Does FHA require collections to be paid off for a borrower to be eligible for FHA financing?


 

 

Image result for fha guidelines on collection accounts

Does FHA require collections to be paid off for a borrower to be eligible for FHA financing?

A Collection Account refers to a Borrower’s loan or debt that has been submitted to a collection agency by a creditor.
If the credit reports used in the analysis show cumulative outstanding collection account balances of $2,000 or greater, the lender must:
•     verify that the debt is paid in full at the time of or prior to settlement using an acceptable source of funds;
•     verify that the Borrower has made payment arrangements with the creditor and include the monthly payment in the Borrower’s Debt-to-Income ratio (DTI); or
•      if a payment arrangement is not available, calculate the monthly payment using 5 percent of the outstanding balance of each collection and include the monthly payment in the Borrower’s DTI.Collection accounts of a non-borrowing spouse in a community property state must be included in the $2,000 cumulative balance and analyzed as part of the Borrower’s ability to pay all collection accounts, unless excluded by state law.   Unless the lender uses 5 percent of the outstanding balance, the lender must provide the following documentation:
•     evidence of payment in full, if paid prior to settlement;
•     the payoff statement, if paid at settlement; or
•     the payment arrangement with creditor, if not paid prior to or at settlement.For manually underwritten loans, the lender must determine if collection accounts were a result of:
•     the Borrower’s disregard for financial obligations;
•     the Borrower’s inability to manage debt; or
•     extenuating circumstances.

The lender must document reasons for approving a mortgage when the Borrower has any collection accounts. The Borrower must provide a letter of explanation, which is supported by documentation, for each outstanding collection account. The explanation and supporting documentation must be consistent with other credit information in the file.

For additional information see Handbook 4000.1 II.A.4.b.iv.(M); II.A.5.a.iii.(D), II.A.5.a.iv.(O)  at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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#57916 http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

6 options for buying a home with little or no money down


download-6

 

 

You’ve got great credit, a stable job, low debt, and money in the bank — but just not enough to make a down payment. Fortunately, there are many programs out there designed to give you that dream home with little to no money down.

Source: 6 options for buying a home with little or no money down

 

 

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Kentucky Housing Corporation’s (KHC) master commissioner sales for Kentucky Housing Foreclosures


To Our Kentucky Housing Real Estate Investors:

 

We are pleased to provide you with information about Kentucky Housing Corporation’s (KHC) master commissioner sales. These sales typically take place at the county courthouse where the property is located. The listings are arranged by county, according to the county in which the property is located.

 

If you do not see a county listed, there is not a property available in that county at this time. Please note: We are not able to send individualized emails for specific counties.

 

You have received this message because you are currently subscribed to the KHC Master Commissioner Sales eGram. If you have received this message in error and do not want to be a member of this list, you may unsubscribe now by scrolling to the bottom of this email and clicking on the unsubscribe link.

 

Please be advised, as of March 1, 2015, KHC will start bidding properties in at a specified percentage of fair market value instead of total debt on all FHA-insured properties.

.

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BARREN
104 FORRESTER ROAD 1/28/2020
GLASGOW, KY 42141
DAVIESS
1704 LOCK AVENUE 1/27/2020
OWENSBORO, KY 42301
428 MAPLE HEIGHTS AVENUE 1/27/2020
OWENSBORO, KY 42303
FAYETTE
2531 CRUSADERS WAY 1/27/2020
LEXINGTON, KY 40509
FRANKLIN
1008 MAVERICK TRAIL 1/27/2020
FRANKFORT, KY 40601
HARDIN
550 WILMA AVE 1/22/2020
RADCLIFF, KY 40160
JEFFERSON
9808 SPRINGBARK DR 1/24/2020
LOUISVILLE, KY 40241
6538 HUNTERS CHASE 1/24/2020
LOUISVILLE, KY 40258
8314 SAINT ARMANDS CT 2/7/2020
LOUISVILLE, KY 40219
3309 QUINTON DR 2/21/2020
LOUISVILLE, KY 40216
4213 WOODED WAY 2/21/2020
LOUISVILLE, KY 40219
10709 EMMA JEAN WAY 2/21/2020
LOUISVILLE, KY 40272
6801 BROADHALE DRIVE 2/21/2020
LOUISVILLE, KY 40291
KENTON
2215 MADISON AVE. 1/28/2020
COVINGTON, KY 41014
15125 MADISON PIKE 2/4/2020
MORNING VIEW, KY 41063
6480 TAYLOR MILL ROAD 2/11/2020
INDEPENDENCE, KY 41051
MADISON
116 BUCKETTOWN RD 1/29/2020
RICHMOND, KY 40475
MERCER
435 TABLER AVE 1/23/2020
HARRODSBURG, KY 40330
NELSON
418 CAMPTOWN ROAD 2/26/2020
BARDSTOWN, KY 40004
PIKE
112 KINSEY DR 2/12/2020
PIKEVILLE, KY 41501
PULASKI
245 OAK HILL ROAD 1/30/2020
SOMERSET, KY 42503

