Kentucky First Time Home Buyer Loan Options

Joel Lobb  Mortgage Loan Officer

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/

NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574
Get Approved Now Click Here

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).

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FHA loans are a popular option for Kentucky home buyers' with bad credit

 FHA loans are a popular option for Kentucky home buyers' with bad credit, but there are certain requirements you'll need to meet to qualify. Here's a quick overview:

Credit score:

* The minimum credit score for an FHA loan in Kentucky is 500 to 580 depending on your credit score and down    payment. However, some lenders may accept scores as low as 500 with a larger down payment (10% instead of 3.5%).

Debt-to-income ratio:

* Your debt-to-income ratio (DTI) is your monthly debt payments divided by your gross monthly income. Most lenders prefer a DTI below 50%, but some may allow up to 56.9%.

Down payment:

* The minimum down payment for an FHA loan is 3.5% of the purchase price.

Employment and income:

* You'll need to have steady employment for at least two years and sufficient income to cover your monthly mortgage payment.

* You'll also need to meet other requirements, such as having a valid Social Security number and homeowner's insurance.

If you have bad credit and are considering an FHA loan in Kentucky, it's important to shop around and compare rates from different lenders. You may also want to consider talking to a credit counselor to help improve your credit score before you apply.

Joel Lobb  Mortgage Loan Officer

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/

NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574
Get Approved Now Click Here

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).

 Qualifying for a home loan in Kentucky as a first-time homebuyer

Buying a home is a major financial decision, and it's important to make sure you're financially qualified before you start shopping for homes. Here are some key things to consider when qualifying for a home loan in Kentucky as a first-time homebuyer:

* Credit score: Your credit score is one of the most important factors in determining your eligibility for a home loan and the interest rate you'll be offered. Aim for a credit score of 580 or higher to get the best rates.

* Debt-to-income ratio: Your debt-to-income ratio (DTI) is the amount of your monthly debt payments divided by your gross monthly income. A lower DTI ratio is better, and most lenders prefer a DTI ratio of 50% or lower.

* Down payment: While a 20% down payment is traditional, there are many loan programs available that allow you to put down as little as 3% or even 0% down. However, keep in mind that a larger down payment will result in a lower monthly mortgage payment and may help you avoid paying private mortgage insurance (PMI).

* Income: Your income will need to be sufficient to cover your monthly mortgage payment, property taxes, homeowners insurance, and other housing costs. Use Gross income and not net income to qualify for a mortgage payment

* Employment: Lenders will want to see that you have a steady job history and sufficient income to make your mortgage payments. Stable 2 year work history 

In addition to the above, there are also a number of down payment assistance programs available for first-time homebuyers in Kentucky. These programs can help you reduce the amount of money you need to come up with upfront for a down payment.

Here are some of the down payment assistance programs available in Kentucky:

* Kentucky Housing Corporation (KHC) Down Payment Assistance Programs: KHC offers a variety of down payment assistance programs for first-time homebuyers, including the KHC Conventional Preferred Program, the KHC FHA Advantage Program, and the KHC USDA Rural Development Guaranteed Loan Program.

* Federal Housing Administration (FHA) Loans: FHA loans are government-insured loans that allow for down payments as low as 3.5%.

* Veterans Administration (VA) Loans: VA loans are available to eligible veterans and active duty service members and allow for 0% down payments.

If you're thinking about buying a home in Kentucky, be sure to do your research and talk to a lender to get pre-approved for a mortgage. This will help you determine how much you can afford to spend on a home and give you a better idea of what loan options are available to you.

https://kyfirsttimehomebuyer.wordpress.com/

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The reasons you will get turn down for a mortgage loan in Kentucky.

 There are several reasons why people in Kentucky might get turned down for a mortgage loan. These reasons can be broadly categorized into issues with the borrower or the property:

Borrower-related reasons:

• Credit score: Low credit scores (generally below 620) are a major factor in loan denials. Having a history of late payments, delinquencies, or collections can negatively impact your score.
• Debt-to-income ratio (DTI): This ratio compares your monthly debt payments to your gross income. A high DTI (generally above 50%) indicates you have a lot of debt compared to your income, making it harder to afford a mortgage payment.
• Employment history: Lenders prefer borrowers with stable employment and income. Recent job changes, gaps in employment, or insufficient income documentation can raise concerns.
• Down payment: A smaller down payment increases the loan amount and loan-to-value ratio (LTV), making the loan riskier for lenders. In Kentucky, FHA loans require a minimum 3.5% down payment, while conventional loans typically require 20%.
• Insufficient assets: While not always a disqualifier, having limited savings or assets can weaken your application by reducing your financial cushion.

Property-related reasons:

• Appraisal value: If the appraised value of the property is lower than the purchase price, it creates a high LTV, making the loan riskier for lenders.
• Property condition: Major repairs or structural issues with the property could require significant investment before closing, which lenders may not be comfortable with.
• Location: Properties in floodplains or other high-risk areas may be ineligible for certain loan types or require additional insurance.

Here are some resources that can help:

• Reasons loan denied in Kentucky https://www.mylouisvillekentuckymortgage.com/2010/10/get-approved-for-mortgage-or-home-loan.html

Joel Lobb  Mortgage Loan Officer

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/

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Louisville Kentucky First Time Home Buyer Programs

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