KENTUCKY DOWN PAYMENT ASSISTANCE GRANT FOR 2022 KENTUCKY HOMEBUYERS FHA LOAN WITH DAP ASSISTANCE

KENTUCKY DOWN PAYMENT ASSISTANCE GRANT FOR 2022 KENTUCKY HOMEBUYERS FHA LOAN WITH DAP ASSISTANCE

We will be rolling out our Down Payment Assistance Program (DPA) program… An in-house DPA program that allows FHA borrowers to go to 100% Financing

*The DPA will be a fully forgivable grant with no repayment or deed restrictions

*Approve/Eligible required

*Min FICO= 660

Projected Roll-Out is currently September 1st

NMLS 57916 NMLS 1364 Equal Housing Lender For licensing go to nmlsconsumeraccess.org. Subject to credit approval. Restrictions apply. Information provided is for educational purposes only.

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Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

Kentucky VA Home Loan Mortgage Lender: Understanding Your Kentucky VA Home Loan Benefits

Louisville Kentucky VA Home Loan Mortgage Lender: Understanding Your Kentucky VA Home Loan Benefits

Kentucky VA Home Loan Mortgage Lender:

👇👇👇👇👇👇👇



Is your credit score high enough for a  Kentucky VA Home Loan Approval?

Usually, 620 or Higher is better for 2 reasons lower rate and less
stipulations from the underwriter

Do you have sufficient credit depth for a Kentucky VA Home Loan Approval?

Generally, all on-time payments in the last 12 months. They like to see two-three paid on time  for the last 12 months


Do you make enough money to cover all your debts, including the new
Kentucky VA mortgage?

Debts divided by your gross monthly income is lower than 50%. I have
seen many exceptions to this with compensating factors. I have seen as high as 78% debt ratio get approved through the AUS if you have high credit scores (720 or higher, good residual income, a lot of assets, ie money in the bank, retirement, etc.

-Do you have a high probability of continuing to make that same income?

Two years of stable job history is the best. If you were off work sometimes a good letter of explanation will suffice for a job gap. i.e. hurt, medical, etc.


What is a credit score required for a Kentucky VA Home Loan? 

There is no minimum credit score in the VA guidelines.
But, the lender may have a minimum score. It is called credit "overlays".
Most Kentucky VA Home lenders will require a 620 middle credit score.
You have three fico scores from Experian, Equifax, and Transunion.
They will use the middle score of the three. For example, if you have a 675,689,619,
your qualifying fico score to be used would be 675. you can possibly get a VA home
loan approval with a lower score, but you will
have to provide a lot of other information to get that approval

.
 What does Debt to income mean for a Kentucky VA Home Loan Approval?

Your ratio of total monthly debt payments on the credit report divided by your gross
monthly income. They do not include, utilities, car insurance, cell phone bills,
only credit reporting items. Typically on a VA home loan, they like to see that number around 43% on the back-end ratio for loan approval. You can go above this with high credit scores, good residual income, assets in the bank, etc. Conversely, if you have a low fico score, no money in the bank, going up in house payment from your current housing payment, or low va residual income. then you will need to be under this.

Kentucky VA Mortgage Qualifying Guidelines

 

NMLS ID. 57916, NMLS ID. 1364 EQUAL HOUSING LENDER CALL/TEXT 502-905-3708 www.nmlsconsumeraccess.org subject to credit and income qualifying criteria and can change without notice Not a commitment to lend  A GREAT BENEFIT for Kentucky veterans of all branches of the military for a Kentucky VA Mortgage Loan. Min 580 FICO (Refer /Eligible thru DU or LP)- Refer Eligible 580 + Cash Out Refi's up to 100% (approved eligible) No DTI cap - follow AUS findings VA- REFER/ELIGIBLE - 50% max ratio No VOR unless required by DU findings (unless VA Refer) Seller can pay all closing costs & prepaids IRRRLs - 580+ MINIMUM FICO (conforming loan amounts and High balance) No Short Sale Seasoning Requirement on VA

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky VA Mortgage Loan Information

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky VA Mortgage Loan Information: Kentucky VA Mortgage Loans What are VA Home Loans? VA Loans provide military veterans and current service members a distinct advan...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: The Dos & Don’ts of Applying for a Mortgage in Ken...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: The Dos & Don’ts of Applying for a Mortgage in Ken...: DO  maintain up-to-date records The mortgage application process is paperwork-heavy, and lenders could ask you to pull up records at a momen...

The Dos & Don’ts of Applying for a Mortgage in Kentucky

DO maintain up-to-date records The mortgage application process is paperwork-heavy, and lenders could ask you to pull up records at a moment’s notice. To make things easier for yourself, make sure you have the following records readily available:

• Income: Underwriters typically verify income and tax documents through your employer, so hold onto new paystubs as you receive them.
• Assets: It’s best practice to save all incoming account statements in the order in which you receive them; keep all numbered pages of each statement.
• Gifts: If you’re receiving any gift money from relatives, they’ll need to sign a gift letter (which your loan officer will provide) and an account statement evidencing the source, which must be “seasoned” funds.
• Current Residence: If you’re currently renting, continue to pay your rent on time and save proof of payment. If you intend to sell your current residence, be prepared to show your HUD-1 Settlement Statement. If you plan on renting out your home, you may need to show sufficient equity, a lease, and receipts for the security deposit and first month’s rent.

DO keep your credit score in mint condition. Continue to make payments on time. The lender might pull your credit report again, and any negative change to your score could jeopardize your approval.

DO understand that things change. The requirements to receive approval for a home loan are always changing, and underwriters require more documentation now than they have in the past. Even if requests seem silly, intrusive or unnecessary, keep in mind that if they didn’t need it, they wouldn’t ask for it.

