In Orlando real estate news, the FHA has recently announced a new program for previous owners of distressed properties, known as the “Back to Work” program.  Under current regulations, homeowners who had previously lost their properties due to foreclosure or short sale were required to wait at least 36 months before they could purchase a new place of residence with a housing loan.  However, under this new program, which runs through September 30, 2016, buyers may be able to close on a new home in as little as 12 months.

To qualify for the Back to Work program, applicants must demonstrate the financial issues that left them unable to complete mortgage payments on their previous homes.  For example, a homeowner could document a 30% decrease in income spanning the six months before they lost their home.  Applicants will also need to show that they have taken steps to improve their financial situations and credit.

This is a great improvement over conventional loans, which reopen eligibility for home buying seven years after a short sale or foreclosure.  The Back to Work program will give eligible, mindful buyers the opportunity to return to the Orlando real estate market and establish a home for their families in much less turbulent economic waters.

Are you interested in entering the Orlando real estate market?  Contact Real Estate Closing Solutions. We provide the best and most reliable title and closing services in the industry, as well as referrals for Realtors, lenders and builders in the area. With two convenient locations in Orlando – Dr. Phillips and Downtown Orlando – we are positioned to provide our clients with all the resources they need when selling their homes. Call us at 407-615-8550 today or stop by our office for more information on our title and closing services.