Kentucky Mortgage Lender

  Mortgage Approval Underwriting Myths Debunked Getting approved for a loan is not as hard as some make it.  The 3C approach breaks it down  in its simplest form so no need to overthink or complicate with “what if’s” or variable situations and these factors are the same in every state. They all have to line up for your loan to be approved but here there are in order of significance Capacity -  No matter if your credit is in 800’s the ability to afford a loan (capacity aka DTI) is the MOST important C and why most applications either get denied or reduced. Income is EVERYTHING. To get a conforming (FHA / VA / Conventional) loan you need 2yrs of verifiable Full time income even if it’s pieced together with different employers with 2yrs W2’s and your most recent paystub if you’re an employee and OT and/or bonus cannot be used if you’ve been with your employer for less than 2yrs. If you have part time employment as well that income cannot be used unless you’ve worked bot...

  To get a Kentucky mortgage loan with bad credit through FHA, VA, USDA, or the Kentucky Housing Corporation (KHC), you'll need to take specific steps tailored to each program: Kentucky FHA Loan with Bad Credit : Credit Score Requirement : FHA loans typically accept lower credit scores than conventional loans. While the minimum credit score can vary, aiming for at least a 580 score can increase your chances. Down Payment : With a credit score below 580, a 10% down payment may be required. If your score is 580 or above, you can qualify with a 3.5% down payment. Work on Your Credit : Prioritize improving your credit score by paying bills on time, reducing debt, and disputing any errors on your credit report. Kentucky VA Loan with Bad Credit : Credit Score Requirement : VA loans are known for being flexible with credit requirements. While there's no set minimum score, lenders often look for scores around 620 or higher. VA Loan Guaranty : The VA doesn't directly issue loans b...

  FHA Pricing Improvements Any FICO (down to 550) Conventional Pricing Improvements Any FICO ( down to 580) Non-Traditional Credit/ No Score Options Available on FHA, VA and USDA FreddieMac ChoiceRenovation Down to 580 Fico EasyPath FHA 203K Limited and standard Down to 620 FICO Purchase and Refinance options LOWER FICO OPTIONS Down to 550 FICO on FHA and VA Down to 580 FICO on USDA and Conventional MANUAL UW OPTIONS FHA, VA & USDA CASH OUT REFINANCES FHA and VA down to 550 FICO VA cash-out up to 100 LTV Manual Underwrite options Manufactured housing options MANUFACTURED HOMES Single and multi-wide options Available for FHA, VA, USDA and conventional Options for manufactured homes built after June 15th 1976 USDA 97% of the USA is eligible 100% LTV available USDA Streamline NO FICO allowed Escrow holdbacks allowed DACA and EAD allowed FICOs down to 580 Temporary Buydowns Currently available on FHA, VA and Conventional loans  

Credit Inquiries Are A Formal Process A "credit inquiry" is a formal request to review a person's credit report. Credit inquires are grouped with other traits into a credit-scoring category called "New Credit". New Credit represents 10 percent a person's complete credit score.  On the  scale of 300-850 , therefore, credit inquiries represent a tiny portion of a maximum of 85 points to a FICO. There are many times of credit inquiries, but really only 4 of the set can impact a person's credit score: 1.     A credit check for a mortgage loan 2.     A credit check for an auto loan 3.     A credit check for a credit card application 4.     A credit check for a store credit card, or consumer loan These 4 types are singled out because, in each case, the inquiry is made by the applicant in order to get access to more debt.  Because extra debt increases the probability of default, credit inquiries c...

Score Plus/Rescoring Score Plus – Rapid Rescore – The Score Plus program allows Credit Plus to update credit information with the three national repositories in 5-7 business days. Credit Plus will forward documents supplied by your borrower directly to Equifax, TransUnion and Experian for a rush investigation. The repositories will update credit information and trade lines on their credit reports. How long does it take to update credit information? While Score Plus is unable to guarantee a completion date, turnaround time to update credit information is typically 5-7 business days from the time your request is received. If the bureau rejects the documents, you will be promptly notified.  What types of credit information can Score Plus update? Given a verifiable document from the creditor, Score Plus can: Remove derogatory information and accounts that were reported in error Update an account that has been paid in full and closed Update the status of a collection Update a b...