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Kentucky First Time Home Buyer Programs

What home loan programs are available to first time home buyers in Kentucky? 

1. FHA Loans in Kentucky
I do not have a lot of money for a down payment and have some credit issues in the past. 
Loan Features:
  • Great for First Time Home buyers in Kentucky
  • Low Down Payment of 3.5%
  • Easy Credit Qualifying with credit scores of 500 and above
  • 2 years removed from bankruptcy

kentuckyfhaloan.wordpress.com

KENTUCKY FHA

MORTGAGES
Government-backed loans with flexible guidelines.500 minimum credit score with 10% down payment3.5% down payment with 580 credit score2 years removed from bankruptcyCan be combined with down payment grants for $0 down payment
Max loan $336,000 in Kentucky
2 year work history with no gaps over 6 months




2. USDA Loans in Kentucky

I live in a rural area and need financing for a home and have no money down in Kentucky for a home loan



Loan Features:
  • Great for those with Low to Moderate Income. 
  • Up to 100% Financing
  • Flexible Underwriting Guidelines and Credit Qualifications
  • Household Income & Property Geographic Limitations Apply
Learn More


kentuckyusdaloan.com

KENTUCKY USDA

MORTGAGES
Government-backed loans with flexible guidelines.Zero Down Payment581 Minimum Credit Score3 years removed from BankruptcyMax Income and Property Map Eligibility Requirements
2 year work history with no gaps over 60 days

3. Conventional Loans in Kentucky

I am able to make a larger down payment and have a good credit score.



mylouisvillekentuckymortgage.com

KENTUCKY CONVENTIONAL FIXED RATE

MORTGAGES
Get your fixed interest rates for eligible buyers.620 minimum credit score3% down payment4-7 years removed from Bankruptcy Depending of if Chapter 7 or 13Max Loan is $509,000 in Kentucky
2 Year work history but does not have to be same job



Loan Features:
  • Great for those with Moderate to High Income
  • As Little as 5% Down Payment (only 3% for First-Time Homebuyers)
  • 20% Down Payment Removes Mortgage Insurance Premiums
  • Flexible Terms
Learn More

4. VA Loans in Kentucky

I am an active member of the military or a veteran in Kentucky



Loan Features:
  • Designed to Provide Financing to American Veterans
  • Up to 100% Financing
  • No Monthly Private Mortgage Insurance (PMI)
  • No minimum credit score
  • 2 years removed from bankruptcy

Learn More

kentuckyvaloan.wordpress.com

KENTUCKY VA

MORTGAGES
Government-backed loans for those who’ve served our nation. Zero Down Payment LoanNo minimum credit score2 years removed from bankruptcyActive Duty --like to see a least a year left in service or 6 months reserves and a job relatable ot your mos skill


5. FHA Manufactured Home Guidelines for Mobile homes in Kentucky




I want to purchase a manufactured home with land.


Loan Features:
  • Great for First Time Homebuyers
  • Low Down Payment
  • Easy Credit Qualifying
  • Easy Refinancing

Manufactured Housing

KHC requires an Affidavit of Conversion to Real Estate per KRS186A.297, when manufactured home is permanently affixed to land.

The Certificate of Title is surrendered.

If manufactured house has not been converted to real estate, then this can be done at closing.
The following items need to be uploaded in the Closed Loan Package:

A copy of the recorded affidavit and the surrendered title to the manufacture home.
A copy of the executed affidavit and title (to be surrendered) sent to the county clerk for recording.

If a new manufactured home, copy of the original certificate of origin from the manufacturer that is going to be delivered to the county clerk so that title can be ordered.

After title is received, affidavit is prepared for recording and title is surrendered.
Within 90 days or less from closing date, need original of newly recorded affidavit and coy of surrendered title.

Failure to send to KHC within timeframe could result in repurchase.
Affixations are not acceptable.

Do not record affixations with the mortgage.


Manufactured Housing Guidelines for Mobile homes in Kentucky


FHA and VA Loan with Manufactured Homes

Both new and existing manufactured housing is allowed.

FHA requires a foundation inspection by a structural engineer.

RHS Loans with Manufactured Home

KHC only allows new manufactured housing.

Dealer to property and set up like a stick built house.

Conventional Loans with Manufactured Home

Both new and existing manufactured housing is allowed with Conventional Preferred and Preferred Risk programs.

95% LTV / 105% CLTV.

No Structural Engineer inspection required for Conventional Loans


Learn More



http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu


Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708
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. 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.

How much income do I need qualify for Kentucky Home Loan?



