Louisville Kentucky First Time Home Buyer Loans


Louisville Kentucky First Time Home Buyer Loans.

via Louisville Kentucky First Time Home Buyer Loans.

 

 

A Complete Guide to Closing CostsCredit Scores

FHA Collections and Disputed Accounts
Beginning October 15th, FHA is changing how they will be handling Collections and Disputed
Accounts.
Collections
If the sum of the borrower’s Collection Accounts total less than $2000, then payments for
these accounts do not have to be analyzed.
If the sum of the borrower’s Collection Accounts total $2000 or more, then payments for all
accounts must be analyzed and included in the DTI.
Collection Accounts can be paid off in full to avoid including the payment in the DTI. If no
evidence of monthly payment can be found for a Collection Account, 5% of the outstanding balance
will be considered as payment for calculating the DTI
Collection Accounts of a Non-Purchasing Spouse in a community property state are included in the
sum total unless state law otherwise excludes it.
All medical collections are excluded from the sum total.

**Note**: All Collection Accounts on the credit report will be considered unless exempted above.
FHA will continue to consider them in the $2000 calculation, even if paid off, until new credit is
uploaded with the Account updated/removed.
Judgments
All judgments must be paid off prior to the loan closing unless there is a written agreement
for a payment plan.
In order to accept a payment plan for a judgment, the written agreement must be provided along with
evidence that at least 3 payments have been made and that all payments have been made on time.
Any payment plan for a judgment must have its monthly payment include in the DTI
calculation.
Judgments of a Non-Purchasing Spouse in a community property state must be included, unless
excluded by state law.

Disputed Accounts
Disputed Accounts are considered Derogatory in any of the following situations
o Disputed charge-off accounts
o Disputed collection accounts
o Disputed accounts with any late payments in the last 24 months
2 9/30/2013
If the cumulative amount of Derogatory Disputed Accounts is $1000 or greater, the loan is
automatically downgraded to “Refer” status and is ineligible by Century Guidelines.
With acceptable provided evidence, the following types of Derogatory Disputed Accounts can be
excluded from the $1000 limit:
o Medical Accounts (no documentation required)
o Identity theft
o Credit card theft
o Unauthorized use
o Derogatory Disputed Accounts of non-purchasing spouses

Louisville, Ky Mortgage Lenders: Credit Scores FHA Loans Louisville Kentucky KHC First Time Home Buyer Credit Score

What Credit Score do You Need to qualify for a FHA VA KHC USDA or Conventional Fannie Mae Kentucky Mortgage Louisville Kentucky

What Credit Score do You Need to Buy a Home?

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3 thoughts on “Louisville Kentucky First Time Home Buyer Loans

  1. Pingback: Louisville Kentucky First Time Home Buyer Loans | Louisville Kentucky Mortgage Loans

  2. Pingback: Kentucky Rural Housing and USDA Credit Score Requirements | Kentucky First Time Home Buyer Mortgage Loan

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