Showing posts with label Credit Scores and Kentucky Mortgage Loans. Show all posts
Showing posts with label Credit Scores and Kentucky Mortgage Loans. Show all posts

Kentucky FHA Mortgage Loans vs Kentucky USDA Rural Housing Loans Compared


Here are the important points about Kentucky USDA Rural Housing Loans:


  • USDA loan are only available in certain counties of Kentucky.
  • There are two types of USDA loans available: Direct and Guaranteed. 
  • 100% financing. No down payment 
  • USDA will go down to a no score and uses and  automated underwriting pre-approval system called GUS-Guarantee Underwriting System. The GUS findings will dictate your loan pre-approval.
  • Kentucky USDA Rural Housing Income limits based on county and number of people in household.
  • Must be 3 years removed from bankruptcy and foreclosure
  • No purchase price limit
  • Upfront funding fee of 1% of loan amount paid to RD at closing 
  • Annual mi fee of .35% paid each month for life of loan. 
  • Takes on average 30-45 days to close. 
  • 30 year fixed rate is the only term available and rates are usually comparable to FHA and VA government mortgage insured rates.
  • Do not have to be a first time home buyer and can currently own another home if USDA deems the current living situation not suitable. 
  • Appraisal has to meet FHA minimum standards
  • You can buy a home with land on USDA Loans as long as the property does not have any agricultural characteristics or income producing capabilities. 
  • There is no set max acreage but the appraisal will dictate approval of property by USDA. 
  • You can only use USDA loans to purchase property or refinance an existing USDA loan
  • Pools are okay and homes in a flood zone are okay. This is a recent change 

Kentucky USDA Loans | Rural Housing Loans Kentucky



Here are some important facts about Kentucky FHA Loans:


  • FHA loans can be made in any county of Kentucky. 
  • FHA loans require 3.5% down payment
  • FHA Mortgage terms are available in 30, 20, 15, 10 year terms.
  • Credit score down to 500 are acceptable but subject to investor approval. will need 10% down payment
  • Most lenders will want a 620 score, with some going down to 580 with conditions will need 3.5% down payment
  • FHA loans are pre-approved using DU, an online automated underwriting system that will dictate your loan approval conditions. 
  • FHA has max income limits in Kentucky with the maximum being $498,257 for most Kentucky Counties
  • There are no income limits on the household for FHA loans
  • There is a upfront mi premium of 1.75% and a monthly fee of .85% payable each month. 
  • If you finance over 90% of the homes value, the monthly mi factor of .85% is for life of loan. If less than 90%, 11 year term for annual mi fee.
  • FHA, USDA rates are really comparable on paper, no big difference except for the mi
  • FHA requires 3 years out on a short-sale or foreclosure
  • FHA requires 2 years out on Chapter 7 and 1 year out on a Chapter 13 with good clean history for the last 12 months with no lates. 
  • Not required to be a first time home buyer
  • Can refinance an existing FHA loan to another without appraisal, income, a processed call FHA streamline refinance
  • Can go no money down potentially with a 620 credit score with a grant. We offer these. 

The Differences Between FHA and USDA Loans

Joel Lobb (NMLS#57916)
Senior  Loan Officer


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

Text/call 502-905-3708

kentuckyloan@gmail.com

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/


Can you get a Kentucky mortgage loan with bad credit in 2024?

Bad Credit and Getting Approved for A Mortgage Loan in Kentucky

First of all, when we consider what is bad credit, we must look at two things:

