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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
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- 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!
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
Kentucky FHA Loans Are Offering New Flexibilities for Borrowers Previously Affected by Covid-19
https://www.hud.gov/press/press_releases_media_advisories/HUD_No_22_129