Tag: usda foreclosures ky

Can you get A Kentucky USDA Loan after  bankruptcy, foreclosure, or short sale?

Getting Approved for a Kentucky USDA Loan after bankruptcy, foreclosure, or short sale. 
Getting Approved for a Kentucky USDA Loan after bankruptcy, foreclosure, or short sale.


The Kentucky USDA Rural Loan program requires a minimum of three years from the date of a bankruptcy, foreclosure, or short sale to the borrower being eligible for a USDA Loan.  

For both Chapter 7 and Chapter 13 bankruptcies the borrower must allow three years from the discharge date prior to submitting a new loan request.

 If the bankruptcy included a property, whether a primary residence or investment property, the earliest a new loan can be obtained is based on USDA Loan short sale and foreclosure guidelines.

When the borrower experienced either a short sale, foreclosure, or surrenders the property through the bankruptcy process, there will be a three year waiting period between the date of property transfer from the borrower to a new entity, and the date the new loan application can be processed.  

The most conservative stance by a Kentucky USDA Loan Underwriter for defining the date of the negative occurrence is the legal recorded transfer date, which is the date the property has been transferred out of the borrowers name and either back to the bank that holds the mortgage note or a subsequent home buyer. From this date the borrower will not be eligible for a USDA Loan for a period of time no less than three years.

However, one of my investors will allow a Chapter 7 bankruptcy discharge date to be considered the date of foreclosure, provided the borrower didn’t re-affirm the mortgage liability.  This differs from when the property transfer date is recorded at the County Clerks Office. This is especially helpful in circumstances where the home owner legally removed their ownership rights to a property, through a Chapter 7 bankruptcy, but the mortgage lien holder was slow to transfer the mortgage back into the name of the bank or sell the property.

If the foreclosed property was secured by a government backed mortgage loan such as a FHA or VA Loan, the property transfer date is no longer considered relevant.  The date that now becomes important is the date when the mortgage lender that held the mortgage note received compensation for their mortgage insurance claim through either The Department of Housing and Urban Development for a FHA Loan or The Veterans Administration for a VA Loan.  

The date of the mortgage insurance claim is identified through a CAIVRS search, which is required on all Kentucky Rural Housing  USDA Loans.

If you have yet to apply for your Kentucky USDA Loan pre-qualification request, you can do so online by clicking here. If you have any Kentukcy USDA Loan or other loan specific questions please, email me at kentuckyloan@gmail.com or text/call 502-905-3708

USDA Rural Housing Lender for Kentucky

Foreclosure and Bankruptcy Guidelines for Kentucky Rural Housing Loans

 Foreclosure within 3 years:

 Including pre-foreclosure activity, such as a pre-foreclosure sale or short sale

in the previous 3 years (refer to Attachment 10-B for additional guidance);

 Bankruptcy within 3 years:

 Chapter 7 bankruptcy discharged in the previous 3 years;

 An elapsed period of less than 3 years, but not less than 12 months, may

be acceptable if the applicant meets the criteria of Section 10.8 of this

Chapter.

 Chapter 13 bankruptcy that has yet to complete repayment (repayment plan in

progress) or has completed payment in the most recent 12 months.

 Plans that are completed for 12 months or greater do not require a credit

exception in accordance with Section 10.8;

 Late mortgage payments if any mortgage trade line during the most recent 12

months shows 1 or more late payments of greater than 30 days

Collections Accounts for Rural Housing Loans in Kentucky

.

In an effort to minimize future risk of open collections left unpaid, the lender will

consider the following during the capacity analysis of the loan request, regardless of the

method utilized to underwrite:

1) Determine if the total outstanding balance of all collections accounts of all

applicants is equal to or greater than $2,000. Unless excluded by state law,

collection accounts of a non-purchasing spouse in a community property state are

included in the cumulative balance of all collections.

2) Remove all medical collections and all types of charge off accounts from the total

balance. Medical collections and charge off accounts must be clearly identifiable

on the credit report.

3) If the remaining outstanding balance of collection accounts are equal to or greater

than $2,000, any of the following actions will apply:

a. Payment in full of all collection accounts at or prior to closing.

b. Payment arrangements are made with each creditor for each collection

account remaining outstanding. A letter from the creditor or evidence on

the credit report is required to validate the payment arrangements. The

agreed upon monthly payment for each outstanding collection account

will be included in the borrower’s debt-to-income ratio.

c. In the absence of a payment arrangement, the lender will utilize in the

debt-to-income ratio a calculated monthly payment. For each collection
utilize 5% of the outstanding balance to represent the monthly payment.


http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

Joel Lobb
Senior Loan Officer
(NMLS#57916
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). USDA Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Kentucky USDA Rural Single Family Foreclosed Homes For Sale as of 04/09/2017

 

