Kentucky VA Mortgage Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.

Kentucky VA Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.


 

Foreclosure and Bankruptcy Guidelines For Kentucky VA Home Mortgage Loans in 2019 and 2020


Follows guidelines provided for bankruptcies filed under straight liquidation (Chapter 7)
The fact that a home loan foreclosure in Kentucky  (or deed-in-lieu or short sale in lieu of foreclosure) exists in a borrower(s) history does not in itself disqualify the VA borrower for a Kentucky VA  loan. Develop complete information on the facts and circumstances of the foreclosure
You may disregard a foreclosure finalized more than 2 years from the date of closing. If the foreclosure was finalized within the last 1 to 2 years from the date of closing, it is probably not possible to determine that the borrower(s) is a satisfactory credit risk unless both of the following requirements are met:The borrower (s) has obtained consumer items on credit subsequent to the foreclosure and has satisfactorily made the payments over a continued period, and the foreclosure was caused by circumstances beyond the control of the borrower (s) such as unemployment; prolonged strikes, medical bills not covered by insurance, and so on, and the circumstances are verified.

If a foreclosure, deed in lieu, or short sale process is in conjunction with a bankruptcy, use the latest date of either the discharge of the bankruptcy or transfer of title for the home to establish the beginning date of re-established credit. If there is a significant delay in the transfer of title, the lender should contact the RLC of jurisdiction for guidance.

For a deed in lieu or short sale, develop complete information on the facts and circumstances in which the borrowers) voluntarily surrendered the property. If the borrower’s payment history on the property was not affected before the short sale or deed in lieu and was voluntarily communicating with the servicer or holder, then a waiting period from the date transfer of the property may not be necessary.
If the foreclosure, deed and lieu or short sale was on a Kentucky VA-guaranteed loan, then a borrower may not have full entitlement available for the new Kentucky VA loan. Ensure that the borrower’s COE reflects sufficient entitlement to meet any secondary marketing requirements of the VA Mortgage Lender in Kentucky

 

In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free.

Kentucky VA Loan Mortgage Pre-Approval Checklist

  • one full month’s worth of pay stubs
  • 2018 and 2017 W-2′s
  • 2018 and 2017 tax returns
  • Your  VA Certificate of Eligibility (we can help you get this if needed, just need your dd214) 
  • Last two months bank statements for all accounts
  •  
  • Link here to get your COE—–>>>>> https://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp

Once I get the information above, I can usually get you pre-approved in one day, and get your loan closed in 30-45 days after you get an accepted offer on a home.

Your first house payment usually starts 30-60 days after you close.

Your loan pre-approval is usually good for 60 days.
I don’t need originals, copies are fine. You can fax or email  me the above documents,  or meet me face-to-face if you wish to make copies and go over your options.

Let me know your questions.

Thanks and look forward to helping you.

 

 

 

—

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

http://www.mylouisvillekentuckymortgage.com/

 

Unknown's avatar

Author: Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans

Thank you for visiting. I hope you find this website both informative and empowering as you explore your mortgage options. My goal is to help you feel confident in selecting the right home loan for your unique situation. I proudly serve all 120 counties in Kentucky, offering a full range of mortgage loan programs, including: FHA Loans VA Loans USDA Rural Housing Loans Fannie Mae Conventional Loans KHC Down Payment Assistance Programs With over 20 years of lending experience, I’ve had the privilege of helping more than 1,300 Kentucky families achieve their homeownership goals. Whether you're a first-time homebuyer or seeking a second opinion, I’m here to offer honest, no-pressure advice—always free of charge. I am dedicated to: Attending as many closings as possible Providing responsive, personalized service Ensuring quick, efficient, and accurate loan processing Making myself accessible every step of the way I've been consistently recognized as a top mortgage loan officer in Kentucky for VA, FHA, USDA, and KHC programs. I take pride in being thorough, transparent, and attentive with each and every client. Please take a moment to read my reviews below. If you have questions or need guidance, feel free to call or text me directly. Call/text at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at kentuckyloan@gmail.com with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 http://www.nmlsconsumeraccess.org/ Joel Lobb Senior Loan Officer/p> call/text phone: (502) 905-3708 kentuckyloan@gmail.com Company ID #1738461 EQUAL HOUSING LENDER http://www.mylouisvillekentuckymortgage.com/

One thought on “Kentucky VA Mortgage Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.”

  1. Reblogged this on Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, Mortgage Loans in Kentucky for 2019 and commented:

    How to Apply for a Kentucky VA Loan
    Kentucky VA Funding Fee
    Kentucky VA Home Loan Credit Issues
    Kentucky VA Loan Credit Score Requirements
    Kentucky VA Loan Guidelines
    Kentucky VA Loan Requirements
    Kentucky VA Refinance Guidelines
    Loan Info
    Louisville VA Loan Closing Costs
    VA Links

Comments are closed.