Kentucky Bankruptcy Mortgage Loan | FHA, VA, USDA & Conventional

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Mortgage Loan Options After Bankruptcy in Kentucky

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/

Bankruptcy Guidelines for Getting a Kentucky USDA Rural Housing Loan After you filed Bankruptcy Chapter 7 and Chapter 13.

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. 

1. 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.
2. 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. 

1. 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.
2. 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.

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

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.

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Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://kentuckyloan.blogspot.com/

What are the requirements on a KY USDA RHS Loan after a foreclosure or short sale, Bankruptcy?

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

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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/