Kentucky Mortgage Usda Loan Zero Down Home Loans Still Exist

Kentucky USDA Rural Single Family Housing is kentuckyloan@gmail.com as of 04/09/2017
S
Address Bed/Bath Price
871 Palmyra Rd 3/1 $62,310.00 – GovtBid
Bedford, KY 40006 Foreclosure Sale
281 Elkhorn Green Pl 4/2.5 $101,595.00 – GovtBid
Georgetown, KY 40324 Foreclosure Sale
3429 Stevenson Mill Rd 3/2 $40,200.00 – GovtBid
Russellville, KY 42276 Foreclosure Sale
302 9th Street 2/1 $24,100.00 – GovtBid
Carrollton, KY 41008 Foreclosure Sale
3079 Pope Road 4/2 $68,065.00 – GovtBid
Scottville, KY 42164 Foreclosure Sale
302 Circle Dr. 3/1 $30,485.00 – GovtBid
West Liberty, KY 41472 Foreclosure Sale
37 Old High Top Road 3/1 $20,770.00 – GovtBid
Corbin, KY 40701 Foreclosure Sale
71 Apricot Lane 4/2 $62,685.00 – GovtBid
Flemingsburg, KY 41041 Foreclosure Sale
30 Turkey Run Road 3/2 $38,860.00 – GovtBid
Campton, KY 41301 Foreclosure Sale
760 Andrew Mason Rd 2/1 $21,440.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale
48 Turner Lane 3/2 $75,180.00 – GovtBid
Monticello, KY 42633 Foreclosure Sale
1026 Raceland Ave 3/1 $18,760.00 – GovtBid
Raceland, KY 41169 Foreclosure Sale
1729 Hillsboro Rd 3/1 $23,450.00 – GovtBid
Flemingsburg, KY 41041 Foreclosure Sale
208 Shannon Court 3/2 $66,605.00 – GovtBid
Winchester, KY 40391 Foreclosure Sale
735Ray Smith Road 3/1 $32,160.00 – GovtBid
Corbin, KY 40701 Foreclosure Sale
35 Smith St. 2/1 $68,275.00 – GovtBid
Monticello, KY 426338366 Foreclosure Sale
255 Meadow Grove Road 3/1 $26,800.00 – GovtBid
Pine Knot, KY 42635 Foreclosure Sale
182 Honeysuckle Lane 3/1 $15,410.00 – GovtBid
Mt. Vernon, KY 40456 Foreclosure Sale
230 Grantland Drive 3/1 $42,880.00 – GovtBid
Dry Ridge, KY 41035 Foreclosure Sale

 

 

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

American Mortgage Solutions, Inc.

10602 Timberwood Circle, Suite 3

Louisville, KY 40223

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Kentucky USDA Rural Housing Foreclosure Sale for 2017

92e6b340d7ddfc1129f96e36194cf580

 

**
Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 01/06/2017
State Days Old Counties
KY 365 ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD
Address Bed/Bath Price
171 Fairview Ave. 3/1 $38,190.00 – GovtBid
Lawrenceburg, KY 40342 Foreclosure Sale
519 Hickory Hill Dr. 3/1 $63,885.00 – GovtBid
Nicholasville, KY 40356 Foreclosure Sale
417 Creekview Dr 3/1 $26,800.00 – GovtBid
Paris, KY 40361 Foreclosure Sale
65 Bon Jan Lane 3/1 $51,590.00 – GovtBid
Highland Heights, KY 41076 Foreclosure Sale
1254 Baker Branch Rd 2/1 $60,195.00 – GovtBid
Tutor Key, KY 41263 Foreclosure Sale
510 Harrison Hollow Rd 3/1 $16,750.00 – GovtBid
Vanceburg, KY 41179 Foreclosure Sale


