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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
Pages
- Kentucky First-time Home Buyer Programs
- Credit Scores Required For A Kentucky Mortgage Loan Approval in 2024
- Kentucky FHA Mortgage Information
- Kentucky VA Mortgage Loan Information
- 4 Things Required for a KY Mortgage Loan Approval
- USDA Rural Housing Kentucky Loan Information
- Down Payment Assistance Kentucky 2024 Kentucky Housing Corporation KHC
- Zero Down Kentucky Mortgages
- First-time Home-buyers in Kentucky
- Documents Needed Mortgage Approval in Kentucky
- Free Credit Score For Mortgage Loan Approval
- Do's & Dont's before closing:
- Closing Costs Kentucky Mortgage
- Lock Kentucky Mortgage Loan Rate
- Home Inspections Kentucky Mortgage Loan
- Testimonials
- Legal / Privacy Policy / Accessibility Statements
Job Gaps in Employment and Getting Approved for a Mortgage Loan in Kentucky for FHA and Fannie Mae Conventional loans
Job Requirements and Employment History for a Kentucky VA loan Approval.
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Have Questions or Need Expert Advice? Text, email, or call me below:
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
email: kentuckyloan@gmail.com
Text/call: 502-905-3708
Fill out my form!
Why Kentucky Mortgage Loans Are Denied
Credit Score of 620 or below:
A credit score reflects an individual's creditworthiness. Lenders use this score to assess the risk of lending money. A lower credit score, typically below 620, can raise concerns for lenders. It may indicate past financial challenges, missed payments, or high levels of debt. To improve mortgage approval chances, borrowers should aim for a higher credit score by paying bills on time, reducing debt, and fixing any errors on their credit report.
Bankruptcy less than 2 years or foreclosure less than 3 years:
Bankruptcy can significantly impact mortgage approval. Depending on the type of bankruptcy (Chapter 7 or Chapter 13) and how long ago it occurred, lenders may view it as a red flag.
Chapter 7
If you have filed a Chapter 7 Bankruptcy, the mortgage waiting periods begin after the discharge date:
FHA loan – 2 years from discharge date
VA loan – 2 years from discharge date
USDA loan – 3 years from discharge date
Chapter 13 Bankruptcy
On the other hand, if you have filed a Chapter 13 Bankruptcy, the mortgage waiting periods are shorter:
FHA loan – 1 year from the payout period. However, you also need court permission, and proof of satisfactory bankruptcy payment and performance.
VA loan – 1 year from the payout period. Also, court permission, and proof of satisfactory bankruptcy payment and performance.
USDA loan – 1 year of the payout must elapse and payment performance must be satisfactory. In addition, you need court permission to borrow again.
After Short Sale/Deed-in-Lieu of Foreclosure
The mortgage waiting periods after a short sale begin after the completion date:Fannie Mae (conventional) loan – 4 years
FHA loan – 3 years
VA loan – 2 years
USDA loan – 3 years
Debt to Income Ratio over 50%
Work History less than 2 years with job gaps:
Joel Lobb Mortgage Loan Officer
Text/call: 502-905-3708
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
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).
The reasons you will get turn down for a mortgage loan in Kentucky.
There are several reasons why people in Kentucky might get turned down for a mortgage loan. These reasons can be broadly categorized into issues with the borrower or the property:
Borrower-related reasons:
- Credit score: Low credit scores (generally below 620) are a major factor in loan denials. Having a history of late payments, delinquencies, or collections can negatively impact your score.
- Debt-to-income ratio (DTI): This ratio compares your monthly debt payments to your gross income. A high DTI (generally above 50%) indicates you have a lot of debt compared to your income, making it harder to afford a mortgage payment.
- Employment history: Lenders prefer borrowers with stable employment and income. Recent job changes, gaps in employment, or insufficient income documentation can raise concerns.
- Down payment: A smaller down payment increases the loan amount and loan-to-value ratio (LTV), making the loan riskier for lenders. In Kentucky, FHA loans require a minimum 3.5% down payment, while conventional loans typically require 20%.
- Insufficient assets: While not always a disqualifier, having limited savings or assets can weaken your application by reducing your financial cushion.
Property-related reasons:
- Appraisal value: If the appraised value of the property is lower than the purchase price, it creates a high LTV, making the loan riskier for lenders.
- Property condition: Major repairs or structural issues with the property could require significant investment before closing, which lenders may not be comfortable with.
- Location: Properties in floodplains or other high-risk areas may be ineligible for certain loan types or require additional insurance.
Here are some resources that can help:
- Reasons loan denied in Kentucky https://www.mylouisvillekentuckymortgage.com/2010/10/get-approved-for-mortgage-or-home-loan.html
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