Foreclosures requirements for Kentucky FHA Mortgages 2012
Thursday, January 5, 2012 -
Article by:
Key Financial Mortgage of Kentucky - Joel Lobb, FHA, VA, USDA, KHC, First Time Home Buyer Expert Louisville, Kentucky -
Foreclosures requirements for Kentucky FHA Mortgages 2012
Foreclosures
o A borrower with a foreclosure or deed-in-lieu of foreclosure within the most recent
three years is ineligible for Kentucky FHA Mortgage financing..
Chapter 7 Bankruptcies
o A borrower with a Chapter 7 Bankruptcy discharged less than two years prior to
loan application is ineligible for Kentucky FHA Mortgage Financing.
Chapter 13 Bankruptcies
o Document at least one year into the payout plan has elapsed
o Document all required payments have been made on time
o If borrower is still in repayment, obtain court permission to enter into the new
mortgage
o Include Chapter 13 payment in the debt ratio if the BK is not paid in full
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