DON’T apply for new credit. Changes in credit can cause delays, change the terms of your financing or even prevent you from closing on a home. If you must open a new account (or even borrow against retirement funds), be sure to consult your loan officer first.

DON’T change jobs midway through the process. Probationary periods and career or status changes — such as from a salaried to a commission-based position, leave of absence or new bonus structure — can be subject to strict rules.

DON’T make undocumented deposits. Large (and sometimes even small) deposits must be sourced unless they’re identified. Make copies of all checks and deposit slips, keep your deposits separate and small, and avoid depositing cash.

DON’T wait to liquidate funds from stock or retirement accounts. If you need to sell investments, do it now and document the transaction. Don’t take the risk of the market working against you, leaving you short on funds for closing.

.

Dos & Don’ts of Applying for a Mortgage in Kentucky 

Kentucky First Time Home Buyer Loan Programs

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Kentucky FHA Mortgage Loans

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KENTUCKY FIRST TIME HOME BUYER FHA, VA USDA, KENTUCK HOUSING CORP

I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 900 Kentucky families buy their first home and refinance their current mortgage for a lower rate; Kentucky First time buyers $0 down still available with down payment assistance with KHC. Free Mortgage applications same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS ID

 1364

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Student-Loan Freeze Led to Big Credit-Score Gains

 

Student-Loan Freeze Led to Big Credit-Score Gains, N.Y. Fed Says

• Some 30 million student borrowers saw scores rise, study says
• Freeze is set to expire on Aug. 31 but Biden may extend it

Share of Borrowers by Credit Score

Credit scores for student loan borrowers increased dramatically

Here are some key takeaways from the New York Fed report.

Better Credit Scores

The share of student-loan balances held by subprime borrowers fell to 26% in 2021, from 36% in 2019. That’s primarily because loans owed to the federal government that were delinquent before the pandemic were marked as current under the forbearance policy, putting millions of households on a sounder financial footing. 

“The end of forbearance will have impacts on credit scores, borrowing, and household cash flow over the coming year for the 38 million federal borrowers that have benefited from the pause,” the New York Fed researchers wrote. “Some borrowers will enter delinquency or default.”

Growing Balances

With repayments on hold, about two-thirds of student-debt holders had balances that were growing or flat at the end of 2021, compared with just 48% in 2019. That’s an increase of roughly 3.2 million borrowers.  

There was also a shift in the typical size of debts, with larger loans accounting for a bigger share of the total. At the same time, 5.4 million people who were recorded as having student debt outstanding at the end of 2019 no longer owed anything by the end of 2021.

Loan Shifts

Since the pandemic, larger debts have increased as a share of total loans

Source: Federal Reserve Bank of New York Consumer Credit Panel / Equifax

DC Debt Leader

On average, student borrowers in and around the nation’s capital owed the most at the end of 2021. Washington DC topped the list, with an average debt of $53,769, while Maryland ranked second and Virginia fifth. 

Student Loans by State

Average balances vary widely across states

Source: Federal Reserve Bank of New York Consumer Credit Panel / Equifax

Note: As of Q4 2021, average balance

“Of the ten states (not including D.C.) with the largest median balance, seven belong to the Southern Census region (Georgia, Maryland, Virginia, North Carolina, South Carolina, Alabama, and Tennessee),” the report found.

Top 10 Student Loan Debt

Seven of top-10 largest belong to the Southern Census region

Source: Federal Reserve Bank of New York Consumer Credit Panel / Equifax

Note: Ranked by median loan amount

Once the forebearence period ends, loan amounts are anticipated to rise and delinquency rates across states in the South are expected to have worse outcomes.

 

 

https://www.bloomberg.com/news/articles/2022-08-09/student-loan-freeze-raised-credit-scores-dramatically-ny-fed

Kentucky FHA Acceptable Sources of Heat for Appraisals

Kentucky FHA Acceptable Sources of Heat for A FHA Mortgage Loan Approval

Many people ask me what types of heat sources are okay for homes where the borrower is using FHA to finance the property.

Here’s the information – and by the way, USDA (Rural Housing) uses FHA rules listed below as their heat source guidelines too.

General Guidelines

• All habitable rooms must have a heat source

• Certain areas of the country do not require a heat source if normal for the area (i.e., Hawaii, certain counties in Florida)

Wood Stoves & Solar Systems

• Acceptable with certification that they were installed according to manufacturer’s recommendations.

• Must ALSO have a conventional heat source in all living areas.

• Must also have a heat source to maintain 50 degrees F in rooms where plumbing is located.

(Example: electric baseboard heat in bathroom, kitchen and basement/crawl space where plumbing pipes are located.)

Floor Heaters

• Acceptable

• If needs repairs or insufficient heat source for home, will require upgrade to conventional heat system.

Non-conventional Heating Systems

• Space heaters or non-conventional heat sources must comply with local codes.

• If does not comply, conventional heating system must be installed.

Propane Tanks

• Must be located a safe distance from the home.

• Must have ownership of propane tank UNLESS only leased tanks are available and normal for the area.

• Propane furnaces located in crawl space or basement is not acceptable.

I’m sure I have not covered every possibility but give me a call if you have any questions or reservations about listing a home that you think may not have an acceptable source of heat.

https://birminghamappraisalblog.com/faqs/what-is-the-fha-rule-for-heating-and-cooling-systems/

Kentucky USDA Rural Housing Mortgage Lender: Credit Scores - Everything you need to know

Kentucky USDA Rural Housing Mortgage Lender: Credit Scores - Everything you need to know: https://www.kyjustice.org/topics/money-debt/credit-reports