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Showing posts with label FHA Back to work. Show all posts
Showing posts with label FHA Back to work. Show all posts
Kentucky FHA Mortgage Guidelines for a Kentucky First Time Home Buyer
Labels:
FHA,
FHA minimum credit score,
FHA 203k Kentucky FHA Loan Guidelines,
FHA Back to work,
FHA Guidelines,
FHA Kentucky Home Loans,
FHA Loans Kentucky Housing First time home buyer
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
FHA Mortgage Guidelines for a Louisville Kentucky FHA Mortgage
FHA Mortgage Guidelines for a Louisville Kentucky FHA Mortgage
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.
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Labels:
Bankruptcy,
Credit Scores and Kentucky Mortgage Loans,
FHA,
FHA Back to work,
FHA Mortgages and Bankruptcy,
Short Sales
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Do you qualify for the Back to Work Program in Kentucky for home buyers with previous short sale or foreclosure less than 2 years?
What is Back to Work?
FHA is continuing its commitment to fully evaluate borrowers who have experienced periods of financial difficulty due to extenuating circumstances.
Many borrowers experienced periods of recession related financial difficulty and/or credit impairment resulting from unemployment or a severe reduction in income. FHA recognizes the hardships faced by these borrowers, and that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.
For Purchase transactions with case numbers assigned on or after August 15, 2013
The alternative guidance in Mortgagee Letter 2013-26 is effective for purchase applications with
case numbers assigned on or after August 15, 2013 through September 30, 2016.
All delinquent accounts and indications of derogatory credit, including collections and judgments,
bankruptcies, foreclosures, deeds-in-lieu, short sales, and other credit problems must be analyzed.
The lender must review the credit report and determine whether derogatory credit was the result of
an Economic
Event:
• The borrower exhibited Satisfactory Credit prior to the Economic Event Onset;
• The borrower’s derogatory credit occurred after the Economic Event Onset, and
• The borrower has re-established Satisfactory Credit for a minimum of twelve (12) months.
Foreclosure, Short Sale, Deed in Lieu, Bankruptcy
In all cases, the lender must verify that the derogatory credit was the result of an Economic Event
and document that a minimum of 12 months has elapsed since the date of the:
• foreclosure
• deed in lieu
• short sale
• discharge of Chapter 7 bankruptcy
Chapter 13 Bankruptcy
The lender must verify and document that
• the Chapter 13 bankruptcy was discharged prior to loan application and all required bankruptcy
payments were made
on-time, or
• a minimum of 12 months of the pay-out period under the bankruptcy has elapsed and all required
bankruptcy payments were made on time, and
• the bankruptcy was the result of an Economic Event
If the bankruptcy was not discharged prior to loan application, the borrower must receive written
permission from the
Bankruptcy Court to enter into the mortgage transaction.
Important Back to Work Definitions
HUD announced several key terms that must be reviewed in accordance with this program.
Labels:
Back to Work Program,
bad credit,
Bankruptcy,
FHA Back to work,
foreclosure,
job loss,
Short Sales
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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