Here is a link to the California program. It is a DAP program used in connection with an FHA loan. It is not a grant that is forgiven you do have to pay it bank at some point. Find out the details at the link below:
Unemployment and undeclared income will not be counted as income since all income needs to be verified and not have a limited time of payment. You will need to show 2 years of employment at one job or in the same field of work. However there are ways to purchase a home with a cosigner or all cash. Let me know if you would like to disuss this further or if speaking with a lender in confidence would help. Perhaps buying a home in the near future will work for you!... more
Yes, they can renegotiate the loan again. The most important thing is that you contact them ASAP and let them know the status. It is better for them to have someone in the home paying a mortgage than letting the home go into foreclosure.
The other thought would be selling and finding something more comfortable payment wise....but that if something you and your wife can discuss after you hear back from your bank.
Best of luck...keep at it and don' get discouraged with the process.
In order to determine affordability, visit with any qualified loan officer(s), after reviewing your overall financial information, a determination on qualification can be made--the type of loan, how much, etc.... more