Showing posts with label Fannie Mae. Show all posts
Showing posts with label Fannie Mae. Show all posts

Fannie Mae Waiting period for Foreclosures, bankruptcies, and short sales for a new mortgage loan approval


Derogatory ItemWaiting Period
ForeclosureHome given back to the bank – No owner participation
Short Sale
Deed in Lieu of Foreclosure
New rule - started August 16. 2014
Short Sale = Home sold but sales price less than owned
Deed in Lieu = Home returned to lender in exchange for forgiving loan

Bankruptcy – Chapter 7Debts are discharged through BK, client does not pay any debts owing
Bankruptcy – Chapter 13Debts are paid back on a monthly scheduled payment plan

Bankruptcy AND Foreclosure
House INCLUDED in bankruptcy
New rule - started August 16, 2014Bankruptcy AND foreclosure, with home foreclosed on included in bankruptcy. Waiting period is based on bankruptcy discharge date, not foreclosure date, regardless of how long after the bankruptcy the official foreclosure occurred. Fannie Mae only


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Fannie Mae New Loan Limits for Kentucky in 2019

Fannie mae has just announced an increase to Kentucky's County Loan Limits for 2019. Effective Thursday November 29th, Fusion will be updated to allow Kentucky Conventional loans to be locked using the 2019 Loan Limits.

The new loan limits are listed below. Individual County Loan Limits for 2019 can be found on Kentucky Fannie Mae Conventional  Loan Limit Look-Up Table HERE.

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
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
-- 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 Fannie Mae HomePath® program for 2014


The Kentucky Fannie Mae HomePath® program offers borrowers the opportunity to purchase a Kentucky Fannie Mae owned property with a low down payment and no appraisal or mortgage insurance. For a list of eligible properties, visit the HomePath website at
  • As little as 3-5% down
  • No appraisal or mortgage insurance1 is required
  • Credit scores for conforming balances as low as 620 for LTVs up to 80% and 660 for LTVs over 80%
  • Expanded seller contributions allowed up to 6% on some scenarios

The following is a list of documents that may be required to process your mortgage loan:
·        One full month’s worth of pay stubs
·        Last 2 years W-2′s
·         Last 2 years tax returns 
·        Last two months bank statements for all accounts 
I don't need originals, copies are fine. You can fax, email, or drop off at my office below .  I will supply you a copy of your credit report for free along with your pre-approval letter to buy a home. 
It usually takes about 24 hours for a pre-approval to come back from underwriting department. 
Let me know your questions. 
Thanks and look forward to helping you
Joel Lobb
Senior  Loan Officer

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

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Kentucky Fannie Mae Conventional Mortgage Insurance for 2014

Conventional Mortgage Insurance for a Kentucky Mortgage Loan Approval

There are different types of  traditional monthly PMI for Fannie Mae Conventional Mortgage Loans in Kentucky. Single Financed MI, and monthly mortgage insurance. 

The Major MI companies for most Kentucky Fannie Mae Mortgage loans are underwritten by  Radian, MGIC, UG and Genworth.

Most companies will not approve MI on a loan if the DTI exceeds 45%.  The max LTV we will finance is 95%.  For further underwriting details and MI rate quotes, please contact

Fill out my form for your free Kentucky Mortgage Loan Prequalification today!

Kentucky Mortgage Loan Approval for USDA, FHA, VA, and Fannie Mae with a previous short sale or foreclosure. How long do you have to wait?

 Obtaining new financing after a Short Sale or Foreclosure for a Kentucky USDA, FHA, VA, and Fannie Mae Loan?

  Kentucky Mortgage Short Sale:
Conventional Loans Require:

Minimum 2 years with restrictions up to 7 years
2 to 4 years - 80% maximum LTV
4 to 7 years - 90% maximum LTV
7 years and after allow for maximum standard financing

Kentucky FHA and Kentucky VA Loans Require:

3 years, with exceptions possible for less time if borrower's credit and mortgage payments were in good standing prior and up to date of Short Sale

  Kentucky Mortgage Foreclosure:
Conventional Loans Require:

7 years, with exceptions considered between 3 to 7 years if significant extenuating circumstances exist

Kentucky FHA and Kentucky VA Loans Require:

FHA: 3 years, with exceptions possible for less time if significant extenuating circumstances exist
VA: 3 years, with exceptions possible for less time if significant extenuating circumstances exist

Please contact me for a free mortgage pre-approval or with questions!

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Kentucky Mortgage Fannie Mae Guidelines for 2013 to include Bankruptcies, Foreclosures, Deeds in Lieu, Preforeclosure Short Sale

Kentucky Mortgage Conforming loans receiving an acceptable finding through DU follow Conforming guidelines.

To be considered for a mortgage loan, the borrower must have re-established a satisfactory credit history and demonstrated the abilitto manage financial affairs prudently. (Satisfactory" means that the mosrecent rating has a rating of "1".) The bankruptcy must havreestablished a credit record for an elapsed time of 4 years. Elapsed time is measured by comparing the date of the application fort he new mortgagloan to:

The date a Chapter 7, 11, or 12 bankruptcy was discharged;
The date a Chapter 13 repayment plan was successfully completed and dischargedThe elapsed time of 7 yearis required for the following:
The date of a foreclosure sale.

Borrowers which have previously incurred a Deed in Lieu of Foreclosure oPreforeclosure Sale (ShorSale) are subject to a tieredgroup of waiting period requirements. If the borrower has re-established satisfactory credit history within a period below, they willbe subject to a maximum LTV as per thfollowing:

Waiting Period
Additional Requirements
Two years
80% maximum LTV ratios
Four years
90% maximum LTV ratios
Seven years
Standard maximum LTV ratios

Note: Additional Requirements can never exceed the standard maximum LTV ratio

If a bankruptcy has been discharged within the past years, the following items are required in the Credit
 File to determine the credit's acceptability: Discharge of bankruptcy
Schedule ocreditors (secured or unsecured)
Detailed explanation from the borrower
Verification that satisfactory credit has been re-established. Regardless of the reason, if the borrower’s credit history includes a bankruptcy filing or foreclosure-related action, she/he must have re-established credit for at least four years (or as dictated by policy) and established a new payment record that illustrates a willingness and ability to manage his/her finances overtime and if applicable, under different economic conditions. All accounts must be current as of the date of the mortgagapplication. In addition, the borrowers credit history must include:
o A minimum ofour credit references, with at least one traditional credit reference, and one housing related reference, all of which must have a satisfactory payment history. Three of the four credit references (including anyr ental housing reference) must have been active for a full 24 months before the date of the mortgagapplication.
o No more than two installment or revolving debt payments   30 days past due in the last
24 months.
o No installment or revolving debt payment   60 days past due since the discharge or

Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell


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