Kentucky Mortgage Lender

FHA CHANGES TO HANDLING OF COLLECTIONS AND DISPUTED ACCOUNTS FHA recently released Mortgagee Letters 2013-24 and 2013-25, to amend guidance on collections and disputed accounts and to clarify guidance on judgments. These changes will become effective for all case numbers assigned on or after October 15, 2013. This will apply to all FHA programs, with the exception of non-credit qualifying streamline refinances and Home Equity Conversion Mortgages . The changes are found below. Should you have any questions, please contact your Account Manager. 1.            Credit Analysis of Collections and Judgments .  Collections and judgments may indicate a borrower's disregard for credit obligations and must be considered in the creditworthiness analysis. The guidance below applies to loans with collection accounts and all judgments. Medical collections and charge off accounts are excluded from this guidance. Ap...

Got Disputes on Your Credit Report? Read This Before Applying for an FHA Loan! FHA Loan Rules on Disputed Accounts (Updated 2025) If you’re applying for an FHA loan , but your credit report shows disputed accounts , you need to understand how this can affect your approval. In this video, Joel Lobb — licensed Kentucky Loan Officer ( NMLS #57916 ) — explains the FHA’s updated rules for handling disputed accounts, what counts as “ significant derogatory ,” and what you can do to improve your chances of approval. 💡 You’ll learn: What FHA considers a “disputed account” When disputed accounts must be resolved or removed The $1,000 threshold rule for disputed derogatory accounts Exceptions for medical collections and identity theft How to fix credit report disputes before underwriting FHA Loans & Disputed Accounts: What You Must Know to Avoid Denial FHA Loans & Disputed Accounts: What You Must Know to Avoid Denial ...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Disputes on Credit Report and Kentucky Mortgage Lo... :  Applying for a Kentucky Mortgage Soon? Don't Dispute that Account       Sounds counterintuitive, I'm sure ...       But until you...  Got Dispute Comments on Your Credit Report?  If you've disputed any accounts in the past, chances are your credit report still has dispute comments listed. That might seem harmless—but if you're applying for a mortgage, those comments could delay or even block your loan approval.  Here’s what you can do: Call each credit bureau (numbers on the graphic). Ask to remove any dispute comments. Verify they’re gone by pulling a fresh consumer credit report. Follow up within 72 hours to confirm it’s been done. Pro Tip: Do this before your lender pulls your credit. It could save time, stress, and keep your home loan on track. If you’re not sure...

Did you know over 50% of our Kentucky  FHA loans are manual underwrites?   Kentucky FHA will consider the borrower’s entire story, including extenuating circumstances and compensating factors, to justify loan approvals. If your borrower falls under any of these conditions, they may benefit from manual underwriting: Non-traditional credit / lack of credit True extenuating circumstances affecting credit or income history Lack of seasoning on a Chapter 13 Disputed accounts over $1,000 Frequent job changes in the last 12 months If you think your borrower could benefit from  manual underwriting call us to learn more about manual underwriting or submit your scenario today. Lowest Minimum Decision Credit Score  Maximum Qualifying Ratios (%)  Acceptable Compensating Factors All manual underwritten loans require a VOR. If the borrower does not pay rent a letter of explanation from borrower stating where living rent free. 31/43 • No compensating factors required. • Energy...

Applying for a Kentucky Mortgage Soon? Don't Dispute that Account       Sounds counterintuitive, I'm sure ...       But until you've talked to  me  ( or your own local Mortgage Originator ), don't even think about disputing an account found on your Credit Report.       Why?   Unknowingly, you can be creating real problems for your Mortgage Application and Approval.        Consider this:   A  creditor  can refuse to change their disputed rating.  Too many disputed accounts on a Credit Report may result in your loan being denied.       Is that a really a risk you want to run at such an important time?       A formal dispute  placed on a car loan, student loan, credit card, collection ... or even worse, a mortgage loan ... can cause havoc for your new Mortgage Application.  So ...       Slow down. ...

Kentucky Mortgage Loan with Bad Credit If you are looking to get a mortgage loan in 2020 in the state of Kentucky and you have past credit problems, there maybe some hope for Kentucky Home-buyers to buy a home of their own.  Before we look at some possible home-buying programs, let's first look at what is considered Bad Credit, or less than perfect credit.  Most of the times when borrowers say they have bad credit, they mean one of the following: Past or Current Bankruptcies Low credit scores or fico scores Collections on credit report showing unpaid or paid. Delinquent or behind on credit cards, mortgage, car loan payments Foreclosure or short sale where they lost a home to default Owe back taxes to the Federal Government. Defaulted Student Loans Delinquent  Child Support  Obligations Disputed accounts on credit report Below I have listed one of the most popular programs Kentucky Home Buyers need to consider when bu...