Kentucky Lender's Criteria: Debt-to-Income Ratios



From a Kentucky Mortgage lender's perspective, your ability to purchase a home depends largely on the following factors:


Front-End Ratio



The front-end ratio is the percentage of your yearly gross income dedicated toward paying your mortgage each month. Your mortgage payment consists of four components: principal, interest, taxes and insurance (often collectively referred to as PITI) A good rule of thumb is that PITI should not exceed 31% of your gross income. If you make $100,000 a year, then your max house payment to include escrows for home insurance, mortgage insurance, property taxes would be $2583.00


Back-End Ratio


The back-end ratio, also known as the debt-to-income ratio, calculates the percentage of your gross income required to cover your debts. Debts include your mortgage, credit-card payments, child support and other loan payments. Most lenders recommend that your debt-to-income ratio does not exceed 45% of your gross income. To calculate your maximum monthly debt based on this ratio, multiply your gross income by 0..45 and divide by 12. For example, if you earn $100,000 per year, your maximum monthly debt expenses should not exceed $3,750 with new mortgage payment. Utility bills, car insurance, cell phone bills, insurance payments does not factor into this ratio. Only bills listed on credit report and 401k loan and child support payment






If you are looking to purchase your first home, you have probably been doing your research about properties in your area, where you might be able to obtain a loan and how to qualify for it. A key term you may recognize from all that research is "debt-to-income ratio," which refers to the figure you get when you add up all your monthly debt payments and then divide that number by your monthly income. In laymen's terms, the debt-to-income ratio gives potential mortgage lenders an idea of how much your expenses are each month in comparison to how much you actually earn.


Depending on where you are in the home-buying process, you may have a good idea of where your credit score lands. As important as a strong credit score is, however, a favorable debt-to-income ratio is arguably of equal importance, and it may be just as closely scrutinized by any potential mortgage lender.



Front-end ratios vs. back-end ratios




When you try and obtain a loan, expect possible lenders to review two types of debt-to-income ratio. The front-end ratio, or "housing" ratio, gives them an idea of what percentage of your monthly income would have to go toward home-related expenses, such as the mortgage, associated taxes and any additional fees, such as homeowner's association expenditures, that may apply.


The back-end ratio, on the other hand, takes a more cumulative approach and compares your monthly income to all your expenses, from the housing-related ones to school tuition, child support, car payments and any other financial obligations you may have.


The ideal debt-to-income ratio



The exact percentage your lender will look for will likely vary based on factors such as your credit score, how much you have in your savings account and how much you have to put down for your down payment. Most standard lenders, however, prefer to see something in the ballpark of 28 percent for a front-end ratio. For a back-end ratio, they will likely look for a percentage that does not exceed 36 percent. Federal Housing Authority lenders typically look for a front-end ratio of about 31 percent and a back-end ratio that does not exceed 43 percent.


Lower a high ratio



Simply put, the most effective way to lower a high debt-to-income ratio and therefore make yourself more appealing to lenders is to pay off some of your debt. If you have a cosigner who may be willing to help you out with a loan, that could serve as an additional method of getting around a high ratio.





Joel Lobb (NMLS#57916)
Senior Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346



Text/call 502-905-3708


kentuckyloan@gmail.com





If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.


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#57916http://www.nmlsconsumeraccess.org/





First Time Home Buyer in Kentucky Zero Down, First Time Home Buyer Louisville Kentucky Mortgage, Kentucky Mortgage Rates FHA VA KHC, Kentucky Rural Development Loans, Kentucky VA Loan Approval, USDA loans

Can you use Non-taxable income like Child Support, Social Security, Workers Compensation to qualify for a Kentucky Mortgage Loan?


You can use child support, social security, and workers compensation as long as it will continue for the next 3 years.

On a note for Child support, you have to show you have been getting the last 12 months consistently to use that income.

Another favorable option in using non-taxable income, is that you can gross it up to 115% to 125% in most cases to show you have more qualifying income.

Fannie Mae, USDA, VA, Conventional loan programs will let you gross up the income by 125%.

For example, if you grossed $1000 a month, then on a VA, USDA  or Conventional  loan you could have a qualifying income of $1,250 to qualify for more of a house payment.

FHA will allow for 115% grossing up of non-taxable income. So on a $1,000 gross monthly income, the max income used to qualify monthly would be $1,150.00

Some lenders may create overlays to these agency guidelines, so keep that in mind.

It is best to use in most cases the lowest income to qualify in my opinion so just be on the safe side.


see chart below for FHA, VA, USDA, and Fannie Mae Conventional loan guidelines.

child support, Debt to Income Ratio, FHA Loans - Income Qualifications, income, non-taxable income,
child support, Debt to Income Ratio, FHA Loans - Income Qualifications, income, non-taxable income, 

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