Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: KENTUCKY VA MORTGAGE LOAN INFORMATION

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: KENTUCKY VA MORTGAGE LOAN INFORMATION:   COMMON KENTUCKY VA LOAN MYTHS FOR KENTUCKY VETERANS VA loans are difficult to qualify for. All VA loans require a down payment. VA loans r...

Kentucky VA Guidelines for Credit Score, Purchase and Refinances

 

Purchase Kentucky VA Home Loans

• FICO credit scores as low as 550 may be accepted
• 1–4-unit properties are eligible
• Manufactured homes are eligible
• Offers 15-, 25-, and 30-year terms
• Up to 100% LTV depending on credit 

Cash-Out Refinance Kentucky VA Loans

For leveraging home equity.

• FICO credit scores as low as 550 may be accepted
• 1–4-unit properties are eligible
• Manufactured homes are eligible
• Offers 15-, 25-, and 30-year terms
• Up to 90% LTV for a true cash-out
• 100% LTV for a rate/term refi

Streamline (IRRRL) VA Streamline Refinance for Kentucky VA loans

For less paperwork and lower interest rates.

• FICO credit scores as low as 550 may be accepted
• 1–4-unit properties are eligible
• Manufactured homes are eligible (primary residences only)
• Offers up to 30-year terms
• Up to 105% LTV 

 

Sincerely,

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
fax: 502-327-9119
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).

Kentucky Mortgage Guidelines for Gift Funds for Fannie Mae, Conventional, FHA, VA Home Loans

Kentucky Mortgage Guidelines for Gift Funds for Fannie Mae, Freddie Mac, Conventional, FHA, and VA Mortgage Loans

 

Kentucky Fannie Mae Gift Funds Guidelines

 

Kentucky Freddie Mac for Gift Guidelines

 

Kentucky FHA Mortgage Loans Gift Funds

 

Kentucky VA Mortgage Loans and Gift Funds 

 

 

Kentucky Home Inspection Vs. Kentucky Appraisal: What’s The Difference?

Plain and simple, a home appraisal determines the value of the home while a home inspection determines the condition. And since each serves a different purpose, there are a few other differences when it comes to an appraisal vs. inspection:

Home appraisals are required by a lender. Home inspections aren’t.

You must set up an inspection yourself while the lender will order an appraisal for you.

An appraisal may impact your ability to get the loan amount you need. An inspection won’t.

Appraisers typically only spot things visible to the naked eye, whereas inspectors use special devices and training to spot deeper issues.

Home buyers are allowed and encouraged to walk through the home with the inspector during the inspection.

 Typically, an appraiser will go through the appraisal process alone.

An inspector will explain and educate during the interactive process. An appraiser won’t tell you their findings until they complete their report.
A home inspection only examines the condition of the home when making the assessment. A home appraisal considers the condition of the home, comparable home prices, lot size, home features, area crime rates and school zones.

The inspector and appraiser have a different set of skills, are trained and certified in different processes and have different areas of expertise.

What Do Home Appraisals And Home Inspections Have In Common?

While they have different processes and serve a different purpose, appraisals and inspections do have a few things in common.

They both benefit the homeowner and the lender because they ensure the home is worth what you’re paying for it and that it’s safe to live in.
Both will uncover any issues that may affect the sale as well as help you feel secure in your decision to either purchase the home or walk away from the deal.
Both services are completed by a third-party professional who has nothing to gain or lose from the results so you can feel confident in their findings.

Usually, the homeowner is the one who pays for both the appraisal and the inspection.

While it may be more expensive, it’s recommended that you get both an appraisal and an inspection.

Why Should You Get An Appraisal And An Inspection?

The home assessment that happens during the appraisal should never be used in place of a home inspection. An appraiser seeks to find the value of the home, so their inspection will be different from that of an inspector who seeks to find issues with the home. They’ll be looking for different things as they walk through the home.

The inspection that happens during the appraisal process will not be as in-depth as a separate home inspection. As the potential homeowner, it’s in your best interest to get an inspection along with your appraisal.

