11-06-2013 01:52 PM
11-06-2013 06:03 PM
11-06-2013 06:16 PM
I am interested in this, too. It's odd that they told you they didn't have guidelines from the FHA. I was able to find and download the guidelines and requirements from the FHA website in August, when it first came out.
11-06-2013 06:36 PM
11-12-2013 10:16 PM
I'm going through this right now. I did the counselling online/over the phone through Genesis Housing Services out of Arizona. (I'm in Wisconsin). It's been a bit of a ride.
I talked to a few morgage brokers who either didn't know of the program or didn't have any lenders who were adopting the guidelines. Finally, I talked to a local mortgage broker who had not yet written a Back to Work loan, but had been trained on it and had a wholesale lender who had provided them with information on it and indicated they had adopted the guidelines.
I put together a LOT of paperwork. W2s, tax returns, verifications of earnings (salary keys for the work number), severance/layoff notice, recorded deed transfer for my deed-in-lieu from the county, divorce papers, bank statements, ira statements... pretty much anything my broker and I thought could possibly be necessary.
After reviewing everything, my broker issued me a pre-approval letter based on FHA back to work guidelines.
After waiting out the 30-day waiting period on the counselling, I submitted an offer to purchase and we submitted our formal loan app to underwriting. Underwriters came back less than 24 hours later seeking some additional information, but nothing that we shouldn't be able to produce from all the paperwork we had pre-gathered.
That's where we're at now; waiting for the underwriters second look. Hopefully I'll have some good news in the next couple days.
The program is so new, it seems everyone is cautious and somewhat uncertain about it. Call around to a LOT of brokers until you find one that sounds confident about the program, and knows they have a participating lender that they can write with. Get all of your paperwork ready, anything you think you could possibly need... and make sure to read and re-read the 2013-26 Mortagee Letter to ensure that you meet all of the criteria spelled out.
I'll let you know how my underwriting turns out. Best of luck to you!
11-13-2013 06:25 AM
I had writted a LOX for the loss of my home from when I had lost my job. I have found a house and have an accepted offer on it. I had taken the class 30 days prior, so last week I had signed the application and it was sent off Tuesday. I know it is currently in review with an expected answer in 48 hours. Last night, my mortage guy asked me for my divorce papers. So, far it hasn't been approved, but it hasn't been denied either.
11-13-2013 07:00 AM
11-13-2013 07:08 AM
I have a friend who is a broker. Not sure who the lender is art the moment, but he did say it was one with no over lays. He feels pretty confident about the whole thing, but I can't help being nervous about it.
11-14-2013 11:10 PM
We would like to have done this, but we do not meet one of the requirements - 20% loss of income for 6 months.
When my husband lost his job, he looked for 2 months then we moved from Florida to Seattle. The move cost us $30,000 plus the rent for a house was higher than our mortgage. We had to default on the mortgage loan. Our income only dropped 10%, but we had additional expenses and the cost of living out here is much higher.
We have no other late payments. It's been over a year since our short sale. My FAKO is back up to 729. I didn't bother pulling new scores since we cannot buy right now. We are eligible for a conventional loan in 10 months, so we will just have to wait.
11-15-2013 06:43 AM
I sent my guy a message this morning trying to find out what is up. He said it is underwriting and they called him yesterday with questions. He said he may have an answer today, Monday, or next Friday. I can honestly say this is not a quick process by any means, but if it all goes through, it will be worth it in the end.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.