Kentucky USDA Rural Housing Mortgage Lender

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Joel Lobb   Mortgage Loan Officer American Mortgage Solutions, Inc. 10602 Timberwood Circle Louisville, KY 40223 Company NMLS ID #1364 Text/call: 502-905-3708 email:   kentuckyloan@gmail.com http://www.mylouisvillekentuckymortgage.com/

.Here are the details for each program regarding waiting times, credit score requirements, down payment, and qualification criteria after a Chapter 13 bankruptcy: Kentucky FHA Loan after Chapter 13 Bankruptcy: Waiting Time: Typically, you'll need to wait at least two years after the discharge date of your Chapter 13 bankruptcy before applying for an FHA loan. Credit Score: FHA loans are known for their flexibility with credit scores. While there's no specific minimum score, a higher score (usually around 580 or above) can help you qualify for better terms. Down Payment: The down payment requirement for an FHA loan after Chapter 13 bankruptcy is relatively low, usually starting at 3.5% of the purchase price. Qualification with Chapter 13 Bankruptcy: To qualify, you must demonstrate that you've made all Chapter 13 payments on time for at least one year and receive approval from the bankruptcy court to take on new debt. Kentucky VA Loan after Chapter 13 Bankruptcy: Waiting...

Bankruptcy Chapter 13 Repayment has been completed If the repayment plan has not yet been completed or was completed within the most recent 12 months must meet the credit exception criteria below.  The circumstances that caused the credit problems were temporary in nature, beyond the applicant's control, and the circumstances have been removed and resolved for the 12 months prior to application. Examples include a temporary loss of job, delay or reduction in benefits, illness, or dispute over payment for defective goods or services. The loan will significantly reduce the applicant's housing expenses, which will result in improved debt repayment ability. A significant reduction in housing expenses would be 50 percent or more. Bankruptcy Chapter 7 3 years from discharged date Less than 3 years but not less than 12 months may be acceptable if the applicant meets the credit exception criteria below.  The circumstances that caused the cre...

Here is a brief summary on getting a mortgage loan while in a Chapter 13 Bankruptcy:   You must have 12 payments paid into the Chapter 13 before you can apply for a mortgage loan.   The payments must be made on time for last 12 months or after 12 months if you have been in longer, so no late payments to the Chapter 13 while in it.    You have to ask permission from the courts to seek a mortgage loan. They usually grants this. I have never not seen them grant it.   You have to qualify with the new house payment along with Chapter 13 payments and other debts listed on credit report. Debt to income ratios usually center around 31 and 43% respectively, meaning the new house payment should not be more than 31% of your gross monthly income and your total house payment and debts listed on credit report along with Chapter 13 payment should not be more than 43% of your total gross monthly income.    Credit scores: Most FHA lenders I work wi...

Kentucky Rural Housing USDA Loan Guidelines on Foreclosure, Bankruptcy short-sale below Kentucky Rural Housing Loans require 3 years completion date after the sheriff sale of home.  A Deed in Lieu foreclosure also requires 3 years from completion of sale. Short Sales require  3 years from completion date of short sale date. A Chapter 7 or 13 bankruptcy requires  3 years from discharge or dismissal date -- Joel Lobb Senior  Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223  phone: (502) 905-3708  Fax:     (502) 327-9119 kentuckyloan@gmail.com  Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com/

Short Sale and Kentucky USDA Rural Housing Mortgage Requirements for a Home Loan Short Sale Applicant must present documentation of their full release from the creditor involved. If the creditor is Rural Development, the applicant must contact the Central Servicing Center for evidence of full release. There is not a specified waiting time but the applicant must meet the normal credit, capacity and collateral requirements. The credit report must indicate a zero balance from the creditor. Chapter 13 A satisfactory performance history for one year of the pay-out period and MUST be discharged. The minimum of two (2) credit scores on RHS loans Minimum score is 640 – Loans without a score are not eligible.  The following are indication of unacceptable credit history and must be carefully investigated: More than one payment being more than 30 days late in the last 12 months  A foreclosure or Chapter 7 bankruptcy in the past 36 months (not allowed). ...