I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 900 Kentucky families buy their first home and refinance their current mortgage for a lower rate; Kentucky First time buyers $0 down still available with 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 ID 1364
In order to get a Kentucky FHA Mortgage Loan with a 600 credit score, you must meet the following requirements to qualify.
Note. some lenders require additional credit overlays that may affect your mortgage loan approval.
3 active trade line reporting to the bureaus (rent can count as one).
43% max debt ratio
2 most recent bank statements with 2 months piti in reserve
No bankruptcies or foreclosures in last 3 years
Verifiable rent history from management company or cancelled checks if you rent from individual for last 12 months with no 30 day lates
3.5% down payment required. Cannot do the Welcome Home Program
***We require a 620 credit score for Kentucky USDA Loans and a 620 credit score for VA loans.
Fannie Mae Mortgage Loans require a 620 credit score. If mortgage insurance is needed for Fannie Mae loans, the minimum credit score is higher and subject to investor mi approval.
Personal property should be avoided as much as possible on the Purchase Agreement. It is viewed as concessions against the sales price and can therefore lower the real value of the property.
WDRB 41 Louisville News
Joel Lobb
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
kentuckyloan@gmail.com
Company ID #1364 | MB73346
http://mylouisvillekentuckymortgage.com/
ALLOWABLE CLOSING COSTS ON A KENTUCKY VA MORTGAGE LOAN
Maximum 1% origination fee or mortgage broker fee Appraisal and compliance inspections for followups (442) Recording fees Credit report fees Prepaid items (taxes, assessments and similar items) Hazard insurance fee Flood determination Survey Title examination Title insurance Special mailing fees for refinancing loans (MERS) fee Other fees authorized by VA If an origination fee is charged, lenders may NOT assess veterans any other fees, other than the allowable fees noted above.
Conventional Mortgage Insurance for a Kentucky Mortgage Loan Approval
There are different types of traditional monthly PMI for Fannie Mae Conventional Mortgage Loans in Kentucky. Single Financed MI, and monthly mortgage insurance.
The Major MI companies for most Kentucky Fannie Mae Mortgage loans are underwritten by Radian, MGIC, UG and Genworth.
Most companies will not approve MI on a loan if the DTI exceeds 45%. The max LTV we will finance is 95%. For further underwriting details and MI rate quotes, please contact