Rhonda....  from my understanding, this has no been approved as of yet, right?  I had one client e-mail me and tell me that it has been approved and ready. But from understanding the system, I don't think so. You say that you are approved for this, but can you do them yet? And from what i know, anyone that is FHA approved can do these.  I just think it was the way HUD stated this when they mentioned the criteria and it was very vague. But then again, I could be wrong about all of this. I am just waiting in the wings, when it is ready to start doing these loans. I guess making consumers aware that this is out there and will be ready is the main thing. Sorry if I am babbling, but I am just waiting for someone to tell me something differently.  thanks

Hi Jeff,

We just received our Mortgagee Letter today, which is VERY detailed.  Not the vague stuff we've been hearing.  It's our understanding that it's a "go". 

I have yet to do one...my goal is to keep my clients from becoming delinquent!  :)  

I have a link to the details above which I posted at Mortgage Porter.