1. Credit Score

Credit scores go from 300 to 800 on the FICO scale. The higher the score, the better the chances of getting approved. Most borrowers fall in the 500 to 700 range on most credit pulls. 
A good rule of thumb, to get the very best rates, you will need a 760 Fico score or higher. Now that doesn't mean you have to have that high of score to get approved, just to get the best rates and pricing. 
In order to get approved for most homes loans nowadays that are sold to FHA, VA, USDA, Fannie Mae and Kentucky Housing, you will need to have a 620 credit score for most programs, with FHA, USDA, and VA going below that threshold. 
You have three credit scores from Experian, Transunion and Equifax. Lenders will throw out the high and low score to get your qualifying score. 
For example, if you have a 598 Experian score, a 609 Equifax score, and a 603 Transunion score, then your qualifying scour would be 603.
If your scores are in the lower range, say below 680, they're still numerous home loan programs in Kentucky where you can get approved for a mortgage loan and get a very good fixed rate for 30 years.
On FHA loans in Kentucky, FHA will go down to a 500 minimum credit score with at least 10% down payment or 10% equity on a refinance. 
If your scores is over 580, then you could use a FHA loan in Kentucky to with just 3.5% down payment or refinance with that much equity. 
If it turns out that you have a 620 credit score or higher, you can look at doing an Conventional loan with just 3 to 5% down payment. Typically on conventional loans if your score is below 660, you would need 5% down payment.
If you happen to be a Veteran and qualify for a Kentucky VA loan,  you could possibly get approved for a VA loan with no minimum credit score. 
In reality, it is very difficult to get for a VA loan with a score below 560 to 580 range, with most VA lenders requiring a 620 credit score. 
If you are looking to purchase a home in a rural area, you can look at doing a Kentucky USDA loan because they have no minimum credit score but most lenders will want a 620 to 640 credit score. 
Can you get a Kentucky mortgage loan with bad credit in 2023?


Popular Kentucky Home Loan Programs below:


Conventional Loan

• At least 3%-5% down

• Closing costs will vary on which rate you choose and the lender. Typically the higher the rate, the lesser closing costs due to the lender giving you a lender credit back at closing for over par pricing. Also, called a no-closing costs option. You have to weigh the pros and cons to see if it makes sense to forgo the lower rate and lower monthly payment for the higher rate and less closing costs.

Fico scores needed start at 620, but most conventional lenders will want a higher score to qualify for the 3-5% minimum down payment requirements Most buyers using this loan have high credit scores (over 720) and at least 5% down.

The rates are a little higher compared to FHA, VA, or USDA loan but the mortgage insurance is not for life of loan and can be rolled off when you reach 80% equity position in home.

Conventional loans require 4-7 years removed from Bankruptcy and foreclosure.



Kentucky USDA Rural Housing Program



If you meet income eligibility requirements and are looking to settle in a rural area, you might qualify for the KY USDA Rural Housing program. The program guarantees qualifying loans, reducing lenders’ risk and encouraging them to offer buyers 100% loans. That means Kentucky home buyers don’t have to put any money down, and even the “upfront fee” (a closing cost for this type of loan) can be rolled into the financing.

Fico scores usually wanted for this program center around 620 range, with most lenders wanting a 640 score so they can obtain an automated approval through GUS. GUS stands for the Guaranteed Underwriting system, and it will dictate your max loan pre-approval based on your income, credit scores, debt to income ratio and assets.

They also allow for a manual underwrite, which states that the max house payment ratios are set at 29% and 41% respectively of your income. You will need a 580 credit score a manual underwrite for a USDA loan in Kentucky. 
see link here for USDA manual underwriting guidelines.

They loan requires no down payment, and the current mortgage insurance is 1% upfront, called a funding fee, and .35% annually for the monthly mi payment. Since they recently reduced their mi requirements, USDA is one of the best options out there for home buyers looking to buy in an rural area.

A rural area typically will be any area outside the major cities of Louisville, Lexington, Paducah, Bowling Green, Richmond, Frankfort, and parts of Northern Kentucky .

There is a map link below to see the qualifying areas.


USDA requires 3 years removed from bankruptcy and foreclosure.

There is no max USDA loan limit.

KY USDA Rural Housing program.


Kentucky FHA Loan


FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score. You can go down to a 500 credit score potentially with a 10% down payment. 

