Getting a Mortgage loan in Kentucky again after A Chapter 7 or Chapter 13 Bankruptcy.


via SURRENDERING YOUR HOME IN BANKRUPTCY

Getting a Mortgage Again in Kentucky after a Bankruptcy. Guidelines for FHA, VA, USDA AND CONVENTIONAL LOAN PROGRAMS.

 

mortgage after bk 1

 

 

Chapter 7 Kentucky Bankruptcy Mortgage Questions

How long do I have to wait to get a mortgage after my Chapter 7 Bankruptcy?

While different programs have different waiting periods, we offers some mortgage options as soon as 2 years after a Chapter 7 Bankruptcy for some Portfolio loans and 2 years from discharge for some government loan programs like FHA, VA, and USDA.

What type of loans are available for a Kentucky mortgage after Chapter 7 Bankruptcy?

We offer a wide variety of loan programs specifically tailored to Chapter 7 Bankruptcy borrowers in all kinds of financial situations: conventional loans, Kentucky VA home loansFHA loansUSDA loans, ! While you may not qualify immediately for all the programs we offer, we will present the best available options, with the best terms, and lowest possible bottom line to you. We customize your options based on your personal goals.

 


Chapter 13 Bankruptcy Kentucky Mortgage Questions

 

How long after bankruptcy can I get a Kentucky mortgage as one year into their plan.

What types of Kentucky mortgages are available for clients with a Chapter 13 Bankruptcy?

As a Kentucky Mortgage Broker we offer programs  after bankruptcy, we offer a wide variety of mortgages for Kentucky borrowers in all kinds of financial situations. We proudly offer Conventional mortgagesVA home loansFHA loansUSDA loans,

What is your waiting period for an Kentucky FHA Loan after bankruptcy?

We are able to secure our Kentucky clients with a FHA loan or USDA loan 12 months after being in the plan for 1 year with a perfect pay history from Chapter 13 Bankruptcy.

How long does it take to refinance after Chapter 13 Bankruptcy discharge?

Mortgages after Chapter 13 Bankruptcy can take as little as 30 days to as long as 3 months. We pride ourselves on great communication and efficient service. The most common issues that slow the process down deal with credit, title, property condition and how quickly we receive requested documentation from you. We love to help our customers clear up these issues and put them on a brighter path.

How long does it take to purchase after Chapter 13 Bankruptcy discharge?

Mortgages after Chapter 13 Bankruptcy can take as little as 25 days to as long as 2 months. We pride ourselves on great communication and efficient service. The most common issues that slow the process down are credit problems, problems with the property itself, and how quickly we receive requested documentation from you. We love to help our customers clear up these issues and put them more soundly on a brighter path.

Can I purchase a home if I am still in my Chapter 13 Bankruptcy?

Yes, you can! Purchasing a home during a Chapter 13 Bankruptcy Plan does have extra steps involved though. Your trustee must approve your purchase and you must make all of your first year’s payments on time into your plan before purchasing a home. There are other challenges of obtaining a mortgage during a Chapter 13 Bankruptcy, but we are skilled at presenting a clear plan for success.

Can I refinance my mortgage with Peoples Bank if I am still in my Chapter 13 Bankruptcy?

Yes, you can! Refinancing a home during Chapter 13 Bankruptcy does have extra steps involved though. Your trustee must approve your refinance and you must make your first year’s payments into your plan before refinancing your home. Many borrowers find that waiting until after the 3rd year of on time payments is best for refinances. Some borrowers have also tapped into the equity in their home getting a cash-out refinance to pay off their Chapter 13 Bankruptcy Plan early. We have experienced great success securing trustees’ approval, especially when the refinancing option saves our borrowers a considerable amount of money.

How long does it take to get a mortgage if I am still in my Chapter 13 Bankruptcy Payment Plan?

Can I get a cash-out with my refinance after my Chapter 13 Bankruptcy?

Many clients choose to obtain a cash-out refinance after their Chapter 13 Bankruptcy. Often our clients have not been able to tap into equity in their home during bankruptcy to make home improvements or consolidate high interest rate debts. Our mortgage programs have different limits set on the amount you can take out relative to the value of your home. Don’t hesitate to call to discuss your options.

