FHA eases mortgage rules for some credit-impaired applicants for collections and charge offs

Collections Accounts, Disputed Accounts, FHA, fha collections, FHA loan, FHA mortgage, fha mortgage loans, judgements, KY FHA LOANS

Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

Wholesale-Mortgage-Source-Home-PurchaseFHA Collection Accounts
• A Collection Account refers to a Borrower’s loan or debt that
has been submitted to a collection agency by a creditor.
• Medical Collections are not required to be paid and satisfied.
• Collection accounts of a non-borrowing spouse in a
community property state must be included in the $2,000
cumulative balance and analyzed as part of the Borrower’s
ability to pay all collection accounts, unless specifically
excluded by state law.

If the credit reports used in the analysis show a cumulative
outstanding collection account balances of $2,000 or greater,
the Mortgagee must:
• Verify that the debt is paid in full at the time of or prior to
settlement using an acceptable source of funds;
• Verify that the Borrower has made payment arrangements with the
creditor and include the monthly payment in the Borrower’s DTI; or
• If a payment arrangement is not available…

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The FHA is moving more to Manual Underwriting

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Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

The FHA is moving more to Manual Underwriting.

Borrowers with non – traditional credit only – borrowers that have no traditional credit at all, whereby we are able to develop three to five non – traditional credit items. Exhibit no lateness on the non – traditional credit and show that they have at least two months PITI cash reserves and qualify with ratios of 31% and 43% the loan must also be manually underwritten by the direct endorsed underwriter. These loans are not to be inputted into an Automated Underwriting System with TOTAL Scorecard.

Loan files whereby the Automated Underwriting System and TOTAL Scorecard was with a finding of “Refer”. Any loan file regardless of the transaction type, loan amount that receives “Refer” or a “Caution” must be manually underwritten by the direct endorsed underwriter.

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

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Kentucky HUD Homes for Sale with the FHA $100 Down Program

MANUFACTURED HOMES AND KENTUCKY USDA LOANS FOR RURAL HOUSING REQUIREMENTS

Can you do a USDA Loan or Rural Housing Loan on a manufactured home / mobile home in Kentucky?

Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

MANUFACTURED HOMES AND KENTUCKY USDA LOANS FOR RURAL HOUSING REQUIREMENTS No Money Down for Manufactured Home Rural Buyers in Kentucky Using the USDA Rural Housing loan Program Kentucky First Time Home Buyers Zero Down Special FHA, VA, and Kentucky USDA Loan Programs Getting qualified for a home loan is easier than you may think! Talk […]

via Manufactured Home Guidelines for Kentucky USDA Rural Housing Loans — Kentucky USDA Rural Housing Mortgage Loans

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Help for Underwater FHA borrowers

Louisville Kentucky FHA Streamline Mortgage Refinance

B.Rich Realty - Whats Real In California Real Estate?

Yes.  FHA Streamline loan refinances existing FHA loans; The loan program does not care if you are underwater; in fact the program encourages underwater loans; no appraisal, no income documentation, no employment verification; no credit score requirements!  How great is this?  If this loan is for you, call B.Rich Realty and Mortgage at 714-680-0210. 

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Kentucky Mortgage Refinance Questions to ask: Kentucky Housing VA FHA KHC USDA and FNMA

Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

Louisville Kentucky Mortgage Loans

Kentucky Mortgage Refinance Questions to ask: Kentucky Housing VA FHA KHC USDA and FNMA

Source: Kentucky Mortgage Refinance Questions to ask: Kentucky Housing VA FHA KHC USDA and FNMA

Kentucky FHA Refinance of Mortgage loan. 

  • 580 minimum score for credit
  • Appraisal required sometimes, but not always.
  • Maximum LTV/CLTV 97.75 percent (97.75 percent CLTV).
  • 30-year term.
  • Conventional, RHS, VA, or FHA existing loans.

Kentucky Rural housing Refinance Program

  • 620 minimum credit score
  • No appraisal required
  • Must have made timely mortgage payments for the last 12 months
  • 30-year term
  • RHS existing 502 guaranteed loan

Image result for refinance a mortgage loan process

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Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage