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/

Short Sale and Kentucky USDA Rural Housing Mortgage Requirements for a Home Loan

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).
 See below for Chapter 13 restrictions. 
A judgment in the past 12 months Outstanding tax liens, no matter what their age, that are currently delinquent Outstanding collection accounts, no matter what their age, that are currently delinquent. 
Previous RHS debt or non-RHS debt that resulted in a loss. 
Any outstanding judgment obtained by the United States in a federal court (other than a tax lien).
 Rent payment paid 30 days or more past due.

Add cachapter 13, foreclosure, minimum credit score, short sale, 2014 Kentucky Rural Housing USDA Income Eligibility, 2014 Kentucky USDA Rural Housing eligible areas, Eligible areas for USDA Rural Housing Programs, Kentucky Rural Housing and USDA Loans, ption

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

\

 phone: (502) 905-3708

 Fax:     (502) 327-9119

kentuckyloan@gmail.com

 Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com/