- Kentucky First-time Home Buyer Programs
- Kentucky General Mortgage Guide for Underwriting Approval
- Credit Scores Needed for a Kentucky Mortgage Loan
- KENTUCKY FHA MORTGAGE LENDER GUIDELINES
- Zero Down Home Loans available in Kentucky
- Kentucky USDA Rural Development Housing Zero Down
- Kentucky VA Home Loans Mortgage Guidelines
- KHC Loan Programs Down Payment Assistance for 2017
- (HARP) Home Affordable Refinance Program HARP 2.0
- Common Questions from First-time Home-buyers in Kentucky
- Documents Needed for Mortgage Loan Approval in Kentucky
- Do's & Dont's before closing:
- Download Free Credit Score Booklet
- Mortgage Calculator for Kentucky FHA, VA, USDA, KHC Mortgage Loans
Tuesday, December 17, 2013
Mortgage Program Flowchart for Qualifying a mortgage loan in Kentucky
“Do I Qualify for a Mortgage Loan?” – RealEstate.com Flowchart
Exceptions to flowchart above.
1. Having a DTI ratio over 36% will not prevent a borrower from qualifying. A Kentucky household can comfortably afford a mortgage with a DTI ratio up to 45% or 55% with a VA or FHA loan with compensating factors such as high credit scores (740+),reserves equal to 12 months or more, large down payment or savings.
2. Down Payment.
There are several loan programs in Kentucky that allow a borrower to buy a home with little to $0 down payment. In fact, the USDA loan has a lower payment even when they have no down payment than compared to using an FHA loan with 3.5% down payment. Also there is VA loans which require no down payment if you are a veteran or active duty military, and last but not least, there is KHC or Kentucky Housing which offers down payment assistance on FHA loans in Kentucky so you can buy a home with zero down payment. Questions about qualifying for a mortgage loan?
Contact me below:
Joel Lobb Senior Loan Officer (NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346
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