Getting a Home Inspection In Louisville Kentucky- List of Home Inspectors Louisville, KY


A home inspector’s job consists of three main points:

Evaluate a property’s physical and structural condition
Identify items in need of repair or replacement
Assess the remaining useful life of major systems
It is a good idea for you, or your real estate agent, to be present during the inspection. This allows you to ask questions, better understand the reasons or causes of certain issues, and learn what you need to do to fix them. The inspector can also point out areas of potential trouble and offer maintenance tips that can be very useful in the future. You can expect an inspection to take 2-5 hours, or a little longer for an older home, and to cost $200-$500 depending on size.

Louisville Kentucky Home Inspections Things to Look for

Fill out my form!

Services Directory
Home Inspectors

A Best Home Inpection Inc.
Lonnie Combs
502-261-1443

A1 Quality Home Inspections
Jeff Branham
502-262-4527
jeff@a1homeinsp.com
http://www.a1homeinsp.com

AAA Professional Home Inspectors
Jack McNear
License # HI-4072
502-776-4663
aaa.phi.ky@gmail.com
phi-louisville.com

AAA Professional Home Inspectors
Jack McNear
License # HI-4072
502-776-4663
aaa.phi.ky@gmail.com
phi-louisville.com

ABI Home Services
Ben Hendricks
License # HI-3039
502-938-5190
ben@abihomeservices.com
abihomeservices.com

Ace Home Inspections
502-599-1815
Bob Oliver
License # HI-2047
ra.oliver@live.com
229 Eastern Wood Ct.
Louisville, KY 40243

Acuity Home Inspections, LLC
502-386-8588
Bill Boone
License # HI-4036
acuityhomeinspections@gmail.com

Affordable Home Inspection Today (AHIT)
James Burkhead
License # HI-3080
P – 502-741-9706
P – 502-741-9706
ahit@insightbb.com
burkheadshomespecialist.net

All Check Home Inspections, LLC
502-427-7055
Steve Smith
License # HI-3400
genegriffin@insightbb.com
9260 Storage Way
Louisville, KY 40291

Bear Home Inspections, LLC
502-417-7132
Dominick D’Urso
domdurso@kybhi.com
http://www.bearhomeinspections.com
License # BHIHNOo194756

B-Goff Home Inspectors
502-507-2197
Bradley A. Goff
License # HI-3970
brad@idesigndrafting.com
http://www.bgoffhomeinspections.com
License # BHIHNOo194756

Bluegrass Home Inspections
502-552-2101
Michael Wirth
License # HI-2043
bluegrass@iglou.com
107 Fenley Ave., #0-1
Louisville, KY 40207

Bluegrass Services
502-428-6361
James Tolliver
bluegrass.services@yahoo.com
PO Box 304
Mt Washington, KY 40047
http://www.bluegrassreo.com

Brian Gattenby Home Inspection, LLC
502-991-2706
brian@briangattenbyhomeinspection.com
http://www.briangattenbyhomeinspection.com
License #HI-4022

Butler Home Inspection, LLC
Simmie Butler
502-445-6913
simmiebo@gmail.com
http://www.butlerhomeinspections.net
License #HI-3170

Carney Home Inspection
859-481-1437
Daniel Carney
carneyinspection@gmail.com
http://carneyinspection.com

Cattan Inspections & Engineering
502-299-6572
Joseph Cattan
jcattan@insightbb.com
404 Watch Hill Lane
Louisville, KY 40245

Certainty Home Inspections
866-417-9591
William Troutman
william@certaintyinspections.com
PO Box 144
Salem, IN 47167

Commonwealth Home Inspections
502-635-2266
Kenny Martin
kendm1@aol.com
6427 Appleleaf Ln.
Sellersburg, IN 47172

Curtis Home Inspections
502-428-9629
Chris Curtis
catchchriscurtis@gmail.com
204 Grand Ave.
Shepherdsville, KY 40165