Wondering whether you should get an appraisal or inspection first? Usually, it’s best to put the inspection first. If expensive repairs or deal-breakers come up during the inspection, the appraisal is a moot point. This means planning the appraisal after inspection may wind up saving you time and money. 

--

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

 

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Louisville Kentucky VA Home Loan Mortgage Lender: ...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Louisville Kentucky VA Home Loan Mortgage Lender: ...: Louisville Kentucky VA Home Loan Mortgage Lender: How to Get Approved for a Kentucky VA Home Mortgag... :  Basic Understanding of a Kentucky...

Kentucky VA Mortgage Guidelines for Collections and Charged Off Accounts.

 Collection Accounts for Kentucky VA Mortgage Loans

Isolated collection accounts do not necessarily have to be paid off as a condition for loan approval. A credit report may show numerous satisfactory accounts and one or two unpaid medical (or other) collections. In such instances, while it would be preferable to have collections paid, it would not necessarily be a requirement for loan approval.

However, collection accounts must be considered part of the borrower's overall credit history and unpaid collection accounts should be considered open, recent credit.

Borrowers with a history of collection accounts should have re-established satisfactory credit in order to be considered a satisfactory credit risk.

While VA does not require that collection accounts be paid-off prior to closing if the borrower's overall credit is acceptable, an underwriter must address the existence of the collection account(s) with an explanation on VA Form 26-6393, Loan Analysis , for excluding the negative credit history they represent.

If the collection account is listed on the credit report with a minimum payment, then the debt should be recognized at the minimum payment amount.

Charged off Accounts for Kentucky VA Mortgage Loans

These accounts are typically collections in which the creditor is no longer pursuing collection of the account. The underwriter must address the circumstances regarding the negative credit history when reviewing the overall credit of the borrower(s).

Have Questions or Need Expert Advice? Text, email, or call me 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
fax: 502-327-9119
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).

Kentucky VA Home Loan Guidelines for Employment

Analysis of Prospects for Continued Employment for a Kentucky VA Mortgage Loan

Cases involving recently discharged Kentucky Veterans often require the underwriter to exercise a great deal of judgment and flexibility in determining whether the employment income will continue in the foreseeable future. This is because some Veterans may have little or no employment experience other than their military occupation.

Continuity of employment is essential for a Kentucky Veteran with no retirement income, or insufficient retirement income, to support the loan obligation. If the duties the borrower performed in the military are similar or directly related to the duties of the present position, use this as one indicator that the employment is likely to continue.

Most cases fall somewhere between these extremes. Fully develop the facts of each case to make a determination

Borrowers Employed for Less than 12 Months for a Kentucky Mortgage Loan

Generally, employment less than 12 months is not considered stable and reliable. However, the lender may consider the employment stable and reliable if the facts and documentation warrant such a conclusion. Determine whether the borrower's past employment, training, and/or education equipped him or her with particular skills that relate directly to the duties of their current position. If the probability of continued employment is high based on these factors, then the lender may consider including the income in the total effective income. 

An explanation of why income of less than 12 months duration was used must be documented on the VA 26-6393, Loan Analysis. If the probability of continued employment is good, but not well supported, the lender may utilize the income if the borrower has been employed at 12 months, to partially offset debts of 6 to 24 months duration.

 An explanation of why income was used to offset debts must be documented on the VA 26-6393, Loan Analysis. A borrower may have a valid offer of employment which will begin at or after the anticipated date of closing which can be verified. All data pertinent to underwriting procedures should be considered. However, a paystub(s) may not be available.

--

Joel Lobb
Mortgage Loan OfficerIndividual NMLS ID #57916






Text/call: 502-905-3708

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).

Kentucky USDA Rural Housing Mortgage Lender: KENTUCKY USDA RURAL HOUSING ELIGIBILITY MAP FOR 2023

Kentucky USDA Rural Housing Mortgage Lender: KENTUCKY USDA RURAL HOUSING ELIGIBILITY MAP FOR 2023: KENTUCKY USDA RURAL HOUSING ELIGIBILITY MAP How to determine if property is in an eligible USDA area in Kentucky  Kentucky USDA Property ...