Buy a home 1 year after short sale, bankruptcy or foreclosure


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Buy a home one year after short sale, bankruptcy or foreclosure, back to work loan program details, how can you qualify, when you apply, can it be used for purchase and refinance, how can you get the loan?

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Buy a home 1 year after short sale, bankruptcy or foreclosure

  1. 1. Buy a Home One Year After Short- sale, Bankruptcy or Foreclosure Shashank Shekhar CEO, Arcus Lending
  2. 2. About Arcus Lending • Arcus Lending is Mortgage Lender based in San Jose, California • Products Offered: Residential Mortgages- FHA, Conventional, VA, 203K, HARP, HomePath, Reverse Mortgage, CHDAP, 80/10/10 • Geography Served: California, Washington and Oregon • What are they known for: Legendary customer service, quick closing and rates that are consistently better than the leading banks
  3. 3. Ab About Shashank Shekhar • Shashank Shekhar is the Founder and CEO of Arcus Lending • Best-selling Author and “Top 40 under 40 Mortgage Professional” 2 years in a row • National speaker, and a blogger who is frequently tapped for his expertise by various national and local media including FOX, CBS, ABC and NBC
  4. 4. • The information contained within this document is for educational purposes only. Every attempt has been made to provide accurate, up to date, reliable and complete information. No warranties of any kind are expressed or implied. Readers acknowledge that the author is not engaging in rendering legal, financial or professional advice. Disclaimer
  5. 5. Agenda • What is the “Back to Work” loan? • How can you qualify? • When can you apply? • Can you use it for purchase and refinance? • How can you get the loan?
  6. 6. What is the “Back to Work” Loan • If you had a Foreclosure, Bankruptcy, Short Sale or a Deed in-lieu – you may now be able to qualify for a mortgage to buy a home one year after that incident • Federal Housing Administration (FHA) recently announced “Back to Work” loan program that would help some borrowers to buy a home quicker than earlier imposed waiting restrictions
  7. 7. How can you qualify? You may be eligible for an FHA insured mortgage if: • You can document that the delinquencies and/or indications of derogatory credit are the result of an Economic Event - An Economic Event is any occurrence beyond the borrower’s control that resulted in Loss of Employment, Loss of Income, or a combination of both, which caused a reduction in the borrower’s Household Income of twenty (20) percent or more for a period of at least six (6) months.
  8. 8. • You have re-established credit- Your credit history should be clear of late housing or installment debt payments, and major derogatory credit issues on revolving accounts. – If there are any open mortgages, it should be current and shows twelve (12) months satisfactory payment history. – No history of delinquency on rental housing payments; and No more than one thirty (30) days delinquency on payments due to other creditors; – And No collection accounts/court records reporting (other than medical and/or identity theft). How can you qualify?
  9. 9. • You have completed satisfactory Housing Counseling - You need to receive at a minimum, one hour of one-on-one counseling from HUD-approved housing counseling agencies. – The counseling must address the cause of the economic event and the actions taken to overcome the economic event and reduce the likelihood of reoccurrence. – Counseling must be completed a minimum of thirty (30) days but no more than six (6) months prior to submitting a loan application to us. – A list of counseling agencies can be found online at or by calling 1-800-569-4287 How can you qualify?
  10. 10. How can you qualify? • Meet all other FHA Loan requirements – You still need to meet all standard requirements for qualifying for an FHA loan. To check the requirements call us at 408.615.0655
  11. 11. When can you apply? • The program is in effect from now till September 30, 2016
  12. 12. Can it be used for Purchase and Refinance? • This new loan program is available only if you are buying a new home. • For refinancing, you need to follow the standard waiting period. To find the details for waiting period for FHA, Conforming and VA loans call 408.615.0655 or email
  13. 13. How can you get the loan? • Call (408) 615 0655 • Email: • Website: • Blog: • FaceBook: Licensing Info: Arcus Lending Inc, NMLS ID 1035734 and CA BRE #01857474 Shashank Shekhar NMLS ID 8176