Louisville Kentucky Mortgage Loan Officer originating FHA, VA, KHC, Rural Housing, USDA, Fannie Mae Mortgage Loans. Call or Text 502-905-3708 or Email me at Kentuckyloan@gmail.com NMLS#57916 Equal Housing Lender. Not Endorsed or Affiliated with any Government Lending Agency. I have over 18 years experience originating Kentucky Mortgage Loans. Put my experience and trust to work for you today. Free Pre-Approvals and Credit Report Same Day!
In a little-known policy shift, the three national credit bureaus — Equifax, Experian and TransUnion — plan to stop collecting and reporting substantial amounts of civil judgment and tax lien information on public records affecting millions of American consumers starting July 1.
Both types of information have negative impacts on credit scores and remain in credit files for extended periods. Tax liens are levied against properties when the owner is delinquent on payment of taxes. Civil judgments — debts owed by the losing party in legal disputes that typically involve monetary damages — are ordered by courts.
With the elimination of this information from vast numbers of consumer credit files, some lenders are concerned that when they order credit reports to evaluate an applicant, they may no longer get the full picture of the risk of nonpayment posed by the consumer.
Joel Lobb (NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
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#57916http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
2016 Kentucky mortgage waiting period for foreclosures and short sales for specific situations
Kentucky Conventional Loans
Foreclosures: 7 years from the foreclosure completion date (some applicants may qualify for a conventional loan only 3 years after with extenuating conditions including wage earner death, illness or job loss)
Short Sale/Deed in Lieu-Short Sale:
7 year with less than 10% down of primary residence
4 years with 10% down on the purchase of a primary residence
4 years with 20% down on the purchase of a primary, secondary or investment property purchase
2 years with extenuating circumstances, only with 20% down
Kentucky FHA Loans
Foreclosures: 3 years from the foreclosure completion date and transferred back to the lender to the credit report date
Short Sale: 3 years from the title transfer date
Kentucky VA Loans
Foreclosure: 2 years from foreclosure completion date and date transferred back to the lender
Short Sale: 2 years from previous sale closed date and new owner transfer date
Kentucky USDA Loans
** If the mortgage debt that was foreclosed, was included in a Bankruptcy – then the KY USDA Home Loan waiting periods after foreclosure “waiting period” of 3 years, starts from the date of the discharge of the Bankruptcy. Because it can take 6 months or more for Banks to process the Foreclosure, and transfer title, this is a tremendous plus.
: 3 years from foreclosure completion date or sheriff sale of home
Buying a home after a short sale, foreclosure, or bankruptcy
Conventional Fannie Mae Agency Guidelines below
Short Sale Deed-In-Lieu of Foreclosure:
4 years from completion date If extenuating circumstances exist: • DU: 2 years from completion date • LP: 2 years from completion date on owner occupied purchase or non-cash out refi nance only, max 90% LTV or max LTV per program
Chapter 7 or 11 4 years from discharge or dismissal date. If extenuating circumstances exist – 2 years from discharge or dismissal date. Bankruptcy: Chapter 13 4 years from dismissal date (borrower did not complete the Chapter 13 plan) or 2 years from discharge date. If extenuating circumstances exist – 2 years from discharge or dismissal date. Multiple Bankruptcy Filings within the last 7 years 5 years from the most recent discharge date or dismissal date. If extenuating circumstances exist – 3 years from discharge or dismissal date.
7 years from completion date of foreclosure action as reported on the credit report or other foreclosure documents* If extenuating circumstances exist: 3 years from the completion date of foreclosure action as reported on the credit report or other foreclosure documents* • Purchase-90% or program limit, owner occupied only