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.

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

 

Frequently Asked Questions about FHA Kentucky Home Loans


Frequently Asked Questions about FHA Kentucky Home Loans

FAQ’s about Kentucky  FHA Home Loans

Q. Can only a first time home buyer use the Kentucky FHA loan program?
A. No. You can use  FHA home loans as many times as you desire when buying a home or doing a Kentucky  mortgage refinance. The onlyKentucky  FHA loan requirements is that you cannot have more than one outstanding FHA Kentucky  mortgage loan with a loan to value of higher than 75%. You can own rental property and purchase your primary residence using FHA mortgage financing.

Q. Can FHASecure refinance Kentucky FHA loans help me save my house from foreclosure?
A. Yes. The newly released FHA Secure loan program is designed to help people with subprime loans that have adjusted after June 2005 who currently have mortgage late payments or facing foreclosure can refinance using the FHA home loan program, FHASecure.

Q. Does FHA use a FICO credit score for loan qualifying in Kentucky ?
A. No. FHA is one of the only types of real estate mortgage loans that currently does not require a FICO credit score to obtain a loan but those who do have a score should have a credit score of 580 or higher. FHA requires the last two years of credit history to determine your FHA loan qualification.

Q. Can I streamline refinance my Kentucky FHA loan at any time?
A. Yes, you can do a FHA streamline refinance assuming that the you are lowering your monthly payments or converting the loan to a fixed rate mortgage.

Q. Can I buy a 4 Unit Home with FHA loan financing?
A. Yes, you may use a FHA mortgage for buying a  2,3, or 4 unit home assuming that the  Kentucky  FHA mortgage amount does not exceed the maximum FHA loan limits for where the property is located.

Q. Can I buy a home with no down payment and get 100% financing using a Kentucky FHA loan?
A. Yes. Using a FHA insured real estate first mortgage in combination with other specialized no down payment and first time home buyer loan programs, such as , you may be able to buy a home with no money down.

Q. How long after a bankruptcy can I use a FHA loans for buying a home or mortgage refinance in
Kentucky
?
A. You may buy a home or do a refinance mortgage using FHA loans two years after the date of discharge for a bankruptcy, assuming that you have maintained perfect credit since the discharge of the bankruptcy with a FHA streamline refinance loan.

Q. How long after a Foreclosure can I use a Kentucky  FHA mortgage loan for buying a home or aKentucky FHA  refinance mortgage?
A. FHA loans may be used for buying a home or Kentucky FHA mortgage refinance three years after the final date of foreclosure assuming that your credit since the foreclosure has been perfect.