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Home Buying in Jefferson County : Real Estate Advice

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Activity 260
A few hours ago
Email asked:
After repairs done contrary (cheaper) to the recommendations in a structural engineer's report, is seller liable for resulting damage of the repair?
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Tue Dec 12, 2017
Alan May answered:
Lenders actually like young borrowers. They hope you'll use them beyond your first purchase, for your second home, third home and so on. So it's unlikely that your age was the reason you've "had this happen already".

Perhaps it had more to do with your "average credit"... maybe it was less than average. Maybe you didn't have high enough scores, or make enough money, or have enough savings, or have too much credit debt.... those are common afflictions of the 'young'.

Any good lender should be able to tell you what you need to do in order to be approved for a loan.
... more
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Wed Nov 15, 2017
Daniel asked:
Discharged March of this year. Planning ahead. Filed over a balance of $7500 which was originally $2000. Shady law firm purchased the debt. Tried to pay the original balance but they would…
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Thu Nov 9, 2017
Alan May answered:
And I want to look like George Clooney, but that hasn't worked out for me, either.
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Thu Nov 9, 2017
Jonesd1008 asked:
Mon Nov 6, 2017
Alyssa Laubheimer asked:
Sat Oct 28, 2017
Jdboggs611 asked:
Wed Sep 20, 2017
Dbtcwill asked:
Wed Sep 13, 2017
Chaptv asked:
I am about to buy this home perhaps.
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Sat Aug 5, 2017
Kathy Burgreen answered:
If you're in bankruptcy, you should 't be getting a loan in the first place. You should have paid off your old creditors instead. You need to rent. Learn a lesson and live on what you make. Don't spend money on things you can't afford - like a home. ... more
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Sat Aug 5, 2017
answered:
Kentucky FHA loans after a significant derogatory credit events which include bankruptcies, foreclosures, deeds-in-lieu of foreclosure, pre-foreclosures, short sales, and mortgage charge-offs.

A Chapter 7 bankruptcy – MUST be discharged at least 2 years from Case Number Assignment Date. Requirements
include:
1. Complete Copy of Bankruptcy paperwork MUST be provided
2. Borrower must write a detailed explanation explaining the reason for the Bankruptcy
3. The Borrower must have re-established good credit; or chosen not to incur new credit obligations.
4. An elapsed period of less than two years, but not less than 12 months, may be acceptable, if the Borrower:
– Can show that the bankruptcy was caused by extenuating circumstances beyond the Borrower’s control; and
– Has since exhibited a documented ability to manage their financial affairs in a responsible manner.
– If a Chapter 7 is discharged less than 2 years from the date of Case Number Assignment Date the loan must be downgraded to Manual Underwriting and meet all requirements listed in HUD 4000.1 Handbook



Chapter 13 must be discharged ** Requirements include:
1. Complete Copy of Bankruptcy paperwork MUST be provided
2. Borrower must write a detailed explanation explaining the reason for the Bankruptcy
3. The Borrower must have re-established good credit; or chosen not to incur new credit obligations.
4. An elapsed period of less than two years, but not less than 12 months, may be acceptable, if the Borrower:
? Can show that the bankruptcy was caused by extenuating circumstances beyond the Borrower’scontrol; and
? Has since exhibited a documented ability to manage their financial affairs in a responsible manner.

5. If a Chapter 13 is discharged less than 2 years from the date of Case Number Assignment Date the loan must be downgraded to Manual Underwriting and meet all requirements listed in HUD 4000.1 Handbook
... more
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Sun Apr 9, 2017
Janifischer asked:
Thu Mar 30, 2017
Schlickjo asked:
My Credit score right now is 695 I live in KY but would like to purchase a home in florida so I can have it paid for by the time I retire I can pay 10000.00 down after November is this even…
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Sun Mar 12, 2017
answered:
Hello, I'm a mortgage professional.

I would really need to work up a pre approval to determine the amount you could qualify for.

There are a lot of factors that go into it.

You do not need great credit, a 580 score will get you into and FHA loan that only require 3.5% down payment, you can even roll in closing costs.

If you have any questions or would like help with this you are welcome to get in touch with me.
... more
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Sun Mar 12, 2017
Theycallmebeka asked:
Looking around (not in) Louisville KY. Credit is not great but we have positive rental history (if references make a difference).
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