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
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- 4 Things Required for a KY Mortgage Loan Approval
- Down Payment Assistance Kentucky 2024 Kentucky Housing Corporation KHC
- Credit Scores Required For A Kentucky Mortgage Loan Approval in 2024
- Kentucky First-time Home Buyer Programs
- Kentucky FHA Mortgage Information
- Kentucky VA Mortgage Loan Information
- USDA Rural Housing Kentucky Loan Information
- Zero Down Kentucky Mortgages
- First-time Home-buyers in Kentucky
- Documents Needed Mortgage Approval in Kentucky
- Free Credit Score Booklet
- Do's & Dont's before closing:
- Closing Costs Kentucky Mortgage
- Lock Kentucky Mortgage Loan Rate
- Home Inspections Kentucky
- Home
- Accessibility Statement
- Legal / Privacy Policy / Accessibility Statements
Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Frequently Asked Questions for Kentucky First Time...
Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Frequently Asked Questions for Kentucky First Time...: Kentucky First Time Homebuyers buying their First Kentucky Home Information Below for 2018 How are interest rates determined...
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I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Kentucky USDA Rural Housing Loans : Rapid Rescoring For Consumers: Credit scores
Kentucky USDA Rural Housing Loans : Rapid Rescoring For Consumers: Credit scores: Rapid Rescoring For Consumers: Credit scores : Credit scoring is a big business, which is why there's more than one company out there of...
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Kentucky FHA Income Guidelines for Job time and I...
Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Kentucky FHA Income Guidelines for Job time and I...: FHA requires you to establish that the income is in fact stable. I am covering Time on Job, Part Time Income, Seasonal Income and Job Gap...
Kentucky FHA Income Guidelines for Job time and Income Requirements
FHA requires you to establish that the income is in fact stable. I am covering Time on Job, Part Time Income, Seasonal Income and Job Gaps below.
Time on Job
There is not a minimum length of time a borrower must have held a position for the income to be eligible. However, the application must identify the most recent 2 years of employment.
If the borrower’s employment history indicates that they were in school or in the military, then the borrower must provide evidence supporting this such as college transcripts or discharge papers.
The current type of employment has to be supported by the college transcripts or discharge papers showing that he borrower’s training enabled them to gain employment in their field of training.
Part Time Income
Part-time and second job income can be used to qualify if documentation is obtained to prove that the borrower has worked the part-time job uninterrupted for the past two years, and plans to continue.
For Qualifying purposed, “part-time” income refers to jobs taken to supplement the borrower’s main income from regular employment, such as a second job that is less than 40 hours per week.
Income: Is averaged over the previous 2 years. If there was a pay rate increase and we can document the increase in pay, you can average the new pay rate over 12 months.
Seasonal Income
Seasonal income may be acceptable for qualifying. It is not unusual to have out-of-season income from unemployment income. If the borrower has a 2 year history and continuance is probable, this type of income may be allowed to qualify the borrower.
The key here is history and continuance.
Job Gaps
The borrower must provide a signed explanation for gaps in employment as follows:
Income can be considered effective if the following can be verified:
1. Borrower has been employed in the current job for at least six months at the time of the case number assignment AND
2. A two year work history prior to the absence from employment.
Joel Lobb
Senior Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.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). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice.
Senior Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.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). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice.
Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans.
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Credit Score Information for Kentucky Mortgage Loan Approvals
Credit Score Knowledge Quiz Information for Kentucky Mortgage Loans
Credit scores are taking an even more important role in qualifying for a Kentucky FHA, VA, Rural Housing and Fannie Mae mortgage today, which makes it vital to maintain a good credit history. See how much you know about credit scores with our Credit Knowledge Quiz and what you need to focus on to better your score.
Question 01
A credit score is:
- a. A three-digit number summarizing the state of your credit
- b. An alphabetical score grading your creditworthiness
- c. A numerical score reporting how much money you owe
CORRECTThe major credit reporting bureaus might report slightly different scores, but all three use a three-digit number to summarize the state of your credit. A credit score is a number that summarizes the historical credit information on a credit report. The number reflects the likelihood that you will become delinquent on a loan or a credit obligation in the future.Question 02
What is the number-one contributing factor to a good credit score?
- a. Length of credit history
- b. Amounts you owe
- c. Payment history
CORRECTPaying bills on time is generally the single most important contributor to a good credit score. Being late on any bill, for any length of time, is a possible indication of future nonpayment of debt and is almost always viewed negatively by lenders. Any late payments will remain on your credit report for up to seven years.Question 03
Does each consumer have just ONE generic credit score?
