Friday, December 6, 2013

Getting approved for a Kentucky Mortgage loan for Conforming and FHA Loans after a foreclosure or short-sale

Getting approved for a Kentucky Mortgage loan for Conforming and FHA Loans after a foreclosure or short-sale

Buy a Kentucky Home with a mortgage through FHA with 1 year seasoning after a short-sale foreclosure


Conforming loans ( Max Loan $417,000) 


Preforeclosure Sale (Short Sale) 

 
Borrowers which have previously incurred a  Prforeclosure Sale (ShorSale) are subject to a tiered group of waiting period requirements. If the borrower has re-established satisfactory credit history within a period below, they will be subject to a maximum LTV as per thfollowing:



Waiting Period
Additional Requirements
Two years
80% maximum  or 20% down 
Four years
90% maximum  or 10% down
Seven years
 95% maximum or 5% down 


 Pre-qualify for f


With a previous short sale less than 2 years removed on your credit report, FHA will be the only option right now for you.  FHA will allow a mortgage loan on a previous short sale with less than 2 years,  as long as you were  current on the short-sale mortgage when it was sold for the previous 12 months rating on the credit report. 

FHA loans require s 3.5% down payment, 

See guidelines below in yellow for a Kentucky FHA loan after short-sale


FHA Underwriting Guidelines (Max Loan $302,500) 

Borrower Current at time of Short Sale

Borrowers which have undergone a previous Short Sale are eligible for a new loan with no Derogatory Credit waiting period if they meet the following requirements Prior mortgage must have been current at the time of Short Sale with no mortgage lates for the 12 months preceding the sale and no lates on installment debt payments for the 12 months preceding the Short Sale

The 3 year waiting period still applies for all previous Short Sales not meeting these requirements.



http://mylouisvillekentuckymortgage.com



Joel Lobb (NMLS#57916)
Senior  Loan Officer

American Mortgage Solutions, Inc.
 800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
((502) 905-3708 | 7 Fax: (502) 327-9119|
 Company ID #1364 MB73346
http://mylouisvillekentuckymortgage.com