KENTUCKY FANNIE MAE CONVENTIONAL LOAN MINIMUM BORROWER CONTRIBUTIONS CHANGES

KENTUCKY FANNIE MAE CONVENTIONAL LOAN MINIMUM BORROWER CONTRIBUTIONS CHANGES FOR 2019 



Fannie Mae New Loan Limits for Kentucky in 2019

Fannie mae has just announced an increase to Kentucky's County Loan Limits for 2019. Effective Thursday November 29th, Fusion will be updated to allow Kentucky Conventional loans to be locked using the 2019 Loan Limits.

The new loan limits are listed below. Individual County Loan Limits for 2019 can be found on Kentucky Fannie Mae Conventional  Loan Limit Look-Up Table HERE.




 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 

Text/call 502-905-3708
kentuckyloan@gmail.com
http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
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#57916http://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.















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Kentucky Fannie Mae HomePath® program for 2014

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The Kentucky Fannie Mae HomePath® program offers borrowers the opportunity to purchase a Kentucky Fannie Mae owned property with a low down payment and no appraisal or mortgage insurance. For a list of eligible properties, visit the HomePath website at www.homepath.com.
  • As little as 3-5% down
  • No appraisal or mortgage insurance1 is required
  • Credit scores for conforming balances as low as 620 for LTVs up to 80% and 660 for LTVs over 80%
  • Expanded seller contributions allowed up to 6% on some scenarios


The following is a list of documents that may be required to process your mortgage loan:
·        One full month’s worth of pay stubs
·        Last 2 years W-2′s
·         Last 2 years tax returns 
·        Last two months bank statements for all accounts 
·       
I don't need originals, copies are fine. You can fax, email, or drop off at my office below .  I will supply you a copy of your credit report for free along with your pre-approval letter to buy a home. 
 
It usually takes about 24 hours for a pre-approval to come back from underwriting department. 
 
Let me know your questions. 
 
Thanks and look forward to helping you
 
 
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








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Mortgage Programs available to Louisville Kentucky Home buyers. USDA, FH...



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Kentucky First Time Home Buyer Mortgage Loans: What items do I need to get a mortgage loan approv...: Items needed below for a mortgage loan approval in Kentucky. For a Purchase Loan: •Last 2 years Tax Returns •2 years W-2 and curren...

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Homepath Mortgage Loans for Kentucky Fannie Mae Properties




Fannie Mae Home Ready Program for Kentucky First Time Home Buyer Requirements


A Kentucky foreclosed property can represent a great opportunity and a good value — but a HomePath Kentucky  property can offer even more.  Some homes may qualify for special incentives, and many can be purchased with a low down payment and flexible mortgage terms through HomePath financing.  Go towww.homepath.com to check out special incentives and locate homes in your area.

I have attached Kentucky Fannie Mae Homepath Product Guides for a quick reference guidelines.  Call me today and I will help you with your loan scenarios! 


Can you get a Kentucky Mortgage Loan with a 600 credit score in 2014?

In order to get a Kentucky FHA Mortgage Loan with a 600 credit score, you must meet the following requirements to qualify.

Note. some lenders require additional credit overlays that may affect your mortgage loan approval.

 Credit Score Basics : Credit score is one of the most important factors when applying for a mortgage loan.What are most important factors and shares excellent tips on how you can keep a high credit score to get approved for a mortgage.





3 active trade line reporting to the bureaus (rent can count as one).




43% max debt ratio




2 most recent bank statements with 2 months piti in reserve

No bankruptcies or foreclosures in last 3 years  

Verifiable rent history from management company or cancelled checks if you rent from individual for last 12 months with no 30 day lates

3.5% down payment required. Cannot do the Welcome Home Program

***We require a 620 credit score for Kentucky USDA Loans and a 620 credit score for VA loans.
Fannie Mae Mortgage Loans require a 620 credit score. If mortgage insurance is needed for Fannie Mae loans, the minimum credit score is higher and subject to investor  mi approval.

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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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