FHA AND FANNIE MAE GUIDELINES FOR GETTING A MORTGAGE LOAN WITH A PREVIOUS FORECLOSURE OR SHORT SALE IN THE PAST.
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. Divo...