Tuesday, December 17, 2013

Mortgage Program Flowchart for Qualifying a mortgage loan in Kentucky

Find out if you qualify for a mortgage loan by using this flowchart
“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
 kentuckyloan@gmail.com
 Company ID #1364 | MB73346
 http://mylouisvillekentuckymortgage.com

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