Eagle’s Eye Inspection Services
502-639-9896
George Skeeters – Inspector License No. 3186
george@eagleeyeinspect.com

East End Home Inspections, LLC
502-458-9690
Jim Breslin
License #HI-2481
eastendhome123@gmail.com
4321 Dannywood Road
Louisville, KY 40220

Elite Home Inspections, LLC
502-648-9294
Allan Davis
License # HI-2233
eyeinspecthomes@aol.com
PO Box 277
Greenville, IN 47124
http://www.elitehomeinspections.net

Folk Inspections
502-509-6272
Alex Folk
alex@folkinspections.com
9462 Brownsboro Rd. #158
Louisville, KY 40241

Garr Home Inspection, LLC
502-468-6510
Mark Garr
License # HI-2029
mgarr60@bellsouth.net
14510 Hearthside Court
Louisville, KY 40245

Greenlight Home Inspections, LLC
Member/Owner – Tony Ponte
Phone No. – 502-517-1248
Fax No. – 502-333-9755
ponte.tony@gmail.com
http://www.greenlighthomeinspections.com

Greg Jones Home Inspections & Associates LLC
502-429-9379
Greg Jones
gregjoneshi@gmail.com
7321 New LaGrange Road, Ste 113
Louisville, KY 40222
http://www.gregjoneshomeinspections.com
Member(s) Sunny Jone, Billy Cooper

Haystack Inspection Services
License # HI-3180
Daniel Ayers
License # HI-4019
Daniel.Ayers6@gmail.com
2639 Kings Hwy
Louisville, KY 40205
502-528-9255
eric.hay@haystackinspections.com

Home Inspection, Inc.
502-897-5113
Ken Osborne
License # HI-2065
1025 Skyview Dr.
New Albany, IN 47150

Home Inspection of Kentuckiana
502-897-1450
Mary Anne Tonini
License # HI-2034
toninima@insightbb.com
PO Box 1564
New Albany, IN 47151

Home Inspections Services, LLC
502-423-7575
Jean Filer-Smith
License # HI-3642
jeans@hiswebsite.org
102 Daventry Lane #8
Louisville, KY 40223
Member(s) Douglas Smith

HomeMD Inspection Services LLC
502-290-3935
Robb Johnson and Sharon Johnson
License # HI-2225
rjohnson@homemd.com
http://www.homemd.com

Home Sweet Home Inspections, LLC
502-509-1878
Rich Fisher
License # HI-3963
rjohnson@homemd.com
1919 Rutherford Ave.
Louisville, KY 40205
http://www.homemd.com

Home Team Inspection Service
502-357-0813
Brian O’Rear
License # HI-3024
louisville@hometeam.com
3505 Hedgewick Place
Louisville, KY 40245
Mike Dryer
License # HI-3137
hometeam-louisville.com

HomeWerx
502-303-1782
Matthew Loeser
homewerxlouisville@gmail.com
5 Maple Court
Louisville, KY 40214

HomeWise Inspection Services
502-408-9007
Giles Lanham
gileslanham@insightbb.com
3000 Piedmont Drive
Louisville, KY 40205

House Master Home Inspection
502-423-7789
David Scott
License # HI-2164
david.scott@housemaster.com
8806 Swan Hill Road
Louisville, KY 40241
http://www.housemaster.com

Inspect & Detect, LLC
Eric Smith
License # HI-4025
12417 Aquarius Road
Louisville, KY 40243
http://www.inspectanddetect.com
502-653-9924
eric@inspectanddetect.com

InspectHomes4u, LLC
502-894-8644
Ms. Lorri Keeney
License #HI-2055
inspecthomes4u@aol.com
5208 Moccasin Trail
Louisville, KY 40207-1634

Inspections Plus
502-664-0237
Bill Beasey
bbeasy@housemaster.com

JM Home Inspections
Joe Mooney
2702 Trumpetvine Rd.
Louisville, KY 40220
http://jmhiky.com
502-533-9362
joe@jmhiky.com

KPC Inspections, LLC
502-653-3688
Danny Willoughby
License #HI-3014
kpcinspections@hotmal.com
http://www.kpcinspections.com

Kentuckiana Building Solutions
502-600-2210
Eric D. Gentry
ericd.gentry@gmail.com

Lee’s Home Inspections
502-376-0856
Lee Wiard
License #HI-2230
lwiard@bellsouth.net
501 Palisades Court
Louisville, KY 40223

