Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans foreclosure, HUD Foreclosure, KY FHA LOANS

Foreclosure Guidelines for FHA Mortgage Loans in Kentucky

 

FHA Loans in Kentucky with Foreclosure in the Past:
  • 3 years from transfer date on Commissioner’s or Transfer deed must have elapsed prior to case number assignment date
  • An exception to the 3 year requirement may be granted if the foreclosure was caused by extenuating circumstances beyond the borrower’s control such as a serious illness or death of a wage earner and the borrower has re-established good credit since the foreclosure.  If the exception is granted, the loan must meet all manual underwriting guidelines.
  • Divorce is not an extenuating circumstance however an exception may be granted if the mortgage was current at the time of the borrower’s divorce and the ex-spouse received the property and the mortgage was later foreclosed.
  • Inability to sell the property due to job transfer or relocation is not considered an extenuating circumstance
  • 3 years from transfer of title.   Case number assignment cannot be ordered until the wait period has elapsed
  • Same Extenuating Circumstance criteria as Foreclosures
  • Pre-Foreclosure (Short Sale) exception for Borrower Current at the Time of Short Sale
  1. All mortgage payments on the prior mortgage were made within the month due for the 12 month period preceding the Short Sale;and
  2.  All installment debt payments for the same time period were also made within the month due
  • Exceptions to the 3 year wait time must follow manual guidelines
Joel Lobb
Mortgage Broker – FHA, VA, USDA, KHC, Fannie Mae
EVO Mortgage • Helping Kentucky Homebuyers Since 2001
📞 Call/Text: 502-905-3708
📧 Email: kentuckyloan@gmail.com
🌐 Website: www.mylouisvillekentuckymortgage.com
🏠 Address: 911 Barret Ave, Louisville, KY 40204
NMLS #57916 | Company NMLS #1738461
Free Info & Homebuyer Advice →
Kentucky Mortgage Loan Expert
FHA | VA | USDA | KHC Down Payment Assistance | Fannie Mae
Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval and program requirements.


Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

What is a Kentucky USDA Rural home loan?

Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

via What is a Kentucky USDA Rural home loan?

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

What are the current student loan guidelines for a Kentucky FHA, VA, USDA and Fannie Mae Conventional Mortgage loan.

Fannie Mae, FHA loan, kentucky mortgage student loans, student loan mortgage, STUDENT LOANS, USDA, VA loan, va mortgage

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans

aaaf9a21b3b923d060abfeabaaf30469Kentucky FHA Loan Guidelines for Student Loans:

Must be included in the borrower’s liabilities regardless of the payment type or

status. The payment amount must be either:

▪ The greater of:

· 1% of the outstanding balance on the loan or

· Monthly payment reported on the borrower’s credit report, or

▪ The servicer’s documented payment provided the payment will fully amortize

the loan over the repayment term period

Kentucky VA Mortgage Guidelines for Student Loans:

Deferred

A payment does not need to be included if written evidence supports that the

student loan debt will be deferred beyond 12 months of closing.

In Repayment

Include loans with payments starting within 12 months. Calculate threshold

payment as a rate of 5% of outstanding balance divided by 12 months. If credit

report payment is higher, use credit report payment. If current documentation

from student loan servicer reflects actual terms and payment for…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

How Can I Keep the House After the Chapter 7 Bankruptcy Discharges?

Things to Think About When Filing Bankruptcy and Getting a New Mortgage again in Kentucky.

ethanwalkeros's avatarBankruptcy Attorney in Chicago

What happens to my house and credit after the Chapter 7 bankruptcy discharge? There are a few different answers to this question depending on the choice made during the bankruptcy. If the filer decided to reaffirm their property during the Chapter 7 bankruptcy, the filer retains the property as if the bankruptcy never happened. The payments made on the reaffirmed debt will be reported to the credit bureau helping the filer rebuild their credit.

Now, let’s discuss the other option. What happens to my house and credit if the property is not reaffirmed? First, the filer can continue to live in the house as long as the monthly mortgage payment is made. Once all the payments are made and the debt is satisfied the bank or lien holder will release the lien. The drawback is for the filer who did not reaffirm the debt and trying to rebuild their credit…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Self-Employed with Income and Getting Approved for a Home Mortgage Loan in Kentucky?

Self-Employed with Income and Getting Approved for a Home Mortgage Loan in Kentucky?

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans

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Self Employed Income for FHA, VA, USDA and KHC Mortgage Loans Guidelines
 
• A borrower is considered self employed if they have 25% or more ownership in a business.
 
