Foreclosure Guidelines for FHA Mortgage Loans in Kentucky

 

FHA Loans in Kentucky with Foreclosure in the Past:
  • 3 years from transfer date on Commissioner’s or Transfer deed must have elapsed prior to case number assignment date
  • An exception to the 3 year requirement may be granted if the foreclosure was caused by extenuating circumstances beyond the borrower’s control such as a serious illness or death of a wage earner and the borrower has re-established good credit since the foreclosure.  If the exception is granted, the loan must meet all manual underwriting guidelines.
  • Divorce is not an extenuating circumstance however an exception may be granted if the mortgage was current at the time of the borrower’s divorce and the ex-spouse received the property and the mortgage was later foreclosed.
  • Inability to sell the property due to job transfer or relocation is not considered an extenuating circumstance
  • 3 years from transfer of title.   Case number assignment cannot be ordered until the wait period has elapsed
  • Same Extenuating Circumstance criteria as Foreclosures
  • Pre-Foreclosure (Short Sale) exception for Borrower Current at the Time of Short Sale
  1. All mortgage payments on the prior mortgage were made within the month due for the 12 month period preceding the Short Sale;and
  2.  All installment debt payments for the same time period were also made within the month due
  • Exceptions to the 3 year wait time must follow manual guidelines

 


http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
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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

Back to Work Program in Kentucky for home buyers with previous short sale or foreclosure less than 2 years

Do you qualify for the Back to Work Program in Kentucky for home buyers with previous short sale or foreclosure less than 2 years?Back to Work Program, bad credit, Bankruptcy, FHA Back to work, foreclosure, job loss, Short Sales

 

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Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
 800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
(: (502) 905-3708 | 7 Fax: (502) 327-9119|

 Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com 

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, RHS, Fannie Mae Home Mortgage Loans in Kentucky for 2018

FHA changes may aid those who lost homes.

Kentucky FHA changes may aid those who lost homes

The Federal Housing Authority has shortened the mandatory waiting periods for an Kentucky  FHA-insured mortgage loan for those who have undergone foreclosure, deed-in-lieu, taken a short sale or declared bankruptcy during the economic recession.

 

Through its new program, Back to Work—Extenuating Circumstances, the waiting period for most borrowers is now just 12 months instead of the typical three, seven or 10 years. Both first-time and repeat home-buyers can apply. “Most people do not know this program has been released, and are only renting because

If you feel like you qualify for this and live in Kentucky, please call or email me with your questions and I would be glad to see if you qualify for the new Kentucky FHA Program for free.

 

Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
 800 Stone Creek Pkwy, Ste…

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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

Don’t Let a Short Sale Keep You From a New Mortgage | Consumer Information

Don’t Let a Short Sale Keep You From a New Mortgage | Consumer Information.

If you negotiated a short sale of your home, you may be surprised to learn that some mortgage loan underwriting systems can’t distinguish short sales from foreclosures on consumer reports. And that may keep or delay you from getting a new mortgage.

You see, borrowers who go through a foreclosure typically have to wait seven years before they’re eligible for a new mortgage. But short sellers may qualify in as little as two years. When you’re trying to buy a new home, an additional five years can seem like a lifetime. So is there anything you can do to improve your financial footing? You bet there is.

  • Get a letter from your lender confirming that your loan closed in a short sale, not a foreclosure. Send a copy of the letter to each of the nationwide credit reporting companies: EquifaxExperian, and TransUnion.
  • Order a copy of your credit report. Make sure the information is accurate. If you find a mistake, contact the credit reporting company and business providing the information to correct the error.
  • When you’re ready to buy another home, get pre-approved for a loan. A pre-approval letter from a lender shows that you are able to go through with a purchase. Pre-approval is not a final loan commitment; it means you met with a loan officer, your credit report was reviewed, and the lender believes you can qualify for a specific loan amount. This pre-approval process allows your lender to identify issues and errors in your credit report that may keep you from qualifying for a loan. That, in turn, allows you to correct inaccuracies before they can prevent you from buying another home.

Louisville Kentucky $100 Down HUD program

Louisville Kentucky $100 Down HUD program

502-905-3708 or email kentuckyloan@gmail.com for your FHA Mortgage Loan Application for the HUD $100 Down loan program in Louisville Kentucky and Jefferson County Kentucky

Here is what you need to know:  When someone’s Louisville Kentucky  FHA loan goes into foreclosure, that home becomes a HUD home.   HUD becomes the owner of the home and offers the home for sale to recover the loss on the foreclosure.   This can create a big opportunity for Louisville Kentucky  First Time Home Buyers, because HUD will allow you to obtain an FHA loanand instead of 3.5% down, you only have to put $100 down.

Other things to consider:

  • The program is only for primary residences (No Investors)
  • FHA loans only
  • You can ask for closing cost up to 3%
  • You will still have to put $500-1,000 down in earnest money
  • You can get up to $5,000 in repairs (conditions apply)

So you’re asking how do I find these homes.   As mentioned, only certain homes are available for the $100 down HUD program, so you need a Realtor that is knowledgeable about the program and has access to the bidding process.  The bidding process can be overwhelming unless you are working with the right people.  Call me today to get pre-approved and I can refer you to a Realtor in your area that can get you a home, with only $100 down.