Kentucky FHA Loans and requirements for a loan approval after a bankruptcy, foreclosure, short sale

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FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire

Kentucky FHA loans guidelines for after a bankruptcy, foreclosure, short-sale below:

  • Foreclosures: 3 years from the foreclosure completion date and transferred back to the lender to the credit report date
  • Short Sale: 3 years from the title transfer date
  • Bankruptcy Chapter 7: 2 years from the discharge date. If a property is surrendered in chapter 7 bankruptcy, it is considered to be possible foreclosure which could increase waiting time
  • Bankruptcy Chapter 13: 1 year wait with a scheduled payment plan on liabilities factored into debt-to-income ratio and bankruptcy court approval for mortgage process or 2 years from discharge date
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

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FHA Home Mortgage Purchase or Refinance Loan – Why You Might Consider Getting an FHA Loan

FHA Home Mortgage Purchase or Refinance Loan – Why You Might Consider Getting an FHA Loan.

via FHA Home Mortgage Purchase or Refinance Loan – Why You Might Consider Getting an FHA Loan.

FHA Home Mortgage Purchase or Refinance Loan – Why You Might Consider Getting an FHA Loan

Most borrowers have heard of FHA home loans. They are very common. You hear about them mostly as loans for first time borrowers, which is common. However, most people don’t realize that FHA loans can also be does for refinancing. They are not only for purchasing a house.HUD owns and operates FHA, which is a program designed to help borrowers who might have difficulty buying a house. If the borrower falls within FHA’s requirements FHA insures the loan for the lender, which makes the loan very low risk for the lender, which is very good for the borrower. It could mean a lower interest rate, better terms and just an overall better loan.FHA’s requirements are; a down payment of 3-5%, the home must be under the FHA’s set loan limit for the county that the borrower lives in and a few other small requirements.The main advantage to an FHA loan, is if you can fall within their requirements, your credit history or income level, will not hold you back from getting a home loan. If you are getting turned down from other lenders because of a high debt to income ratio or because your credit is bad. You may want to consider applying for an FHA loan, where those requirements are either non-existent or much more flexible.If the idea of down payment is holding you back, consider also, that FHA loans allow the use of a non-profit organization as a source for the down payment, which opens up the option of using down payment assistance programs like Neighborhood Gold.To view our list of recommended mortgage lenders online, who offer FHA
programs, visit this page: Recommended Lenders
for FHA Loans Online.

FHA Mortgage Guidelines for a Louisville Kentucky FHA Mortgage

FHA Mortgage Guidelines for a Louisville Kentucky FHA Mortgage

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire
FHA has issued 3 mortgagee letter out this week, with big changes coming on October 15th! FHA will now allow serious job loss or income reduction (20% reduction in income)to be counted as an extenuating circumstance. Buyer might be eligible to purchase a new home after a 12 month waiting period with excellent re-established credit and documentation of income loss and credit counseling. Stay tuned! More info to come but this will certainly help get more buyers into the market in our area.
According to a letter sent to mortgage lenders, the FHA said it would offer mortgage insurance to borrowers who, during the recession, filed for bankruptcy or lost their homes through a foreclosure or short-sale proceeding.
The insurance is now available to those who can prove they are no longer financially compromised — and met all other FHA requirements.
FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage,” the letter says.
Besides the burden of proof on the borrower to demonstrate a recovery from the “economic event,” the potential homeowner must also complete housing counseling. This event would need to result in a minimum loss of 20% of the household income.
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire
FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire

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FHA cuts mortgage wait times after hard times

FHA cuts mortgage wait times after hard times.

FHA cuts mortgage wait times after hard times



FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire.

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire

According to a letter sent to mortgage lenders, the FHA said it would offer mortgage insurance to borrowers who, during the recession, filed for bankruptcy or lost their homes through a foreclosure or short-sale proceeding.

The insurance is now available to those who can prove they are no longer financially compromised — and met all other FHA requirements.

FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage,” the letter says.

Besides the burden of proof on the borrower to demonstrate a recovery from the “economic event,” the potential homeowner must also complete housing counseling. This event would need to result in a minimum loss of 20% of the household income.

The FHA is requiring lenders to verify at least a year has passed since the foreclosure and the economic event is responsible for the loss of the home or bankruptcy.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire