I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available 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 1738461
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Showing posts with label cavirs. Show all posts
Kentucky USDA Rural Housing Mortgage Lender: CREDIT ALERT VERIFICATION REPORTING SYSTEM (CAIVRS...
Kentucky USDA Rural Housing Mortgage Lender: CREDIT ALERT VERIFICATION REPORTING SYSTEM (CAIVRS...: CREDIT ALERT VERIFICATION REPORTING SYSTEM (CAIVRS) CAIVRS is a Federal government wide repository to file and report delinquent and/or de...
Why Work With Me?
Local Expertise: I know the ins and outs of Kentucky’s housing market and loan programs.
Fast Approvals: I offer free mortgage applications with same-day approvals to keep the process moving quickly.
Customized Loan Solutions: Whether you’re buying a home or refinancing, I’ll find the right loan program to fit your needs.
Personalized Service: I treat every client like family, ensuring you’re supported and informed throughout the process.
About My Website
Visit my website for a wealth of resources tailored to Kentucky homebuyers. You’ll find:
Step-by-step guides for first-time homebuyers.
Information on loan programs like FHA, VA, USDA, and KHC.
Tools to help you calculate potential payments and affordability.
Blog posts with tips and updates on the Kentucky housing market.
A secure portal to start your loan application and upload documents.
Please Note: My website is not endorsed by the FHA, VA, USDA, or any government agency. It is an independent platform created to educate and assist homebuyers with expert advice and accessible tools.
New Kentucky FHA Mortgage rules starting June 2015
New Kentucky FHA Mortgage rules starting June 2015
Old Rule – Federal debt makes borrower ineligible
New Rule – VERIFIED federal debt makes the borrower ineligible
Part-Time Income
Old Rule – Underwriter discretion allowed when received less than 2 years
New Rule – Two years uninterrupted part-time income is required. Average income over prior 2 years or use 12-month average of hours at the current pay rate if the lender documents an increase in pay rate.
Rental Income on Retained Primary Residence
Old Rule – Rental income may be counted when relocating outside of reasonable commute distance for job and borrower has 25% equity.
New Rule – Rental income may be counted when relocating and the new residence is at least 100 miles from previous residence. If no history of rental income since the last tax filing, borrower must have 25% equity.
Non-taxable income
Old Rule – Gross up using tax rate evidenced on last tax return. If borrower did not file a return, use tax rate of 25%.
New Rule – Gross up using the greater of 15% or actual tax rate. If borrower did not file a tax return, use tax rate of 15%
Installment Debts Less Than 10 Months
Old Rule – May be excluded from ratios. If manual underwrite—may be excluded if debt will not affect ability to pay the mortgage.
New Rule – May be excluded ONLY if—they have cumulative payment of less than or equal to 5% of the borrower’s gross monthly income AND the borrower may not pay the debts down to achieve this percentage.
Multiple FHA Loans
Old Rule – If relocating for employment, borrower may obtain a second FHA loan for a new principal residence if current residence is more than a reasonable commute to new residence.
New Rule – If relocating for employment, the commuting distance between the old residence and new residence must be more than 100 miles.
source
http://www.mortgagetalkingpoints.com/2015/04/7-major-fha-rule-changes-eff-june-15-2015/
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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Why Work With Me?
Local Expertise: I know the ins and outs of Kentucky’s housing market and loan programs.
Fast Approvals: I offer free mortgage applications with same-day approvals to keep the process moving quickly.
Customized Loan Solutions: Whether you’re buying a home or refinancing, I’ll find the right loan program to fit your needs.
Personalized Service: I treat every client like family, ensuring you’re supported and informed throughout the process.
About My Website
Visit my website for a wealth of resources tailored to Kentucky homebuyers. You’ll find:
Step-by-step guides for first-time homebuyers.
Information on loan programs like FHA, VA, USDA, and KHC.
Tools to help you calculate potential payments and affordability.
Blog posts with tips and updates on the Kentucky housing market.
A secure portal to start your loan application and upload documents.
Please Note: My website is not endorsed by the FHA, VA, USDA, or any government agency. It is an independent platform created to educate and assist homebuyers with expert advice and accessible tools.
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