Wednesday, August 21, 2013

Louisville Kentucky FHA Mortgage guidelines now waives waiting period for short sales, foreclosures and more! - News Roseville, CA and Rocklin, CA

FHA waives waiting period for short sales, foreclosures and more! - 

To be eligible for the Louisville Kentucky FHA Back to Work - Extenuating Circumstances Program a borrower must show the “economic event” caused a minimum 20 percent loss of household income for at least 6-months and demonstrate a full recovery.  In addition the FHA is requiring lenders to verify at least a year has passed since the foreclosure and the economic event is responsible for the loss of the home or bankruptcy.

The FHA's primary role is as an insurer of mortgage loans made by Louisville Kentucky FHA-approved lenders. Since its inception, FHA has insured more than 34 million loans which makes them the world's largest insurer of mortgages.
FHA mortgage insurance is available for any loan which meets the following two conditions:
  1. The loan must be made by an approved FHA lender
  2. The loan must meet the minimum standards of the "FHA Mortgage Guidelines".
The minimum standards of the Louisville Kentucky FHA mortgage guidelines are straight-forward. Some of the more well-known rules require mortgage applicants to show a minimum credit score of 640; to make a downpayment of at least 3.5% on a purchase; and, to verify income via W-2 or federal tax returns and last 30 days of pay stubs, and most recent 2 months bank statements.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*