Kentucky Mortgage Lender

What a Short Sale Means for a Mortgage Loan in Kentucky A short sale happens when a homeowner in Kentucky sells their property for less than the total amount owed on the mortgage, and the lender agrees to accept that reduced payoff. The transaction brings the loan balance up short of the full amount owed, allowing the borrower to avoid foreclosure and the lender to reduce further loss exposure. This option is commonly used when a borrower faces financial hardship and needs a controlled exit strategy. How a Kentucky Short Sale Works The borrower lists the home, receives an offer, and submits it to their servicer for approval. The lender reviews the hardship, property value, net proceeds, and documentation before issuing written approval. While the seller can accept an offer, the contract is not binding until the lender signs off. Typical approval timelines range from 30 to 90 days depending on loan type and investor rules. Hardship Requirements Kentucky lenders require documen...

Buying A House with Bad Credit in Kentucky When in comes to buying a house in Kentucky and getting approved for a mortgage loan a lot of buyers will have to confront their past credit issues. Credit, along with income, work history, and assets determine if you qualify for a mortgage loan.  Below I will address the main issues you have to address when it comes to getting approved for a mortgage with past credit problems.   Mortgage late payments: One late payment in the last 12 months is permitted so long as it can be explained and fully documented if necessary. • Foreclosure: Thirty-six months from the date of the foreclosure until eligibility to repurchase using the 3.5 percent down payment FHA Loan, 48 months for VA Loans (no money down required), seven years no matter the down payment on a conventional type. • Short sale : Thirty-six months from the date of the short sale until eligibility to repurchase using the 3.5 percent down payment FHA Loan, 24 months with the...

Joel Lobb Senior Loan Officer (NMLS#57916 text or call my phone:  (502) 905-3708 email me at  kentuckyloan@gmail.com The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, ( www.nmlsconsumeraccess.org ). 

  CONVENTIONAL FANNIE MAE KENTUCKY LOANS   Derogatory Item Waiting Period Foreclosure Home given back to the bank – No owner participation �           7 years  from date foreclosure completed and transferred back to bank – No extenuating circumstances * �           Extenuating circumstances - 3 years  from date foreclosure completed and transferred back to bank with 10% down.  Primary home purchase and rate and term refinance only. No second homes or investments. Qualifying extenuating circumstances are death or well documented extended illness. 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 �           4 years  from date sale closed and transferred to ...

Kentucky VA Mortgage Guidelines after a bankruptcy, foreclosure, short sale.  2 years completion date needed after a short-sale, foreclosure, or deed-in lieu of foreclosure. If extenuating circumstances exist – 12 months from completion date with re-established credit Note: If the occurrence was on a  Kentucky VA loan, the veteran may not have full entitlement available for the new loan. 2  year completion needed after a Chapter 7 bankruptcy If extenuating circumstances exist – 12 months from discharge or dismissal date with re-established credit. If it was a Chapter 13 Bankruptcy, a minimum of 12 months of payments have been made, all payments have been paid satisfactorily and Trustee or Bankruptcy Judge approval of new mortgage loan. Joel Lobb Senior  Loan Officer (NMLS#57916)  phone:  (502) 905-3708  Fax:      (502) 327-9119 kentuckyloan@gmail.com  Company ID #1364 | MB73346 http://my...

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire . FHA Mortgage Guidelines for a Louisville Kentucky FHA Mortgage F HA 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 me...

 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 ex...

Kentucky FHA HUD Back to Work Program for FHA Borrowers in Kentucky  W h at is   Back  t o   W o r k ? FHA   i s  c o nt i n u i ng   i ts   c o mm i t m e n t   to   f u l l y   e v a l u ate   b o r r o w ers   w ho   h a v e   e x p e ri e n c ed   p eri o ds   of   f i n a n c i a l   d i ff ic u l t y   due to   e x t e n u a t i n g   c i rc u m s ta nc e s . M a n y   b or r o w ers   exp e r i e n c ed   p eri o ds   of   re c e ss i on   re l at e d   f i n a n ci al   d i ff i c u l t y   a n d / or   cr e di t   i m p ai r m e n t   re s u l t i ng   f r om u n e m p l o y m e n t   o r   a  s e v ere   r e d u c t i o n   i n  i n c o m e.   FHA   r e c o g n i z es   t h e  h a r d s h i ps   f a c ed   b y   t h e...