Showing posts with label FHA. Show all posts
Showing posts with label FHA. Show all posts

How to Qualify For a Kentucky FHA Mortgage Loan




Kentucky FHA Mortgage Information How to Qualify For a Kentucky FHA Mortgage Loan #fha #fhaloan #fhamortgage #fhahomeloan #fhamortgageinsurance #kentuckymortgage #affordablehousing #realestate #homeloan #580creditscore #badcredit #louisvillemortgage #jeffersoncountykentucky #louisvillerealtor #kentuckyrealtor #firsttimehomebuyer

Here are action steps you can take right now to buy a home in Kentucky in 2024

 Here are action steps you can take right now to buy a home in Kentucky in 2023


1. Focus on your credit score

FICO credit scores are among the most frequently used credit scores, and range from 350-800 (the higher, the better). A consumer with a credit score of 750 or higher is considered to have excellent credit, while a consumer with a credit score below 620 is considered to have poor credit.

To qualify for a mortgage and get a low mortgage rate, your credit score matters.

Each credit bureau collects information on your credit history and develops a credit score that lenders use to assess your riskiness as a borrower. If you find an error, you should report it to the credit bureau immediately so that it can be corrected.


2. Manage your debt-to-income ratio

Many lenders evaluate your debt-to-income ratio when making credit decisions, which could impact the interest rate you receive.

A debt-to-income ratio is your monthly debt payments as a percentage of your monthly income. Lenders focus on this ratio to determine whether you have enough excess cash to cover your living expenses plus your debt obligations.

Since a debt-to-income ratio has two components (debt and income), the best way to lower your debt-to-income ratio is to:

  • repay existing debt;
  • earn more income; or
  • do both

3. Pay attention to your payments

Simply put, lenders want to lend to financially responsible borrowers.

Your payment history is one of the largest components of your credit score. To ensure on-time payments, set up autopay for all your accounts so the funds are directly debited each month.

FICO scores are weighted more heavily by recent payments so your future matters more than your past.

In particular, make sure to:

  • Pay off the balance if you have a delinquent payment
  • Don't skip any payments
  • Make all payments on time

4. Get pre-approved for a mortgage before you start shopping for a home loan.

Too many people find their home and then get a mortgage.

Switch it.

Get pre-approved with a lender first. Then, you'll know how much home you can afford.

To get pre-approved, lenders will look at your income, assets, credit profile and employment, among other documents.

5. Keep credit utilization low on your credit cards

Lenders also evaluate your credit card utilization, or your monthly credit card spending as a percentage of your credit limit.

Ideally, your credit utilization should be less than 30%. If you can keep it less than 10%, even better.

For example, if you have a $10,000 credit limit on your credit card and spent $3,000 this month, your credit utilization is 30%.

Here are some ways to manage your credit card utilization:

  • set up automatic balance alerts to monitor credit utilization
  • ask your lender to raise your credit limit (this may involve a hard credit pull so check with your lender first)
  • pay off your balance multiple times a month to reduce your credit utilization

6. Look for down payment assistance in Kentucky

There are various types of down payment assistance, even if you have student loans.

Here are a few:

  • FHA loans - federal loan through the Federal Housing Authority
  • USDA loans - zero down mortgages for rural and suburban homeowners
  • VA loans - if military service
  • Kentucky Housing Down Payment Assistance of $10,000

Here are action steps you can take right now to buy a home in Kentucky


There are federal, state and local assistance programs as well so be on the look out.



If you want a personalized answer for your unique situation call, text, or email me or visit my website below:








Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916


American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364



Text/call:      502-905-3708

email:          kentuckyloan@gmail.com
 

https://kentuckyloan.blogspot.com/

 









--

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.

Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com

 

Kentucky FHA Mortgage Loans and Kentucky Fannie Mae Mortgage Loan Limits in 2024

 