- a. Yes
- b. No
- c. Don't Know
CORRECTThe answer is "no." Most Americans have many generic scores reflecting the use of the scoring system and the source of the credit report—Experian, Equifax, or TransUnion. One of the most common myths about credit scores is that there is only one credit score. Web sites or financial advisers who claim there is only one "real" credit score either are misinformed or are being misleading. In fact, there are many different credit scores used by lenders (according to some estimates, more than 1,000), although some scores are used more than others. While there are many credit scores on the market, VantageScore® is the first credit score developed jointly by Experian and the other national credit reporting companies, TransUnion and Equifax.Question 04
Your credit score affects?
- a. Whether you can get a loan
- b. Your interest rate
- c. Both A and B
CORRECTIn addition to using your credit score to help decide whether it's a good idea to give you money, lenders use the score to determine your rate. In general, the better the score, the lower the rate – and the lower your payments.Question 05
Who collects the information on which credit scores are most frequently based?
- a. FICO and VantageScore
- b. Three main credit bureaus – Experian, Equifax, and TransUnion
- c. Individual lenders
- d. Federal government
CORRECTThe answer is the "three main credit bureaus," which collect information on the credit use of more than 200 million Americans and make it available in credit reports. FICO and VantageScore have developed the most popular scoring systems for using credit reports to compute credit scores.Question 06
Lenders look at credit scores when deciding whether to extend which type of credit?
- a. Credit cards
- b. Mortgages
- c. Loans
- d. All of the above
CORRECTBanks, credit card companies, auto dealers, retail stores and other lenders decide if you get your loan. Most businesses that issue credit or loans use credit scores to quickly summarize a consumer's credit history, saving the need to manually review an applicant's credit report and providing a better, faster decision. Although many additional factors are used in determining whether or not you receive the credit you applied for — such as an applicant's income versus the size of the loan — a credit score is a leading indicator of one's basic creditworthiness. Credit reporting agencies do not make lending decisions.Question 07
How important is it to check the accuracy of your credit reports at the three main credit bureaus?
- a. Very Important
- b. Somewhat Important
- c. Not Very Important
- d. No Big Deal
CORRECTThe correct answer is "very important." Lenders may have provided inaccurate information, or failed to add accurate information, about your payment history to your credit reports. And, since many consumers have similar names, even accurate information may have been added to the wrong file. Fortunately, a federal law requires the three main credit bureaus—Experian, Equifax, and TransUnion—to provide on request a free copy of your credit report once a year. An easy way to get these reports is to visit www.annualcreditreport.com or call 877-322-8228.Question 08
Which of the following actions helps a consumer raise a low score or maintain a high one?
- a. Make all loan payments on time
- b. Avoid opening several credit card accounts at the same time
- c. Use a credit card keeping the balance under 25% of the credit limit
- d. All of the above
CORRECTThe correct answer is "all of the above," though it takes much longer to raise a low score than lower a high one. For example, someone with a good score may lose 100 points if they miss payments on two credit cards. But they may gain only 50 of these points back by making all mortgage, car, and credit card payments on time for six months.Question 09
After paying off a high-interest credit card, you should:
- a. Continue using it occasionally
- b. Close the account
- c. Use the full amount of available credit every month
INCORRECTYou may be tempted to close old accounts you're not using, but that won't help your credit scores and may actually hurt them. It reduces the amount of your available credit, which can lead to lower scores.Question 10
Which of the following does a credit score MAINLY indicate?
- a. Knowledge of consumer credit
- b. Amount of consumer debt
- c. Risk of not repaying a loan
- d. Financial resources to pay back loans
CORRECTThe answer is "risk of not repaying a loan." The other factors may influence this risk, but it is the risk itself that a credit score tries to measure.Question 11
How long can negative items on your credit history impact your score?
- a. 1 year
- b. 3 years
- c. 5 years
- d. 7 years
CORRECTNegative items generally affect your score for up to seven years, but, as time goes by, their impact lessens. If you pay your bills, keep account balances low and don't open a lot of new accounts, your score can rebound surprisingly quickly.Question 12
Are missed payments a factor used to calculate a credit score?
