What are the guidelines for using Alimony, Child Support, or Separate Maintenance income for A Kentucky Mortgage Loan Approval?

Alimony, Child Support, or Maintenance income may be considered only if evidence of all of
the following is provided for a mortgage loan approval:

• Payments are likely to be received consistently for the first three years of the 
mortgage; 
• A copy of the divorce decree, legal separation agreement, voluntary agreement, or 
court order specifying the amount of support and the period of time over which it will 
be received is required; and 
• Evidence that the funds have been received for the last 6 months using cancelled 
checks, deposit slips, Federal tax returns, or court records.



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Kentucky VA Loam Limits for 2014

KENTUCKY VA LOAN LIMIT CHANGES
In Circular 26-13-28, VA has announced loan limit changes for the year 2014. Although the base limit of $417,000 will remain unchanged for 2014 for all Kentucky Counties, some counties with limits currently in excess of $417,000 will see changes for 2014 in other areas of the United States. 
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Revised Loan limits (for counties in excess of $417,000) by county/state for 2014 can be found online at: http://www.benefits.va.gov/HOMELOANS/documents/docs/2014_county_loan_limits.pdf.
In addition, for comparison, the prior year limits (for counties previously in excess of $417,000) are available at: http://www.benefits.va.gov/homeloans/documents/docs/2013_county_loan_limits.pdf.




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Mortgage applications hit 12-year low as refi boom dries up | Inman News

Mortgage applications hit 12-year low as refi boom dries up | Inman News

Joel Lobb, a senior loan officer at Louisville, Ky.-based American Mortgage Solutions, said that in all his 18 years as a loan officer he’s never seen it this slow.
“Refinances are pretty much not existent in the loan pipeline anymore, with a lot of mortgage refi shops closing,” Lobb said.
But purchase loan demand has dried up, too, he said. After hitting a three-year peak in early May, purchase loan applications have dropped by 21 percent, according to MBA data.
In addition to elevated interest rates, Lobb said fewer people are seeking to purchase homes with mortgages or refinance because the Federal Housing Administration (FHA) has both increased the mortgage insurance premiums that it charges borrowers and tightened its underwriting requirements.
“Once you figure those premiums in, it is very costly to refinance or buy a home,” Lobb said of FHA insurance premiums. “The private mortgage insurance market is supposed to supplement the government-insured mortgage market, but it is still very restrictive with higher credit scores requirements usually being at least 660 or higher.”
- See more at: http://www.inman.com/2013/12/18/mortgage-applications-dive-to-lowest-level-in-over-12-years/#sthash.VG0qvl3T.dpuf
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

Kentucky VA Streamline Refinance Guidelines for 2014

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Louisville Kentucky Va Streamline Refinance Guidelines for 2014
Then you may qualify for a Kentucky VA Streamline Refinance.

Some of our requirements (**see below) for processing a VA Streamline Refinance are as follows:


  1. Must currently have a Kentucky  VA loan.
  2. 620 minimum credit score is required for all borrowers.
  3. No late payments in the last 12 months.
  4. The original borrowers on the mortgage note must be the same people on the refinance to do a streamline refinance
  5. No Appraisal required for refinance nor is income verified on the application
  6. Borrower must benefit from refinance with the net tangible VA refinance worksheet.
The VA does allow for customary and reasonable credit report and appraisal expenses incurred by a lender to satisfy its lending requirements to be charged to the borrower and included in the loan

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 This website is not affiliated with any government agencies, including the Dept of Veteran Affairs, HUD, USDA, KHC FHA or any other government agency. These agencies simply insure the mortgage loans and do not lend the money..


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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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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Self-Employed Income for a Kentucky Mortgage Loan Guidelines

Self-Employed Income for a Kentucky Mortgage Loan Guidelines



Under normal Fannie Mae underwriting standards, a borrower is considered self-employed if he or she owns more than 25% of a business from which income is derived. Any lower percentage ownership and a borrower can simply be considered employed by the firm (Yes, this is a help for co-owners of a small business - if you own less than 25% you don't even have to read this article).

Self-employed borrowers who want to go the full documentation route must be able to provide the following: 1) two years of business tax returns; 2) two years of personal tax returns; 3) a letter from a CPA confirming two years of self-employment; and 4) a year to date profit and loss statement. If there are any problems with this information, then additional documentation will be required, such as letters from accountants, business bank statements or other financial records.

Underwriters average the net income to the business owner over the past two years to obtain an estimate of total income.

If a business owner suffered a difficult year in 2011, but in all years before and after income was significantly higher, then the averaging method of analyzing income would unfairly deny the borrower a standard loan.




Hit the link below to apply for your Free Mortgage Loan  Approval for you next Kentucky Mortgage Loan





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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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Louisville Kentucky First Time Home buyer

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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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