8 New Fannie Mae Homes in Kentucky


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$77,900Just Listed

250 Commerce St
Hardin, KY 42048

4 Beds |2 Baths | 2210 sq. ft.

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$37,500Back on Market

1618 Parkside Dr
Bowling Green, KY 42101

2 Beds |2 Baths | 1147 sq. ft.

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$119,000Active

120 Ridgemont Rd
Paducah, KY 42003

3 Beds |3 Baths | 2429 sq. ft.

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Coming Soon

1004 Alexander Loop
Mayfield, KY 42066

3 Beds |2 Baths | 1914 sq. ft.

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Coming Soon

912 Cuba School Rd
Mayfield, KY 42066

3 Beds |2 Baths | 1284 sq. ft.

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Coming Soon

2725 Grand Ave
Louisville, KY 40211

3 Beds |1 Baths | 1199 sq. ft.

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Coming Soon

3432 Peleske Dr
Louisville, KY 40216

3 Beds |1 Baths | 1511 sq. ft.

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Coming Soon

10520 Pinoak View Dr
Louisville, KY 40299

3 Beds |2 Baths | 1402 sq. ft.

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Kentucky First Time Home Buyer Mortgage Loans: Four things to know about…:

 

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 

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


How long does it take after a Bankruptcy, foreclosure or short-sale to get approved for A Kentucky VA, USDA, Rural Housing, FHA, and Conventional Mortgage loan in 2014?

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

 

 

Kentucky Mortgage Loan Program Chapter 7 Bankruptcy
Conventional
(Determined by date of application)
  • 4 years from date bankruptcy was completed
  • 2 years from date bankruptcy was completed*
KENTUCKY FHA MORTGAGE
(Determined by date of credit approval)
  • 2 years from completion date
  • Less than 2 years, but no less than 12 months the date bankruptcy was completed*
KENTUCKY VA MORTGAGE
(Determined by date of credit approval)
  • 2 years from date bankruptcy was completed
  • Between 12-23 months from the date bankruptcy was completed*
KENTUCKY MORTGAGE FOR USDA
(Determined by date of credit approval)
  • 3 years from date bankruptcy was completed
  • Less than 3 years from date bankruptcy was completed*

 

 

 

 

 

 

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 

Conventional Mortgage May Be Cheaper Than FHA


Conventional Mortgage May Be Cheaper Than FHA.

 

A primary reason for the decline is due to the increase in mortgage insurance premiums and a new rule that no longer allows borrowers to opt out of mortgage insurance after establishing a steady record of payments.

Newsday reports that FHA borrowers are charged an annual mortgage insurance premium of up to 1.35% of the borrower’s outstanding balance on their loan, which is added to their monthly payment. Additionally, a fee of 1.75% is charged up front once the borrower closes on the loan.

For example, Newsday demonstrates exactly how the extra fees can add up: A borrower getting a $200,000 loan, after making a 3.5% down payment, pays $225 per month in FHA mortgage insurance, plus an upfront fee of $3,500. Say you keep that mortgage for 10 years before you sell or refinance — that adds up to about $30,000 in mortgage insurance fees.