Wednesday, January 4, 2012

Foreclosures requirements for Kentucky FHA Mortgages 2012

Foreclosures requirements for Kentucky FHA Mortgages 2012

Foreclosures


o A borrower with a foreclosure or deed-in-lieu of foreclosure within the most recent

three years is ineligible for Kentucky FHA Mortgage financing..

Chapter 7 Bankruptcies

o A borrower with a Chapter 7 Bankruptcy discharged less than two years prior to

loan application is ineligible for Kentucky FHA Mortgage Financing.


Chapter 13 Bankruptcies


o Document at least one year into the payout plan has elapsed

o Document all required payments have been made on time

o If borrower is still in repayment, obtain court permission to enter into the new

mortgage

o Include Chapter 13 payment in the debt ratio if the BK is not paid in full

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Foreclosures requirements for Kentucky FHA Mortgages 2012