A 501(c)3 Charity


1-800-237-8890

Pre-Purchase/FHA Back to Work Counseling

Pre-Purchase Counseling

Restoration America provides comprehensive home ownership assessments to help future homeowners determine if they are ready to own a home and get on their path to homeownership. Do you wonder if you will qualify for a mortgage?  Or how much house you can afford?  Are you confused about the home buying process?  Our certified housing professionals will help you determine if home ownership meets your lifestyle, help you determine mortgage affordability, review your credit report, and develop an action plan to overcome obstacles and achieve your homeownership goals.

This program is offered to individuals’ one-on-one giving the personalized attention deserved. Pre purchase counseling consists of various counseling components designed to fit individual needs as determined.

Restoration America Charges $125 for the counseling session(s) and $18.40 for each soft pull credit report.  As of June 20,2016 until March 30,2017 there will be no charge for our direct counseling services.

Click here to download the intake package and follow the instructions on Page 1:Intake Package

Restoration America in partnership with Framework also offers an online Homebuyers education course.  The charge for the online course is $75 and is payable at the time of registration.  At the completion of the online course you will be required to have a one-on-one consultation with a housing counselor to obtain your certificate.  This can be done over phone or in person.  To get started with the online course please follow the link below.

 

 

FHA Back-to-Work Pre-Purchase One-on-One Counseling

On August 15th 2013, the U.S. Department of Housing and Urban Development announced the Back to Work- Extenuating Circumstances program, effective through September 20th, 2016.

As a result of the recent recession many borrowers who experience unemployment or other severe reductions in income, were unable to make their monthly mortgage payments, and ultimately lost their homes to a pre–foreclosure sale, deed-in-lieu, or foreclosure. Some borrowers were forced to file for bankruptcy to discharge or restructure their debts. Because of these recent recession-related periods of financial difficultly, borrowers’ credit has been negatively affected. FHA recognizes the hardship faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.

FHA is allowing for the consideration of borrowers who have experienced an economic event and can document that:

  • Certain credit impairments were the result of a loss of employment or a significant loss of household income beyond the borrower’s control
  • The borrower has demonstrated full recovery from the event
  • The borrower has completed housing counseling

 

Counseling Requirement – Participants in this FHA initiative must:
-Complete the counseling requirement a MINIMUM of 30 days but no more than 6 months PRIOR to submitting a loan application to a lender.
-Receive homeownership counseling (or a combination of homeownership education and counseling) provided that each participant receives, at a miminum:  One hour of one-on-one counseling from HUD approved housing counseling agency.
-The counseling must address the economic event and the actions taken to overcome the economic event and reduce the likelihood of occurrence.
Will I qualify for the program?
Your lender will determine if you meet the FHA loan requirements and the guidelines for eligibility for the
Back to Work program.
If you had a financial hardship in the past that was beyond your control, reduced your income or
caused you to lose your employment, and/or if your household income dropped by
20% or more for at least 6 months, it may count as a financial hardship for
this program.
To read the Mortgagee Letter about the back to work program click here: Mortgagee Letter 13-26
Click here to download the intake package and follow the instructions on Page 1:Intake Package

Restoration America is a
501(c)3 chartitable organization and a HUD approved Housing Counseling Agency.

We specialize in :

  • Restoration and Repair of homes
  • Revitalization of Abandoned Properties to help stabilize neighborhoods
  • Housing Programs and project for the aging
  • Training and work study programs for Veterans
  • Real Estate Donation program
  • Grant Assistance
  • Assistance with Foreclosures
  • Financial Education and Training