The current mortgage insurance requirements are kind of steep when compared to USDA, VA , but the rates are usually good so it can counteracts the high mi premiums.

As I tell borrowers, you will not have the loan for 30 years, so don’t worry too much about the mi premiums.

The mi premiums are for life of loan like USDA.

See FHA Premiums below: 👇

KENTUCKY FHA MORTGAGE INSURANCE PREMIUM CHART





FHA requires 2 years removed from bankruptcy and 3 years removed from foreclosure.




Kentucky FHA Loans for Bad Credit and Low Scores


Kentucky VA Loan



VA loans are for veterans and active duty military personnel. The loan requires no down payment and no monthly mi premiums, saving you on the monthly payment. It does have an funding fee like USDA, but it is higher starting at 2.3% for first time use, and 3.6% for second time use. The funding fee is financed into the loan, so it is not something you have to pay upfront out of pocket.

VA loans can be made anywhere, unlike the USDA restrictions, and there is no income household limit.

Most VA lenders I work with will want a 580 credit score even though on paper, VA says they don't have a minimum credit score.

VA requires 2 years removed from bankruptcy or foreclosure.

t.


KENTUCKY VA MORTGAGE LOANS


Kentucky Down Payment Assistance




$10,000 Down Payment assistance from Kentucky Housing





Down payment Assistance for Kentucky Homebuyers $10,000 Through KHC


​​​​​

Mortgage Revenue Bonds (MRB)

​​​​

​​​​​Secondary Market Funding Source

  • First-time and repeat homebuyers statewide
  • 30-year fixed interest rate
  • Principal residence ONLY
  • Purchase Price Limit:  $481,176
  • Borrower must meet KHC's Secondary Market Income Limits




Kentucky First Time Home Buyer Common Questions and Answers:




∘ What kind of credit score do I need to qualify for different first time home buyer loans in Kentucky?


Answer. Most lenders will wants a middle credit score of 620 to 640 for KY First Time Home Buyers looking to go no money down. The two most used no money down home loans in Kentucky being USDA Rural Housing and KHC with their down payment assistance will want a 620 to 640 middle score on their programs.


If you have access to 3.5% down payment, you can go FHA and secure a 30 year fixed rate mortgage with some lenders with a 580 credit score. Even though FHA on paper says they will go down to 500 credit score with at least 10% down payment, you will find it hard to get the loan approved because lenders will create overlays to protect their interest and maintain a good standing with FHA and HUD.


Another popular no money down loan is VA. Most VA lenders will want a 620 middle credit score but like FHA, VA on paper says they will go down to a 500 score, but good luck finding a lender for that scenario.


A lot of times if your scores are in the high 500’s or low 600’s range, we can do a rapid rescore and get your scores improved within 30 days.


∘ Does it costs anything to get pre-approved for a mortgage loan?

Answer: Most lenders will not charge you a fee to get pre-approved, but some lenders may want you to pay for the credit report fee upfront. Typically costs for a tri-merge credit report for a single borrower runs about $50 or less. Maybe higher if more borrowers are included on the loan application.


∘ How long does it take to get approved for a mortgage loan in Kentucky?


Answer: Typically if you have all your income and asset documents together and submit to the lender, they typically can get you a pre-approval through the Automated Underwriting Systems within 24 hours. They will review credit, income and assets and run it through the different AUS (Automated Underwriting Systems) for the template for your loan pre-approval. Fannie Mae uses DU, or Desktop Underwriting, FHA and VA also use DU, and USDA uses a automated system called GUS. GUS stands for the Guaranteed Underwriting System.


If you get an Automated Approval, loan officers will use this for your pre-approval. If you have a bad credit history, high debt to income ratios, or lack of down payment, the AUS will sometimes refer the loan to a manual underwrite, which could result in a longer turn time for your loan pre-approval answer

∘ Are there any special programs in Kentucky that help with down payment or no money down loans for KY First Time Home Buyers?

