly on the sidelines watching home prices and interest rates steadily creep up,” said Ali Tarzi, assistant vice president of Classes and Coaching at CHW. “All the while, they have been told that the credit damage from losing a home means years of being locked out of the housing market. This FHA program lets them get back into the market today.”
Visit www.chworks.orgto learn more about homebuyer coaching, down payment and closing cost loans, and more. For more information on the Back to Work Extrenuating Circumstances Program, visit www.hud.gov.
About Community HousingWorks
Founded in 1982, Community HousingWorks (CHW) is a nationally-recognized 501 (c) (3) non-profit organization that helps people and communities move up in the world through opportunities to own, rent, and achieve. We are San Diego County’s only member of the national NeighborWorks Network® and an award-winning affiliate of the National Council of La Raza. CHW firmly believes that with the stability of a good home, an inspiring goal, powerful tools, and the community’s compassion and support, people can change their futures and move up in the world. Through our comprehensive programs, we proudly serve more than 8,000 children and adults each year.