M Squared Home Inspections
Mike Meurer
2040 Fox Tail Dr.
LaGrange, KY 40031
http://www.msquaredhi.com
502-909-7126
mike@msquaredhi.com

Mark Hunter Home Inspector
Mark Hunter
8313 Pine Grove Ct.
Louisville, KY 40214
502-744-1967
mark.hunter67@twc.com

Mark Oerther Associates, Inc.
502-459-1446
Mark Oerther
License # HI-2045
moerther@att.net
markoetherinspector@gmail.com
http://www.markoertherassociates.com
2021 Tyler Lane
Louisville, KY 40205

National Property Inspections
John Gazerro
1118 Beechwood Circle
Mt. Washington, KY 40047
502-599-1901
john.gazerro@npiinspect.com

Northstar Property Inspections
Stephen Williams
11304 Vista Greens Dr.
Louisville, KY 40241
https://www.northstarinspections.com
502-377-4126
steve.williams@northstarinspection.com

On Your Side Home Inspections
Dale Miller
2041 Bashford Manor Lane
LaGrange, KY 40018
http://www.onyoursidehomeinspections.com
502-439-1148
onyoursidehomeinspections@gmail.com

Pillar to Post
502-228-9880
John O’Nan
License #HI-2076
jonan@ptphome.com
P.O. Box 97
Goshen, KY 40026

Prochek Home Inspections, LLC
502-802-6336
Darryl Willoughby
License #HI-2038
darryl@procheklou.com
8404 McKenna Way
Louisville, KY 40291

Proven Home Inspection Service
502-689-0221
Neil DeGaris
HI-4027
provenhomeinspection@gmail.com
http://www.provenhomeinspectionservice.com

Ray Williams Inspect & Repair
502-459-9968
rfwill01@louisville.edu
Ray Williams
License # HI-2498
2725 Sheila Drive
Louisville, KY 40220
http://www.rwHomeInspection.com

Rayhill Home Inspectors
Joe Rayhill
214 Buffalo Trail
Shepherdsville, KY 40165
http://rayhillhomeinspections.com
502-299-4106
joe@rayhillhomeinspectors.com

River City Home Inspections
502-338-4404
rhino502@twc.com
Ryan Olson
http://www.rivercityhomeinspections.net

Safe At Home Inspections, LLC
Jay Jackson
4005 Brookfield Ave.
Louisville, KY 40207
502-290-2837
jay@safeathomeinspectionsllc.com

Service USA Home Inspections / Radon Lady
502-895-6430
Ray Sandbek
License # HI-2022
serviceusa@rsandbek.win.net
318 Lanai Court
Louisville, KY 40245
Member(s), Sheila Heller: radonlady@yahoo.com

The Home Inspectors LLC
Scott Barbour
912 Brentwood Ct.
New Albany, IN 47150
502-773-3480
thehomeinspectors@hotmail.com

WIN Home Inspections
502-327-6231
Mike English
License # HI-2160
10213 Linn Station Road
Louisville, KY 40223

WIN Home Inspections
502-426-4635
Bob English
License # HI-2161
benglish@wini.com
10213 Linn Station Rd. #2
Louisville, KY 40223

Wright Choice Home Inspection
Nick Wright
1728 E. Spring St.
New Albany, IN 47150
http://yourwrightchoice.com
502.822.6484
nick@yourwrightchoice.com

Wrubel Home Inspections, LLC
812-945-7478
Joseph Wrubel
License # HI-2291
wrubelhomeinspections@yahoo.com
P.O. Box 1291
3626 St. Joseph Road
New Albany, IN 47150

Semonin Real Estate Blog

Home Inspector

The home buying process can seem like a lengthy one, but each step of the journey is important and should not be bypassed in effort of saving a little time or money. Sometimes it may seem as if a home inspection isn’t necessary, especially if a property appears to be in excellent condition. However, what you see in a house can be very deceiving. Buyers see a crack in a ceiling, immediately assume it is a big problem and get scared off, but a home inspector might say it is just cosmetic and can easily be covered up. A newly renovated home can seem flawless, so buyers opt out of getting a home inspection only to find out after closing that the home has major—meaning expensive—electrical or plumbing problems. Examples like these prove that home inspections are crucial to the home buying process.

A home inspector’s job consists of three…

View original post 254 more words

Kentucky Rural Housing USDA – Upcoming Changes – October 2016 Submit your applications beginning Tuesday, September 13, 2016


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The USDA has announced exciting changes that will be implemented in October 2016. USDA is a great product that offers 100% financing, zero down payment for certain rural areas.

