Bankruptcy, Foreclosure, Short-sale for Kentucky Conventional, FHA, VA, Mortgage Loan Guidelines

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Current Credit Score Requirements for Kentucky FHA, VA, USDA and Conventional Mortgages Loans in Kentucky!

 

 

KENTUCKY FHA MORTGAGE LOANS 👈👈👈 Read more at link

·         Minimum credit score: 620 AUS approved, 640 manuals

·         Non-Credit Qualifying Streamline refinances allowed

·         Gift funds allowed for down payment and closing costs

·         Cash out 80% LTV

 

 

KENTUCKY VA MORTGAGE LOANS 👈👈👈 Read more at link 

·         Minimum credit score: 620 AUS approved, 640 manuals

·         Cash-out up to 90% LTV

·         Foreclosure/Short Sale/Bankruptcy <2 years allowed with AUS Approval

 

 

KENTUCKY USDA MORTGAGE LOANS 👈👈👈 Read more at link

·         Minimum credit score: 640

·         100% maximum LTV

·         No maximum loan amount

·         Rate/Term refinances allowed

 

 

KENTUCKY CONVENTIONAL MORTGAGE LOANS 👈👈👈 Read more at link

·         620 min score

·         Fannie Mae

·         Freddie Mac

·         Standard and High Balance

·         HomeReady

·         HomePossible

***KEEP IN MIND..ALL MORTGAGE LENDERS HAVE DIFFERENT CREDIT SCORE REQUIREMENTS SO CHECK WITH YOUR LENDER FIRST. 

100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: Louisville Kentucky Mortgage Lender for FHA, VA, ...

100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: Louisville Kentucky Mortgage Lender for FHA, VA, ...: Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky First-time Home Buyer Programs : ...

Kentucky First-time Home Buyer Programs

Conventional Mortgage Loan in Kentucky.

620 credit score or higher needed for this loan program. 4 years removed from bankruptcy minimum sometime longer. Private mortgage insurance required for over 80% loan to value on a refinance or down payments less than 20%. Tighter debt to income requirements with max back-end-ratio usually not over 45% with less than 20% down payment. Easier on properties to qualify if they have deferred maintenance or need some fixing up to pass Government standards like FHA, VA, USDA loans.

Down payment requirements are as little as 3% down payment. Better rates and lower mortgage insurance with a larger down payment and pmi is not for life of loan.

This is for stronger borrowers with good credit (above 680 or 720) and at least 3-5% down payment with no foreclosures or bankruptcies in he last 4-7 years. Can go higher on the loan amount too versus FHA. Max loan in Kentucky for 2020 for conventional loans is $510,000.

Home Possible Advantage Product Highlights:

Up to 97% LTV for Purchase and for Rate Term Refinances of 1-unit properties

CLTV max 97% for purchase unless the second mortgage meets FHLMC Affordable Seconds Guidelines for a max of 105%

Minimum Credit Score of 620 Required

Accept/Eligible LP AUS Findings

Max DTI allowed per AUS Findings

Lower Mortgage Insurance coverage requirements for LTV's of 90.001% - 97% (25%) compared to standard Fannie product (30-35%)

Borrowers may not own any other real estate at closing

1 unit principal residences, including eligible condos and PUDs, 2-4 unit principal residences

Homeownership Education:

At least one Borrower must participate in a homeownership education program before the Note Date in each of the following instances:

For purchase transaction Home Possible® Mortgages when all Borrowers are First-Time Homebuyers

Homeownership education must not be provided by an interested party to the transaction, the originating lender or by the Seller.

Homeownership education programs may use different formats and require different lengths of time to complete. The following are acceptable:

Programs developed by HUD-approved counseling agencies, Housing Finance Agencies (HFAs) or Community Development Financial Institutions (CDFIs)

Programs developed by mortgage insurance companies

Programs that meet the standards of the National Industry Standards for Homeownership Education and Counseling (www.homeownershipstandards.com)

Income Eligibility:

Borrowers must meet income limits for program eligibility. Income limits will be checked by LP.

Link to check income and property eligibility:

http://www.freddiemac.com/homepossible/eligibility.html

Minimum Borrower Contribution:

1 unit - 0%

2-4 units - 3%

Acceptable Sources for Down Payment:

Gift funds and grants. Affordable Seconds are allowed.

Find additional information regarding Affordable Seconds in the Freddie Mac Seller guide section 4204.2

Non-Occupant Borrowers:

Not permitted. All borrowers must occupy the subject property as their primary residence.

Mortgage Insurance:

Monthly, borrower-paid or single premium LPMI are allowed. At this time, borrower paid singles, split premiums, lender paid monthly premiums and lowest cost/custom MI are not allowed.

25% MI coverage for LTVs 90.001 - 97%

Standard MI coverage for LTVs of 90% or less. (Reduced MI not permitted)

Other Income:

Border income (relatives or non-relatives): Up to 30% of qualifying income, must document at least 9 of the last 12 months of payment (will be averaged over 12 months and must document proof of shared residence for the 12 month period.

Accessory Unit - Rental income from an accessory unit may be used in qualifying income per rental income guidelines

2-Unit Rental income from the other units of the subject property may be used per rental income guidelines.

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