Answer: There are some programs available to KY First Time Home Buyers that offer zero down financing: KHC, USDA, VA, Fannie Mae Home Possible and HomePath, HUD $100 down and City Grants, Kentucky Welcome Grants
 are all available to Kentucky First Time Home buyers if you qualify for them. Ask your loan officer about these programs


∘ When can I lock in my interest rate to protect it from going up when I buy my first home?

Answer: You typically can lock in your mortgage rate and protect it from going up once you have a home picked-out and under contract. You can usually lock in your mortgage rate for free for 90 days, and if you need more time, you can extend the lock in rate for a fee to the lender in case the home buying process is taking a longer time. The longer the term you lock the rate in the future, the higher the costs because the lender is taking a risk on rates in the future.


Interest rates are kind of like gas prices, they change daily, and the general trend is that they have been going up since the Presidential election in November 2016.

∘ How much money do I need to pay to close the loan?

Answer: Depending on which loan program you choose, the outlay to close the loan can vary. Typically you will need to budget for the following to buy a home: Good faith deposit, usually less than $500 which holds the home for you while you close the loan. You get this back at closing; Appraisal fee is required to be paid to lender before closing. Typical costs run around $550-$650 for an appraisal fee; home inspection fees. Even though the lender’s programs don’t require a home inspection, a lot of buyers do get one done. The costs for a home inspection runs around $300-$400. Lastly, termite report. They are very cheap, usually $50 or less, and VA requires one on their loan programs. FHA, KHC, USDA, Fannie Mae does not require a termite report, but most borrowers get one done.


There are also lender costs for title insurance, title exam, closing fee, and underwriting fees that will be incurred at closing too. You can negotiated the seller to pay for these fees in the contract, or sometimes the lender can pay for this with a lender credit. The lender has to issue a breakdown of the fees you will incur on your loan pre-approval.


How long is my pre-approval good for on a Kentucky Mortgage Loan?



Answer: Most lenders will honor your loan pre-approval for 60 days. After that, they will have to re-run your credit report and ask for updated pay stubs, bank statements, to make sure your credit quality and income and assets has not changed from the initial loan pre-approval.


How much money do I have to make to qualify for a mortgage loan in Kentucky?


Answer: The general rule for most FHA, VA, KHC, USDA and Fannie MAe loans is that we run your loan application through the Automated Underwriting systems, and it will tell us your max loan qualifying ratios.


There are two ratios that matter when you qualify for a mortgage loan. The front-end ratio, is the new house payment divided by your gross monthly income. The back-end ratio, is the new house payment added to your current monthly bills on the credit report, to include child support obligations and 401k loans.

Car insurance, cell phone bills, utilities bills does not factor into your qualifying rations.

If the loan gets a refer on the initial desktop underwriting findings, then most programs will default to a front end ratio of 31% and a back-end ratio of 43% for most government agency loans that get a refer. You then take the lowest payment to qualify based on the front-end and back-end ratio.

So for example, let’s say you make $3000 a month and you have $400 in monthly bills you pay on the credit report. What would be your maximum qualifying house payment for a new loan?

Take the $3000 x .43%= $1290 maximum back-end ratio house payment. So take the $1290-$400= $890 max house payment you qualify for on the back-end ratio.

Then take the $3000 x .31%=$930 maximum qualifying house payment on front-end ratio.

So now you know! The max house payment you would qualify would be the $890, because it is the lowest payment of the two ratios.




Click on link to start your mortgage loan approval



Real Customer Testimonials



We just moved here the first of January in 2017 from Ohio to the Louisville, KY area and we found Joel's website online. He was quick to respond to us and got back the same day on our loan approval. He was very knowledgeable about the local market and kept us up-to date throughout the loan process and was a pleasure to meet at closing. Would recommend his services.