Effective in October 2016, there will be two big changes to the USDA product:

  • The Up Front Funding Fee will be reduced to 1%. It currently stands at 2.75%. This reduction can help to reduce the total loan amount. 
  • The Monthly PMI will be reduced to .35%. It currently stands at .50%. 

These two significant changes by the USDA program will certainly be welcomed and will help borrowers to obtain their dream home.

 

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). 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 FHA Mortgage Loan Updates For You


Kentucky FHA Mortgage Loan Updates For You

Full commissioned buyer with 1 year on the job pre-approved:  FHA will allow for a borrower to only be commissioned sales for 1 year!
FHA’s new student loan guideline:  FHA’s new bulletin announces that lenders can no longer use an IBR (Income Based Repayment) for figuring student loan payments effective 6/30/16!  This hurts but there is some good news in the announcement.

When does FHA 3 year foreclosure date start?  FHA allows for a foreclosure to be 3 years ago.  The 3 years starts on the date which the former home was deeded out of the borrower’s name and the FHA case file number must be assigned 3 years after that date.

important information

  • DO NOT quit your job or open any new debts as it could deny your loan! – believe it or not borrowers do this often and it will cause a loan to be denied at the end!
  •  Pay stubs must identify the employer, employee information, and year to date income and deductions
  • Do not deposit cash into your bank account or pay your earnest money deposit in cash!!  It can cause major issues with your loan.
  • Statements may be actual statements or you can access your online account and choose to “view statements” and then print hard copy or print to a pdf.  Must have bank name and account numbers and cannot be a daily history / transaction history
  • All banking, investment, and retirement account statements, must have all pages.  For instance, if the statement says 1 of 7, we would need all 7 numbered pages even if blank.  Often back pages are blank but we don’t know unless we have those pages
  • If you notice generic deposits on your bank statements, please give us proof of the source of funds for the deposit.  Let us know if you have questions on this documentation
  • Make a legible copy of the driver’s license.  For clarity of the small numbers, the picture, and dates, it helps to enlarge the copy.  A fax copy of a license will not be viewable
  • Don’t wait until the end to choose and start talking to your insurance agent.  Do this up-front to prevent surprises or delays in the end
  • As you receive new paystubs or banking statements, send those to us so that we have the most recent ones in the file at all time
 
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 Fax:     (502) 327-9119
125004__v4098
 

Mortgage Tips


Mortgage Tips.

via Mortgage Tips.

 

Tips to ensure your mortgage closes smoothly:

Credit Cards / New debt: Once you have applied for a mortgage, do not apply for new debt or credit cards, even if you do not plan to use them until after settlement. When you buy a home, you will undoubtedly buy items for that home; please wait until after you own the home!

Review your credit report: Be proactive in the process by thoroughly reviewing your credit report with me at the beginning of the process and report any inaccurate or missing information so that we can address it accordingly. What is missing on your report today could show up later and derail your closing.

Save everything: Save all of your bank statements, paystubs and credit card statements from time of application until closing. We may need them.

Do not pack your financial papers: Keep all tax returns, W-2’s, paystubs, 1099’s, K-1’s, bank statements etc… in an accessible place – not in POD somewhere in Timbuktu. You never know what you may have to provide at the last minute with the new guidelines. Be prepared!

Gift Funds and Large deposits: Based on the new rules, we will need a more detailed paper trail on gift funds and large deposits that are not consistent with your normal deposit pattern. If you are receiving a gift, we will need to verify that you have received it and that the donor has the ability to give those funds. Large deposits will have to be sourced; be prepared to show and explain where that money came from. If it was from a bonus, have the check ready. If you sold a car, have the bill of sale and a copy of the title transfer.

Changing Jobs: This one may seem obvious, but if you are planning to change jobs during the loan process, please inform me ASAP. If you are forced to change jobs, inform me immediately. You will sign a final application at settlement. When you sign it, you will be verifying the information that it contains. Do not commit mortgage fraud.

Do not move cash around: Lenders must verify all funds for closing and the source of those funds. When you move those assets around, it creates a paper trail nightmare. The best practice is to leave everything where it is. Once we have verified all accounts and given you the ”ok” , then you can commence shuffling funds.

Finally, when in doubt, contact me to ask. Do not take any chances with the approval of your loan. If additional verification is required, it will in most cases, delay your closing.

— 

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 CONFIDEN