As a mortgage lender after bankruptcy, does Peoples Bank offer any options if I own my home outright?

We  have options to obtain a mortgage if you own your home outright. Although the wording is unusual, these mortgages are treated like a cash-out refinance. Cash-out options are best after the 3rd year of your Chapter 13 Bankruptcy Plan or as soon as one day after discharge.

Are there loan programs that do not require a large down payment if I had a Chapter 13 Bankruptcy?

we offer low down-payment mortgages after bankruptcy. FHA loans after bankruptcy have low down-payment options and both VA loan programs and USDA loan programs have zero down-payment options after bankruptcy. Your Mortgage Consultant will go over these options with you and determine if you qualify for one of the programs. They will present the very best options for which you qualify.

What credit score is required to obtain a mortgage after bankruptcy?

We have options for mortgages after bankruptcy with credit scores of 560 and up. .

 

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Compensating factors may affect the loan decision for a Kentucky VA Mortgage Denial.


via Compensating factors may affect the loan decision for a Kentucky VA Mortgage Denial.

Compensating Factors to over turn a Kentucky VA Loan Mortgage Denial

Compensating factors may affect the loan decision for a Kentucky VA Mortgage.  These factors are especially important when reviewing loans which are marginal with respect to residual income or debt-to-income ratio.  They cannot be used to compensate for unsatisfactory credit.
Valid compensating factors to over turn a Kentucky VA Mortgage loandenial should represent unusual strengths rather than mere satisfaction of basic program requirements.  For example, the fact that an applicant has sufficient assets for closing purposes, or meets the residual income guideline, is not a compensating factor.
Valid compensating factors should logically be able to compensate (to some extent) for the identified weakness in the loan.  For example, significant liquid assets may compensate for a residual income shortfall whereas long-term employment would not.

Compensating factors include, but are not limited to the following:

 

·   excellent credit history,

·   conservative use of consumer credit,

·   minimal consumer debt,

·   long-term employment,

·   significant liquid assets,

·   sizable downpayment,

·   the existence of equity in refinancing loans,

·   little or no increase in shelter expense,

·   military benefits,

·   satisfactory homeownership experience,

·   high residual income,

·   low debt-to-income ratio,

·   tax credits for child care, and

·   tax benefits of home ownership.

If you looking to get approved for a Kentucky VA Mortgage, give us a call today. We can go down to 640 credit scores for VA loans in Kentucky, and the maximum debt to income ratio on some cases can go as high as 50% with the above compensating factors.

Many mortgage applicants will get a surprise boost in their credit scores


Kentucky Waiting times for a Mortgage loan Pre-Approval After A Bankruptcy and Foreclosure or Short Sale
Bankruptcy, Foreclosures, and Short Sale and how they affect your mortgage loan approval for a Conventional Loan, FHA Loan, USDA Loan, and VA loan.

 

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
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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/
 
— 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.

 

Source: Many mortgage applicants will get a surprise boost in their credit scores

Getting Approved for a Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,


Source: Getting Approved for a Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,

2016 Kentucky Home Buyers Mortgage Guide After Foreclosures and Short Sales For FHA, VA, Fannie Mae, USDA, RHS


2016 Kentucky  mortgage waiting period for foreclosures and short sales for specific situations

Homebuyers are Ready to Buy After Foreclosures and Short Sales

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

:    3 years from short-sale closing date

 

Homebuyers are Ready to Buy After Foreclosures and Short Sales

Obtaining new financing after a Short Sale or Foreclosure for a Kentucky USDA, FHA, VA, and Fannie Mae Loan


Obtaining new financing after a Short Sale or Foreclosure for a Kentucky USDA, FHA, VA, and Fannie Mae Loan.

Buying a home after a short sale, foreclosure, or bankruptcy using a Conventional Fannie Mae Loan


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

Bankruptcy:

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.

Foreclosure

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

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

 phone: (502) 905-3708
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 CONFIDENTIALITY