Kentucky VA Mortgage Requirements for Bankruptcy, Foreclosure, Collections and Student loans.


Requirements for a  Kentucky VA Home Loan





Bankruptcy VA Mortgage Loan Requirements

Chapter 7 : 2 years from discharge date

•Chapter 13: No seasoning required if discharged. If open requires court approval and 0x30 last 12 months to trustee.


Borrower must demonstrate re-established credit since dismissal from Bankruptcy.

Judgments VA Mortgage Loan Requirements


•Judgments must be paid or in a repayment plan for 12 months with a most recent 0x30x12 timely payments.

Student Loans VA Mortgage Loan Requirements

•Monthly payment does not need to be considered if the Veteran or borrower provides written evidence that the student loan debt will be deferred at least 12 months beyond the date of closing

•Use payment shown on credit report (unless credit report reflects $0 or no payment amount).
Use Balance x 5% / 12 for payment

Foreclosure and VA Mortgage Loan Requirements

•Foreclosure - 2 years removed from sale date of home


Collection Accounts and VA Mortgage Loan Requirements

•Collection and charge-offs are generally not required to be paid off, however follow Desktop Underwriting Findings through Fannie Mae  DU or Freddie Mac LP Findings automated underwriting systems if payoff is required.

•A letter of explanation is required for all collection/charge-off/judgment accounts.

•Collections and charge offs must be included in DTI at the amount on credit or 5% of balance if no payment shown.

•Borrowers with a history of collection/charge-off accounts should have re-established a 12 month satisfactory credit history.




 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 

Text/call 502-905-3708
kentuckyloan@gmail.com
http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
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