2024 Kentucky conforming and FHA loan limits by county
CountyFHFA limitFHA limit
Adair$766,550$498,257
Allen$766,550$498,257
Anderson$766,550$498,257
Ballard$766,550$498,257
Barren$766,550$498,257
Bath$766,550$498,257
Bell$766,550$498,257
Boone$766,550$498,257
Bourbon$766,550$498,257
Boyd$766,550$498,257
Boyle$766,550$498,257
Bracken$766,550$498,257
Breathitt$766,550$498,257
Breckinridge$766,550$498,257
Bullitt$766,550$498,257
Butler$766,550$498,257
Caldwell$766,550$498,257
Calloway$766,550$498,257
Campbell$766,550$498,257
Carlisle$766,550$498,257
Carroll$766,550$498,257
Carter$766,550$498,257
Casey$766,550$498,257
Christian$766,550$498,257
Clark$766,550$498,257
Clay$766,550$498,257
Clinton$766,550$498,257
Crittenden$766,550$498,257
Cumberland$766,550$498,257
Daviess$766,550$498,257
Edmonson$766,550$498,257
Elliott$766,550$498,257
Estill$766,550$498,257
Fayette$766,550$498,257
Fleming$766,550$498,257
Floyd$766,550$498,257
Franklin$766,550$498,257
Fulton$766,550$498,257
Gallatin$766,550$498,257
Garrard$766,550$498,257
Grant$766,550$498,257
Graves$766,550$498,257
Grayson$766,550$498,257
Green$766,550$498,257
Greenup$766,550$498,257
Hancock$766,550$498,257
Hardin$766,550$498,257
Harlan$766,550$498,257
Harrison$766,550$498,257
Hart$766,550$498,257
Henderson$766,550$498,257
Henry$766,550$498,257
Hickman$766,550$498,257
Hopkins$766,550$498,257
Jackson$766,550$498,257
Jefferson$766,550$498,257
Jessamine$766,550$498,257
Johnson$766,550$498,257
Kenton$766,550$498,257
Knott$766,550$498,257
Knox$766,550$498,257
Larue$766,550$498,257
Laurel$766,550$498,257
Lawrence$766,550$498,257
Lee$766,550$498,257
Leslie$766,550$498,257
Letcher$766,550$498,257
Lewis$766,550$498,257
Lincoln$766,550$498,257
Livingston$766,550$498,257
Logan$766,550$498,257
Lyon$766,550$498,257
Mccracken$766,550$498,257
Mccreary$766,550$498,257
Mclean$766,550$498,257
Madison$766,550$498,257
Magoffin$766,550$498,257
Marion$766,550$498,257
Marshall$766,550$498,257
Martin$766,550$498,257
Mason$766,550$498,257
Meade$766,550$498,257
Menifee$766,550$498,257
Mercer$766,550$498,257
Metcalfe$766,550$498,257
Monroe$766,550$498,257
Montgomery$766,550$498,257
Morgan$766,550$498,257
Muhlenberg$766,550$498,257
Nelson$766,550$498,257
Nicholas$766,550$498,257
Ohio$766,550$498,257
Oldham$766,550$498,257
Owen$766,550$498,257
Owsley$766,550$498,257
Pendleton$766,550$498,257
Perry$766,550$498,257
Pike$766,550$498,257
Powell$766,550$498,257
Pulaski$766,550$498,257
Robertson$766,550$498,257
Rockcastle$766,550$498,257
Rowan$766,550$498,257
Russell$766,550$498,257
Scott$766,550$498,257
Shelby$766,550$498,257
Simpson$766,550$498,257
Spencer$766,550$498,257
Taylor$766,550$498,257
Todd$766,550$498,257
Trigg$766,550$498,257
Trimble$766,550$498,257
Union$766,550$498,257
Warren$766,550$498,257
Washington$766,550$498,257
Wayne$766,550$498,257
Webster$766,550$498,257
Whitley$766,550$498,257
Wolfe$766,550$498,257
Woodford$766,550$498,257
Joel Lobb  Mortgage Loan Officer

Kentucky FHA Mortgage Information

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


 How to Qualify For a Kentucky FHA Mortgage Loan 1. Low Down Payment   –  FHA Mortgage Loans only require a 3.5% down payment. And what m...

How to Qualify For a Kentucky FHA Mortgage Loan





What Happens If the Federal Government Shuts Down and the effect FHA, VA, Fannie Mae, USDA Mortgage loans in Kentucky

 

How would this effect FHA, VA, Fannie Mae, USDA Mortgage loans in Kentucky?


A federal government shutdown could impact your first mortgage loan closing through Kentucky FHA, VA, USDA and Fannie Mae Home Loans

Kentucky FHA and VA Mortgage loans and Government Shutdown 

  • Loans will be able to close as normal and access to FHA Connection and VA’s WebLGY system will be available. However, any function that requires staff involvement may be impacted by a shutdown.
Kentucky Fannie Mae Mortgage Loans
  • Loans will be able to close as normal.
RHS Guarantee Loans USDA Loans In Kentucky 
  • Lenders will not be able to purchase or close a loan without the RHS Conditional Commitment and tax transcripts.
Housing Education and Counseling
  • Housing Education and Counseling Services should continue as usual.
Verification of Employment (VOE) on Conventional, FHA and RHS Loans for Federal Employees
  • Most Lenders will require a VOE 10 days prior to closing.
    • The only exceptions for conventional loans: 
      • The military can use Leave and Earnings Statement (LES).
      • Employment was validated by DU service and follows all conditions.
Flood Insurance
  • The National Flood Insurance Program (NFIP) expires at 11:59 p.m. September 30. As a result, KHC will follow agency guidelines in place during the federal government shutdown.
Federal Tax Transcripts and Social Security Validation
  • If federal tax transcripts or validation of social security numbers are required per underwriting or listed as an AUS finding, then they will be required prior to closing or purchase of a loan. SSA Form 89 is used to validate social security numbers.

Please stay tuned for further updates on this topic. These policies will be enacted only if the federal government shuts down and will remain in effect throughout the period of shut down.


Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky




Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky 


Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email:
 kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/


NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574
Get Approved Now Click Here

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval
nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).