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.
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!
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.
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.
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.
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.