The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people

usda1

Kentucky USDA and Rural Development Homes for Sales Foreclosures

  KENTUCKY 31 Properties
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  ALLEN  COUNTY
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 689 Richard Jones Rd 3/1  $30,275.00
 Scottsville KY ,KY  42164
 View Property Details  Foreclosure Sale
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  BATH  COUNTY
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 1696 Vanlandingham Rd 3/2  $44,170.00
 Salt Lick KY,KY  40371
 View Property Details  Foreclosure Sale
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  BRECKINRIDGE  COUNTY
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 314 East 6th St. 3/1  $53,485.00
 Hardinsburg, KY ,KY  40143
 View Property Details  Foreclosure Sale
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  BULLITT  COUNTY
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 155 North St 3/1  $42,365.00
 Shepherdsville KY,KY  40165
 View Property Details  Foreclosure Sale
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  CLARK  COUNTY
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 110 Colonial Park Dr 3/1  $46,115.00
 Winchester KY ,KY  40391
 View Property Details  Foreclosure Sale
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  DAVIESS  COUNTY
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 5022 Sturbridge Place 3/2  $41,870.00
 Owensboro KY,KY  42303
 View Property Details  Foreclosure Sale
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  ESTILL  COUNTY
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 205 Evergreen Rd 3/1.5  $70,400.00
 Irvine,KY  40336
 View Property Details  Foreclosure Sale
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  GALLATIN  COUNTY
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 2145 Ky Hwy 16 3/1  $16,080.00
 Glencoe KY ,KY  41046
 View Property Details  Foreclosure Sale
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  GARRARD  COUNTY
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 2067 Pollys Bend 3/2  $12,060.00
 Lancaster,KY  40444
 View Property Details  Foreclosure Sale
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  GRAVES  COUNTY
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 1011 Pine Lane 3/1  $36,080.00
 Mayfield,KY  42066
 View Property Details  Foreclosure Sale
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 1643 Alexander Loop 3/2  $26,800.00
 Mayfield KY ,KY  42066
 View Property Details  Foreclosure Sale
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 1111 South 12th Stree 3/1.5  $16,750.00
 Mayfield KY,KY  42066
 View Property Details  Foreclosure Sale
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  GRAYSON  COUNTY
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 142 Noah Lane 3/2  $48,930.00
 Leitchfield,KY  42754
 View Property Details  Foreclosure Sale
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  HARDIN  COUNTY
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 200 College Street 2/1  $55,210.00
 Elizabethtown,KY  42701
 View Property Details  Foreclosure Sale
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  HOPKINS  COUNTY
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 556 Richmond Dr. 3/1.5  $10,000.00
 Madisonville,KY  42431
 View Property Details  Foreclosure Sale
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 1650 Wells Road 3/2  $21,440.00
 Nortonville,KY  42442
 View Property Details  Foreclosure Sale
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  JESSAMINE  COUNTY
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 604 Edgewood Dr 3/1  $40,495.00
 Nicholasville KY ,KY  40356
 View Property Details  Foreclosure Sale
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  JOHNSON  COUNTY
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 4888 KY RT 1559 3/1  $11,390.00
 Sitka, KY,KY  41255
 View Property Details  Foreclosure Sale
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  KENTON  COUNTY
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 466 Courtney Road 3/1  $34,030.00
 Crittenden,KY  41030
 View Property Details  Foreclosure Sale
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 10474 Calvary Rd. 3/2  $38,860.00
 Independence,KY  41051
 View Property Details  Foreclosure Sale
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  KNOX  COUNTY
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 2718 South Hwy 233 3/2  $13,400.00
 Gray,KY  40734
 View Property Details  Foreclosure Sale
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  LYON  COUNTY
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 414 Osage Court 3/1  $46,265.00
 Kuttawa,KY  42055
 View Property Details  Foreclosure Sale
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  MARSHALL  COUNTY
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 1006 Fox Ridge Court 3/1  $24,980.00
 Benton KY,KY  42025
 View Property Details  Foreclosure Sale
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  MCCRACKEN  COUNTY
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 6125 Springbrook 3/2  $77,480.00
 Paducah,KY  42001
 View Property Details  Foreclosure Sale
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  MONTGOMERY  COUNTY
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 148 Southdale Drive 3/1  $41,355.00
 Mount Sterling,KY  40353
 View Property Details  Foreclosure Sale
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 325 Legend Dr 3/2  $42,430.00
 Mt. Sterling,KY  40353
 View Property Details  Foreclosure Sale
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  MORGAN  COUNTY
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 11 Virginia Lane 3/1  $63,960.00
 West Liberty,KY  41472
 View Property Details  Foreclosure Sale
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  OHIO  COUNTY
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 4204 Midway Rd. 3/1.5  $26,130.00
 Beaver Dam,KY  42320
 View Property Details  Foreclosure Sale
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  TODD  COUNTY
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 222 Winding Oaks 3/2  $54,380.00
 Elkton KY,KY  42220
 View Property Details  Foreclosure Sale
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  TRIGG  COUNTY
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 75 English Dr 3/2  $40,015.00
 Cadiz KY,KY  42211
 View Property Details  Foreclosure Sale
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  WHITLEY  COUNTY
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 1355 New Zion Rd 3/2  $26,800.00
 Williamsburg KY,KY  40769
 View Property Details  Foreclosure Sale
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

  KENTUCKY 5 Properties
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  CARTER  COUNTY
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 610 Holcomb St 2/3  $33,840.00
 Grayson,KY  41143
 View Property Details  Real Estate Owned
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  GREENUP  COUNTY
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 400 7th Ave 3/1  $40,000.00
 Worthington,KY  40351
 View Property Details  Real Estate Owned
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  MEADE  COUNTY
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 140 Wheatley Ave. 3/1  $71,200.00
 Ekron,KY  40117
 View Property Details  Real Estate Owned
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  MORGAN  COUNTY
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 1785 Hwy 882 3/1  $40,720.00
 Ezel,KY  41425
 View Property Details  Real Estate Owned
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 14699 Hwy 460 W 3/1  $50,400.00
 Ezel,KY  41425
 View Property Details  Real Estate Owned