- a. Yes
- b. No
- c. Maybe
CORRECTPaying bills on time is generally the single most important contributor to a good credit score. Being late on any bill, for any length of time, is a possible indication of future nonpayment of debt and is almost always viewed negatively by lenders. Any late payments will remain on your credit report for up to seven years.Question 13
Which of the following is NOT considered when calculating your FICO score?
- a. Your payment history
- b. The types of credit you are using
- c. The amount of debt you owe
- d. Your income
CORRECTYour FICO score consists of 35% Payment History, 30% Amounts Owed, 15% Length of Credit History, 10% New Credit, 10% Types of Credit used. Credit scores use information from three key areas of your credit report: account information (such as credit cards, auto loans, student loans, mortgages and rent), public records (such as tax liens or bankruptcies) and inquiries (requests by lenders to view your credit). Information such as race, gender, where you live and marital status are not used in credit scores.Question 14
Applying for credit cards in order to just receive a free sign-up gift (t-shirt, mugs, etc.) has no impact on my credit profile?
- a. True
- b. False
INCORRECTOpening an account to get freebies such as filling out a credit card application just to get a free t-shirt, goofy hat, or official university credit card isn't worth the risk. Most students don't realize that applying for multiple credit cards in a short period of time may cause the credit bureaus to regard this as very risky behavior, which in turn drives their credit scores down.Question 15
Is marital status a factor used to calculate a credit score?
- a. Yes
- b. No
- c. Maybe
CORRECTMarital status is not one of the factors used to calculate a credit score. If you hold a joint credit account, have cosigned a loan or have authorized use of another person's credit, these items could affect a score if they appear on your credit report. It's important that joint account holders or authorized users understand that their credit behavior does affect the other joint account holder or main account holder.Question 16
Does a cell phone company use a credit score to decide whether a person can buy a service and/or what price they'll pay?
- a. Yes
- b. No
- c. Maybe
CORRECTCell phone companies may use credit scores to decide whether you can buy a service or if a deposit will be required.Question 17
Does a mortgage lender use a credit score to decide whether a person can get credit and what interest rate they'll pay?
- a. Yes
- b. No
- c. Maybe
CORRECTMortgage lenders use credit scores to help them decide if you can get credit and what interest rate you'll pay.Question 18
Does a landlord use a credit score to decide whether a person can rent a property and/or what price they'll pay?
- a. Yes
- b. No
- c. Maybe
CORRECTLandlords use credit scores to decide whether you can rent a property and/or what price you'll pay.Question 19
Does an electric utility use a credit score when establishing service for a consumer?
- a. Yes
- b. No
- c. Maybe
CORRECTElectric utilities may use credit scores as they evaluate whether or not to require a deposit.Question 20
Your credit card company just increased the spending limit on your card. Will this help or hurt your credit score?
- a. Help
- b. Hurt
CORRECTAs long as you don't borrow more money, the higher limit improves your credit utilization ratio, which is the percentage of your available credit that you've used. Lenders like you to use only a small percentage of your available credit so you don't appear to be maxing out your cards. Charging $3,000 when you have a $10,000 limit, for example, looks a lot better than charging $3,000 when your limit is only $5,000.Question 21
In regards to a married couple purchasing a home, the mortgage lender uses which credit score when more than one borrower is applying together?
- a. The highest score between both people
- b. The lowest middle score between both people
- c. The average of all scores
- d. The median score between both people
CORRECTBoth you and your spouse have individual FICO scores. When you apply for credit stating your joint income, lenders will usually look at both of your FICO scores when evaluating your loan application. For example if your FICO scores are 750, 730, 700, your middle score is 730. If your spouse has FICO scores of 640, 600, 650, your spouse's middle score is 640. The lender will then take the lower of the two middle scores. So in this example your score is 640 which may lead to higher rates.
Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
email: kentuckyloan@gmail.com
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
-- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
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I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Different Types of Kentucky Home Loans
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Different Types of Kentucky Home Loans: Different Types of Kentucky Home Loans 5 popular programs that Kentucky Home buyers use to purchase their first home. ...
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Louisville Kentucky Mortgage Lender VA Home Loans
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Kentucky USDA Rural Housing Loans : Kentucky Rural Development Home Mortgage Loans Gui...
Kentucky USDA Rural Housing Loans : Kentucky Rural Development Home Mortgage Loans Gui...: Terms/Product Fixed: 30 Yr. only Underwriting All loans are run through GUS (Guaranteed Underwriting System). Must b...
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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