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
Pages
- 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
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Credit Scores Required For A Kentucky Mortgage Loa...
The Dos & Don’ts of Applying for a Mortgage in Kentucky
DO maintain up-to-date records The mortgage application process is paperwork-heavy, and lenders could ask you to pull up records at a moment’s notice. To make things easier for yourself, make sure you have the following records readily available:
- Income: Underwriters typically verify income and tax documents through your employer, so hold onto new paystubs as you receive them.
- Assets: It’s best practice to save all incoming account statements in the order in which you receive them; keep all numbered pages of each statement.
- Gifts: If you’re receiving any gift money from relatives, they’ll need to sign a gift letter (which your loan officer will provide) and an account statement evidencing the source, which must be “seasoned” funds.
- Current Residence: If you’re currently renting, continue to pay your rent on time and save proof of payment. If you intend to sell your current residence, be prepared to show your HUD-1 Settlement Statement. If you plan on renting out your home, you may need to show sufficient equity, a lease, and receipts for the security deposit and first month’s rent.
DO keep your credit score in mint condition. Continue to make payments on time. The lender might pull your credit report again, and any negative change to your score could jeopardize your approval.
DO understand that things change. The requirements to receive approval for a home loan are always changing, and underwriters require more documentation now than they have in the past. Even if requests seem silly, intrusive or unnecessary, keep in mind that if they didn’t need it, they wouldn’t ask for it.
DON’T apply for new credit. Changes in credit can cause delays, change the terms of your financing or even prevent you from closing on a home. If you must open a new account (or even borrow against retirement funds), be sure to consult your loan officer first.
DON’T change jobs midway through the process. Probationary periods and career or status changes — such as from a salaried to a commission-based position, leave of absence or new bonus structure — can be subject to strict rules.
DON’T make undocumented deposits. Large (and sometimes even small) deposits must be sourced unless they’re identified. Make copies of all checks and deposit slips, keep your deposits separate and small, and avoid depositing cash.
DON’T wait to liquidate funds from stock or retirement accounts. If you need to sell investments, do it now and document the transaction. Don’t take the risk of the market working against you, leaving you short on funds for closing.
Dos & Don’ts of Applying for a Mortgage in Kentucky
What NOT To Do After You Apply for a Kentucky Mortgage Loan Approval
Congratulations! You applied for your loan and maybe you finally found the house of your dreams. You made a bid, had it accepted by the seller, and went through the mortgage application process. It looks like you'll qualify. The closing is only weeks away, and you are feeling pretty good.
It's smooth sailing from here, right? Probably. However, more than one buyer has had the wind taken out of his sails at this point in a real estate transaction. If at all possible, steer clear of the following "NO-NOs" until AFTER you have gone to settlement.
· Do not take on new debt or apply for new credit cards. The temptation is strong. There are so many big purchases people potentially want to make in connection with a move: appliances, window treatments, furniture, etc.. When you add to this the fact that, today, everyone offers easy terms and no money down - well, why not just do it? Answer: because you will change what the industry calls your "back-end ratios" ( the relationship of your income to your debt). It could also lower your credit score.
· Do not be difficult to reach. The loan officer or processor may need to reach you for additional information or documents. Check your voice mails and emails often. Check your junk email file also. Communication is the key to a smooth closing.
· Do not quit your job, change jobs or take a leave of absence. If at all possible, try not to make a career move during the time between your mortgage application and the closing on the home you are purchasing. But, you ask, "What if it is a BETTER job, for MORE money, in a DIFFERENT field?" Still, try and wait until AFTER closing. One of the factors mortgage companies consider is length of present employment; they are partial to stability. At the very least, changing jobs initiates the need for more paperwork, and maybe a delay in closing.
· Do not stop paying your bills. Pay all your bills on time including rent or mortgages.
· Do not pack too soon. Well, go ahead and pack your clothes and pictures. But, do not pack away your bank statements, tax returns, or other important paperwork. Most especially, do not pack away your checkbook! More than one buyer has had closing delayed while a friend or relative hurried over with additional funds because the checkbook was in the moving van.
