Showing posts with label Kentucky Fannie Mae Conventional Mortgage Insurance for 2014. Show all posts
Showing posts with label Kentucky Fannie Mae Conventional Mortgage Insurance for 2014. Show all posts

Fannie Mae Waiting period for Foreclosures, bankruptcies, and short sales for a new mortgage loan approval

 CONVENTIONAL FANNIE MAE KENTUCKY LOANS 



Derogatory ItemWaiting Period
ForeclosureHome given back to the bank – No owner participation
Short Sale
Deed in Lieu of Foreclosure
New rule - started August 16. 2014
Short Sale = Home sold but sales price less than owned
Deed in Lieu = Home returned to lender in exchange for forgiving loan

Bankruptcy – Chapter 7Debts are discharged through BK, client does not pay any debts owing
Bankruptcy – Chapter 13Debts are paid back on a monthly scheduled payment plan


Bankruptcy AND Foreclosure
House INCLUDED in bankruptcy
New rule - started August 16, 2014Bankruptcy AND foreclosure, with home foreclosed on included in bankruptcy. Waiting period is based on bankruptcy discharge date, not foreclosure date, regardless of how long after the bankruptcy the official foreclosure occurred. Fannie Mae only





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Kentucky Fannie Mae Conventional Mortgage Insurance for 2014

Conventional Mortgage Insurance for a Kentucky Mortgage Loan Approval

There are different types of  traditional monthly PMI for Fannie Mae Conventional Mortgage Loans in Kentucky. Single Financed MI, and monthly mortgage insurance. 

The Major MI companies for most Kentucky Fannie Mae Mortgage loans are underwritten by  Radian, MGIC, UG and Genworth.

Most companies will not approve MI on a loan if the DTI exceeds 45%.  The max LTV we will finance is 95%.  For further underwriting details and MI rate quotes, please contact









Fill out my form for your free Kentucky Mortgage Loan Prequalification today!