Anyone get approved for FHA BACK TO WORK program loan?

[Anonymous]

Hi.  I'm looking for folks who have successfully gone through the FHA Back to work loan program.  We live in Illinois and are in the midst of this qualification process.  Any help/suggestions would be greatly appreciated.  Thanks!

[ezdriver]

Search this forums for "back to work" or "btw" and you will find several threads abot this program and the very limited number of folks, including myself, who successfully financed a home purchase last year under the BTW program guidelines.

Word of warning ... it is a VERY VERY DOCUMENT-HEAVY process.

[DallasLoanGuy]

it is very strict on the 6 months job loss or 20% reduction in income.... and how it is tied to the credit hit you took.

if it isnt a slam dunk..... it wont happen.   in other words.... square peg and round hole wont fit.

i have seen them done. but i deny 90% of them because people are square pegs trying to make themselves fit.

just be honest and the process will go smooth. good or bad

[Anonymous]

DallasLoanGuy,

I'll be honest and tell you what is frustrating from our standpoint is that everyone we talk to has a different set of "rules".  That doesn't seem fair.  We meet every single requirement per BACK TO WORK MORTGAGEE LETTER and yet one lender said we were denied because my husband has been with his new job just 3 months and it's a different line of work from his past so they denied us (mind you, his salary is great).  Another lender said it was because we had both bankruptcy and foreclosure.  We proved her wrong by showing her the facts that this program is specifically for people like that.  She came back and said they don't do FHA Back to Work program.  It's been very frustrating to find someone who is willing to do the work that is required after we have done our work to supply all of the neccessary information, documents, etc.  

What are your "rules"?  When you've had a devastated losses, like we have, you'll understand why it's so frustrating to go through this process again and again.  It's like reliving the nightmare and having to prove our failures over and over.  Then, after all is said and done, we fail again because we're denied.  In actuality, it's lenders who have no idea what they are doing or are being so ridiculous with their loopholes so the good, true and honest people who need help for the first time in their lives can't.

I'm sure, you're right, there are people out there who are trying to fudge circumstances or facts to make this work for them.  But, your 90% rejection scares me.  That makes me concerned that you are only qualifying 10% of people who apply.  

[ilzhoefer]

Anyone recently get approved?

I would like to hear your success story.

[DallasLoanGuy]

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@Anonymous wrote:

DallasLoanGuy,

I'll be honest and tell you what is frustrating from our standpoint is that everyone we talk to has a different set of "rules".  That doesn't seem fair.  We meet every single requirement per BACK TO WORK MORTGAGEE LETTER and yet one lender said we were denied because my husband has been with his new job just 3 months and it's a different line of work from his past so they denied us (mind you, his salary is great).  <= you werent denied for the back to work program. you were denied for an fha loan Another lender said it was because we had both bankruptcy and foreclosure. <= they dont know the program.... OR... the bk and f/c werent tied to the economic event?!?!?!? We proved her wrong by showing her the facts that this program is specifically for people like that.  She came back and said they don't do FHA Back to Work program.  It's been very frustrating to find someone who is willing to do the work that is required after we have done our work to supply all of the neccessary information, documents, etc.  

What are your "rules"?  <= fha rules are my rules. When you've had a devastated losses, like we have, you'll understand why it's so frustrating to go through this process again and again.  It's like reliving the nightmare and having to prove our failures over and over.  Then, after all is said and done, we fail again because we're denied.  In actuality, it's lenders <= lenders usually know what they are doing. goofus loan officers with lots of tim on their hands and no other loans are usually the ones who dont know what they are doing.  who have no idea what they are doing or are being so ridiculous with their loopholes so the good, true and honest people who need help for the first time in their lives can't.

I'm sure, you're right, there are people out there who are trying to fudge circumstances or facts to make this work for them.  But, your 90% rejection scares me.  That makes me concerned that you are only qualifying 10% of people who apply.   <=  90% who apply are trying to make themselves fit in this program and they really never fit.
the guidelines are narrow and sometimes people read stuff on forums and preapprove themselves befaore they call a loan officer

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