What kind of documentation is required for the FHA "Back to work" program? How long does approval take?

Above and beyond normal loan requirements, you need a WELL DOCUMENTED and acceptable extenuating circumstance. What most people think is extenuating to them, is not to us. Here is a link to the actual FHA Mortgagee Letter explaining: http://portal.hud.gov/hudportal/documents/huddoc?id=13-26ml.pdf

Emphasis on "well documented"... Keep in mind it is a major exception to normal guidelines and any lender making the loan can expect your file to be audited by FHA. Allow a couple weeks for approval from when you provide all requested information. Likely 30-45 days from application to closing is pretty "normal" these days until lenders get fully up to speed with new requirements to meet major new regulations.

As both Joe and Phil have said, there has to be a very "Well Documented" extenuating circumstance to be accepted.. and because the HUD doc' explaining the program can be a big ambiguous at times, it's up to an underwriter and the lender to determine if your scenario meets the underwriting exception for this "Back to Work" program. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347