Angela Forsythe
"We were searching online for mortgage companies in Louisville, Ky locally to deal with and found Joel's website, and it was a godsend. He was great to work with, and delivered on everything he said he would do. I ended up referring my co-worker at UPS, and she was very pleased with his service and rates too. Would definitely vouch for him." September 2016

Monica Leinhardt

"We contacted Joel back in July 2011 to refinance our Mortgage and he was great to work with. We contacted several lenders locally and online, and most where taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish,I would definitely recommend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan.

Kayle Griffin

“Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010

Tim Beck

“Joel has always worked very hard to keep his word and to work out seasonable solutions to difficult problems. He is truly an expert in FHA and other type loans.” September 1, 2010

Nancy Nalley

“I have worked with Joel since 1998. He is a great loan professional.” I refer most of my Louisville, Kentucky area home buyers to him and he always take special care of them. August 23, 2012

“Joel Lobb is a real professional in the lending industry, with many years of experience, he is the one to go to for any mortgage lending needs.” August 22, 2011

RICHARD VOLZ , Residential Sales , Remax Foursquare Realty

“When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say's they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!”

 August 21, 2010

Stacie Drake

"We first use Joel on our new home purchase in 2007 in St Matthews, Kentucky area and he was great to work with. We have since refinanced our home with him in 2010 when rates got really low and he has always delivered on what he says. I could not imagine using anyone else."

Melody Glasscock March 2014

Absolutely Amazing!! I emailed Joel after I had just got a denial from a bank and just thought i would try to get some advice on what my next steps would be to get a house. I honestly didn't expect to even get a reply because my credit is not great. That was about a week and a half ago. I just signed a contract on a house last night. ONLY because of Joel Lobb. He even worked with us throughout the weekend, which shocked me. Best decision I have ever made. THANK YOU SO MUCH FOR WORKING WITH US THROUGHOUT THE ENTIRE PROCESS.

Cee Bellisle August 2018

Contacted him about buying a home and he was great to work with. I was moving to Louisville Ky to take a new job and he walked me through the entire process. He explained to me all the different options for FHA, VA, USDA mortgage loans and credit score requirements versus Fannie Mae. Since I was a first time home buyer I needed alot of help and guidance. I would definitely recommend him. Fast to respond and available to answer questions that I or my realtor had after hours.


Anderson Johnson April, 2018

We moved from Michigan to Northern Kentucky area and we were really impressed. We got a USDA loan no money down and closed in less than 3.5 weeks. We shopped around online with other lenders but Joel was always first to respond and his rates were just a little better than other lenders. He kept us informed through the process along with our realtor and there was absolutely no surprises like we heard from other co-workers and friends that they experienced in their loan process. We have already referred another co-worker to Joel . He's AWESOME

Betty Parsons

Wow, what a great loan officer. I was referred to him by our agent and he was great to work with. We used him for a USDA no money down loan in Shelby County and we were really impressed. We were afraid we could not buy a home since we did not have money saved for a down payment, but Joe l was able to get us a zero down loan and we even got our appraisal fee and good faith deposit back at closing. We actually got money back at closing!!! I Can't think him enough. Our family moved from our apartment in the south end of town to get our own home with 5 acres for our kids and 2 dogs, at a payment that is equal to our rent payment also. .Thanks Again Joel. May god bless you

Patty Locker

We contacted Joel about buying a house on our move from Ohio for my husband's job transfer with Ford. We put a lot of trust in him since we were new to the area and first time home buyers in the Louisville KY market, and he always delivered on what he said. It took us a while to find a home due to the lack of homes, but once we got one, he was always quick to respond our questions via text or email ,and kept us informed through the process. We got to meet him at the closing and he was super nice and even got us a closing gift for our home which we didn't expect at all. Super nice guy 😀!!! I would definitely recommend him for a local Home loan in the Louisville area.

Pam Dolby

I got a VA loan with Joel and he was great. He is an ex-army guy so he could relate to my past experiences of being a veteran and moving around the country a lot. I had some credit issues that required a little extra work but Joel was able to find A VA lender to approve my situation as far as having past bad credit problems and a lower credit score. We closed yesterday on our home here in Louisville and we could not be happier. We finally have a home of our own thanks to Joel . I would definitely recommend him for a mortgage loan. Great experience and closed 8 days before expected close date so we were able to move in early.

