Tuesday, October 9, 2018


Fannie Mae Loan in Kentucky with Previous Foreclosure Guidelines below:

  • 7 years from transfer date on Commissioner’s or Transfer deed
  • 4 years from Bankruptcy discharge date if the mortgage debt was discharged through the bankruptcy as reflected on the statement of intent within the Bankruptcy papers
  • 3 years with restrictions if the borrower meets the FNMA definition for Extenuating Circumstances 
FHA Mortgage Loan in Kentucky with Previous Foreclosure:
  • 3 years from transfer date on Commissioner’s or Transfer deed must have elapsed prior to case number assignment date
  • An exception to the 3 year requirement may be granted if the foreclosure was caused by extenuating circumstances beyond the borrower’s control such as a serious illness or death of a wage earner and the borrower has re-established good credit since the foreclosure.  If the exception is granted, the loan must meet all manual underwriting guidelines.   
  • Divorce is not an extenuating circumstance however an exception may be granted if the mortgage was current at the time of the borrower’s divorce and the ex-spouse received the property and the mortgage was later foreclosed. 
  • Inability to sell the property due to job transfer or relocation is not considered an extenuating circumstance

Deed-in-Lieu of Foreclosure, Pre-foreclosure (Short Sale), or Charge off of a Mortgage Account:

  • 4 years from transfer date of title
  • 2 years if borrower meets the FNMA definition for Extenuating Circumstances
  • 3 years from transfer of title.   Case number assignment cannot be ordered until the wait period has elapsed 
  • Same Extenuating Circumstance criteria as Foreclosures
  • Pre-Foreclosure (Short Sale) exception for Borrower Current at the Time of Short Sale 
  1. All mortgage payments on the prior mortgage were made within the month due for the 12 month period preceding the Short Sale;and
  2.  All installment debt payments for the same time period were also made within the month due
  • Exceptions to the 3 year wait time must follow manual guidelines

Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 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 http://www.nmlsconsumeraccess.org/

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