FHA Loans in Kentucky with Foreclosure in the Past:

• 3 years from transfer date on Commissioner’s or Transfer deed must have elapsed prior to case number assignment date
• An exception to the 3 year requirement may be granted if the foreclosure was caused by extenuating circumstances beyond the borrower’s control such as a serious illness or death of a wage earner and the borrower has re-established good credit since the foreclosure.If the exception is granted, the loan must meet all manual underwriting guidelines.
• Divorce is not an extenuating circumstance however an exception may be granted if the mortgage was current at the time of the borrower’s divorce and the ex-spouse received the property and the mortgage was later foreclosed.
• Inability to sell the property due to job transfer or relocation is not considered an extenuating circumstance
• 3 years from transfer of title.Case number assignment cannot be ordered until the wait…