· Do not lease a new car. This should go under the general heading of "no new debt". It is highlighted here because, for some strange reason, many buyers do run right out and lease a new car during the intervening time between mortgage application and closing! As with any debt, this will change your "back-end ratios", and may cause you not to qualify for your mortgage.
· Do not throw away pay stubs, bank statements, or other financial documents.
· Do not spend your money needed for closing.
· In short, do nothing that negatively impacts your ability to qualify for your mortgage loan, or initiates a new round of paperwork.
| ||||||||||
|
These suggestions are merely that - suggestions. No one is saying, flat out, that bad things will necessarily follow if you do any of the above. They are offered as cautions. Many buyers seem to view the mortgage application procedure as an static entity, a snap shot of their financial lives at a given moment in time. It is not. It is an on-going process that can take into account everything you do right up until the day of closing.
What NOT To Do After You Apply for a Kentucky Mortgage Loan Approval
100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: Kentucky USDA Rural Housing Mortgage Lender: How t...
Disputes on Credit Report and Kentucky Mortgage Loan Approval?
Kentucky First Time Home Buyer Programs to Consider for 2022 Kentucky Homebuyers.
First Time Home Buyer Programs to Consider for 2022 Kentucky Homebuyers.
- Kentucky Federal Housing Administration (FHA) loans: “With a 3.5% down payment, Kentucky homebuyers may be able to get an FHA loan with a 580 credit score or higher. If you can manage a 10% down payment, though, that minimum goes as low as 500.”
- Kentucky Conventional loans: “The most popular loan type typically comes with a 620 minimum credit score.”
- US. Department of Agriculture (USDA) loans: “In general, lenders require a minimum credit score of 620-640 for a USDA loan, though some may go as low as 580.”
- US. Department of Veterans Affairs (VA) loans: “VA loans don’t technically have a minimum credit score, but lenders will typically require between 580 and 620.”
Senior Loan Officer
I
Zero Down Kentucky Mortgages
ATTENTION: KHC has announced changes to the Down Payment Assistance Programs! This is great news for buyers in Kentucky!
1. KHC is increasing the down payment assistance program amount from $6,000 to $7,500. This is for both Regular Down Payment and for Affordable Down Payment assistance programs
2. The interest rate on the repayment of the down payment assistance will go from 5.5% to 3.75%. (Affordable Down Payment assistance will remain at 1%)
Realtors: We are here to help you and your clients take advantage of these great opportunities.
Buyers: We are here to answer questions you have regarding this program and qualification requirements.
KHC is used for mostly applicants in Kentucky that don’t have access to money for a down payment on their home.
Regular DAP
- Purchase price up to $346,644 with Secondary Market.
- Assistance in the form of a loan up to $7,500 in $100 increments.
- Repayable over a 10-year term at 3.75 percent.
- Available to all KHC first-mortgage loan recipients.
Affordable DAP
- Purchase price up to $346,644 with Secondary Market.
- Assistance up to $7,500.
- Repayable over a 10-year term at 1.00 percent.
- Borrowers must meet Affordable DAP income limits.
Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $500 on credit reports
Consumer Reporting Agencies to Remove Most Medical Debt From Credit Reports
The three nationwide credit reporting agencies, Equifax, Experian and TransUnion, announced that effective July 1, 2022, they will no longer include medical debt that was paid after it was sent to collections on consumer credit reports.
The companies’ CEOs provided a joint statement on the decision to change their approach to medical collection debt reporting:
“Medical collection debt often arises from unforeseen medical circumstances. These changes are another step we’re taking together to help people across the United States focus on their financial and personal wellbeing,” said Mark W. Begor, CEO Equifax; Brian Cassin, CEO Experian; and Chris Cartwright, CEO TransUnion. “As an industry we remain committed to helping drive fair and affordable access to credit for all consumers.”
The time period before unpaid medical collection debt would appear on a consumer’s report will be increased from 6 months to one year, according to a press release, “giving consumers more time to work with insurance and/or healthcare providers to address their debt before it is reported on their credit file.”
In the first half of 2023, Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $500 on credit reports.
The changes will remove nearly 70% of medical debt in collections accounts from consumer credit reports.