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|With a lack of credit "depth" will not have to document non-traditional credit items such as utility or insurance payments|
|A negative past credit history may allow the Underwriter to not request letters of explanation for the cause of the past challenges|
|Collection accounts can remain open provided the Underwriter believes it unlikely that the account will eventually turn into a judgment|
|Foreclosure or short sale within the last 3 years|
|Chapter 7 bankruptcy discharged within the past 3 years|
|Chapter 13 bankruptcy debt restricting plan completed within the last 12 months|
|Late mortgage payments within the last 12 months|
|Applicant or co-applicant delinquent on a federal debt; such as taxes, student loans, or previous agency loan (i.e. VA loan in which the eligibility was forfeited due to a foreclosure)|
|I have originated over 200 Kentucky and USDA Loans over my entire 20 year career. Put my experience to work for you today,. Free Mortgage Pre-Approvals for every County of Kentucky|
► Guaranteed Underwriting System (GUS) Accept Underwriting Recommendation
Form RD 1980-21, “Request for Single Family Housing Loan Guarantee.”
Evidence of qualified alien, as applicable.
FEMA Form 81-93, “Standard Flood Hazard Determination Form.”
Uniform Residential Appraisal Report (URAR) with Market Condition Addendum (MC 1004).
|Household must have a moderate income not to exceed USDA Program county limits based on a household size of one to four or five and more family members.|
|The house must be located in a designated RHS USDA Rural approved area. Homebuyers should not assume that the term “rural” means the USDA Home Loan program is only available in farming communities.Many areas approved by the RHS for the USDA Loan Program are residential areas, near major cities, with a complete absence of any local farms.|
|by Louisville Kentucky Mortgage|