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You’ve decided to buy a home. So you now you need a mortgage. Here are the steps to get your closer to home ownership.

Lenders give the best mortgage terms to people with the highest credit scores.

A good lender will be able to help you decide a budget that best suits your needs.

The pre-approval letter will be used when making an offer on a property.

An Underwriter will review all your documents to ensure you qualify for the mortgage.

Conventional, FHA & VA are all types of financing.

Never feel pressured to pay more for a house than you’re willing borrow.

If you’re thinking of buying a home, hold off on all large purchases until after settlement.

Some loans fund immediately; some take a couple days. Either way, you’ll get the keys to your new home at settlement and can move in!

If you have any questions about…

2015 Kentucky  mortgage waiting period for foreclosures and short sales for specific situations

Kentucky Conventional Loans

• Foreclosures: 7 years from the foreclosure completion date (some applicants may qualify for a conventional loan only 3 years after with extenuating conditions including wage earner death, illness or job loss)
• Short Sale/Deed in Lieu-Short Sale:
  • 7 year with less than 10% down of primary residence
  • 4 years with 10% down on the purchase of a primary residence
  • 4 years with 20% down on the purchase of a primary, secondary or investment property purchase
  • 2 years with extenuating circumstances, only with 20% down

Kentucky FHA Loans

• Foreclosures: 3 years from the foreclosure completion date and transferred back to the lender to the credit report date
• Short Sale: 3 years from the title transfer date

Kentucky VA Loans

• Foreclosure: 2 years from foreclosure completion date and date transferred back to the lender
• Short Sale: 2 years from previous sale closed date…

FHA Handbook 4000.1 Updates

Administration (FHA) Single Family Housing Policy Handbook 4000.1. These updates are effective September 30, 2016 and

 Clarification that an Upfront Mortgage Insurance Premium (UFMIP) refund calculation applies even if original UFMIP was
not financed.
 Mortgage Debt Not Included in Credit Report: Clarification that a manual downgrade is not required when there is no history of late payments, as detailed below.
o Not currently delinquent; and
o No 30 day late payments within 12 months of the case number assignment date; and
o No more than 2 x 30 day late payments within 24 months of the case number assignment date.
 A link has been added in the FHA Product Description from Mortgage Payment History requirements to “Credit History
Requirements for Manually Underwritten Loans.”
 Appliances that add contributory value must be operable.
 Mechanical components and utilities: The appraiser must report the utility, safety…