John Sanger

I contacted Joel about the $10,000 KY Housing Grant last month and we were able to get it and I just closed on my home. He was great to work with and if you are a first time home buyer here in Louisville, I would definitely contact him. I met him at his office and he was very nice and knowledgeable and kept me informed through the process. No surprises either so I was very happy. I am new homeowner thanks to Joel .

Chelsea Martin











Typically speaking, if you want to get a mortgage after bankruptcy you’ll need to allow time to pass. For conventional mortgages you’ll need to wait four years after Chapter 7 bankruptcy or two years after Chapter 13 bankruptcy. But there are some other mortgage options that require a shorter waits.


FHA Mortgage


Two years after your Chapter 7 bankruptcy discharge you may apply for an FHA loan. If you filed Chapter 13 bankruptcy, then you’ll only need to wait until you’ve made twelve months of satisfactory payments, and you’ll need to get the approval of the bankruptcy trustee. But if you want to be given serious consideration, you’ll need to provide a clear explanation for why you filed bankruptcy. For example, maybe you filed Chapter 13 bankruptcy because you had a medical emergency and was unable to pay your medical bills.


VA Mortgage


If you’re a veteran, you can get a VA mortgage two years after your bankruptcy discharge. This VA application process can be challenging, but in some ways it’s more lenient since post-bankruptcy credit issues such as a foreclosure won’t restart the 2-year waiting period. However, credit issues after bankruptcy might affect your interest rate, so take care to keep your credit as clean as possible.


USDA Mortgage


If you live in a rural area, you may qualify for a USDA mortgage three years after your bankruptcy discharge. It’s important to note that while the USDA provides loans to rural residents it’s only for property that will serve as the borrower’s primary residence. The USDA will not finance the purchase of income property or a vacation home.


As you prepare to apply for a mortgage after bankruptcy, keep in mind that the mortgage lender will take into account the totality of your financial situation—your finances, credit history, credit score, and any extenuating circumstances.




https://www.mylouisvillekentuckymortgage.com/



kentuckyloan@gmail.com

NMLS Consumer Access

Accessibility Statement


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#57916 http://www.nmlsconsumeraccess.org/




Credit Score Information For Kentucky Home buyers

This offer is made by American Mortgage Solutions, NMLS #1364 and Joel Lobb, NMLS #57916,

Text or call 502-905-3708- Not affiliated with your current lender, the FHA, or any other government agency. This message has not been approved by any government agency. Offer for FHA Cash Out Program only and all other offers will have different terms. Equity reserves is only an estimate and may be higher or lower depending on market conditions and amortization. Verification of income, employment and home value may apply. 


15-Year Fixed-Rate Mortgage:


The payment on a $200,000 15-year fixed-rate loan at 6.875% and 75% loan-to-value ratio (LTV) is $1,491.94 with .125 points due at closing. The annual percentage rate (APR) is 7.987%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of 09/23/2023. Some state and county maximum loan amount restrictions may apply.  


30-Year Fixed-Rate Mortgage:

The payment on a $200,000 30-year fixed-rate loan at 7.75% (APR 7.983%) and 75% loan-to-value ratio (LTV) is $1,072.42 with .75 points due at closing. One point is equal to one percent of your loan amount. Payment does not include taxes and insurance premiums. The actual payment amount will be greater.


 Rates shown valid on publication date of 09/23/2023
.

Some state and county maximum loan amount restrictions may apply. To qualify for these loan programs, you must be at least 18 years of age with a valid U.S. residency.  Kentucky Mortgage Loans Only. Not licensed in any other state. 

Guidelines may vary for self-employed individuals. Formal approval will be subject to satisfactory verification of income, assets, credit, property condition and value. Additional restrictions/conditions