• Contract or 1099 employees are self employed borrowers
 
• There are 4 types of self employed business structures
o  Sole Proprietorships
o  Corporations
o  Limited Liability Company (LLC)
o  Partnerships
 
Tax Returns are always required for a self employed borrower.  Depending on the business structure, the borrower may have business returns in addition to their personal tax returns.
 
1099, Sole Proprietorships, and LLC self employed borrowers typically file Schedule C on their personal tax returns
 
Corporations and Partnerships will file Business Tax Returns in addition to their personal returns.  The business returns will include K1’s listing the borrower’s ordinary business income and percentage of ownership.
 
Corporation and Partnerships may also have W2 income…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Kentucky FHA HUD Homes for $100 Down

HUD HOMES $100 Down, HUD REO PROPERTIES ELIGIBLE FOR THE $100 DOWN PAYMENT, Kentucky FHA HUD Homes for $100 Down, Kentucky FHA Important Links, KY FHA LOANS

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans

Kentucky FHA HUD Homes for $100 Down.

via Kentucky FHA HUD Homes for $100 Down.

, FHA, FHA Back to Work Program Ky, FHA Co-signors, FHA Guidelines, fha mortgage insurance premiums, First Time Home Buyer, Homeownership Assistance Programs: Kentucky, HUD Foreclosure, HUD HOMES $100 Down, HUD REO PROPERTIES ELIGIBLE FOR THE $100 DOWN PAYMENT, Kentucky FHA HUD Homes for $100 Down, Kentucky FHA Important Links,KY FHA LOANS, Loan Limits for FHA, louisville ky fha seller contributions, Louisville Ky Home Loans, 

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Mortgage Borrowers Get Loan Approval With Lower Credit Scores in Kentucky 

What kind of credit score do I need to qualify for different first time home buyer loans in Kentucky?

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

Recent studies suggest that home buyers with low credit scores and high debt-to-income ratios may have an easier time qualifying for financing.

Source: Mortgage Borrowers Get Loan Approval With Lower Credit

 eligible Kentucky Map for Kentucky USDA Mortgage Loans for Rural Housing Mortgages in Kentucky
∘ What kind of credit score do I need to qualify for different first time home buyer loans in Kentucky?
Answer. Most lenders will wants a middle credit score of 620 to 640 for KY First Time Home Buyers looking to go no money down. The two most used no money down home loans in Kentucky being USDA Rural Housing and KHC with their down payment assistance will want a 620 to 640 middle score on their programs.
If you have access to 3.5% down payment, you can go FHA and secure a 30 year fixed rate mortgage with some lenders with a 580 credit score. Even though FHA on paper says they will go down to 500 credit…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

Kentucky FHA Loans Compared to Kentucky Conventional Loans

Kentucky FHA Loans Compared to Kentucky Conventional Loans

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

via Kentucky FHA Loans Compared to Kentucky Conventional Loans

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

What kind of income is allowed and needed for a FHA, VA, USDA and Fannie Mae Mortgage Loan Approval in Kentucky?

What kind of income is allowed and needed for a FHA, VA, USDA and Fannie Mae Mortgage Loan Approval in Kentucky?

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans

Income and your job history  plays a significant role when applying for a mortgage loan and getting approved for one for Kentucky Homebuyers . Mortgage Underwriters from FHA, VA, USDA and Fannie Mae  must follow both Fannie Mae  and agency guidelines when it comes to documenting and calculating qualifying income for a loan transaction. Income guidelines may vary slightly depending on the loan program and the borrower’s employment profile. Below are some general tips for W2 income.
Documentation that may be required
  • Paystub with year to date gross earnings
  • At least 1 year’s W2
  • Verbal or full VOE
Base Pay
  • Salaried and fixed hourly income is calculated by averaging the gross year to date income
  • Variable hourly income is calculated by averaging 12 month history
  • Commission and tip income is calculated by averaging over 24 months
  • No transcripts are required for salaried, hourly, or less than 25% commission W2 income borrowers
  • Unreimbursed…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

2018 Welcome Home Program for Kentucky Home Buyers.

Welcome Home Grant Kentucky $5000 Grant Information.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

via 2018 Welcome Home Program for Kentucky Home Buyers.

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

DEFERRED STUDENT LOANS AND DEBT RATIO CALCULATIONS Kentucky Rural Housing Loans and USDA Loans in KY

Debt Ratio and Deferred Student Loans Mortgage loan

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky USDA Mortgage Lender for Rural Housing Loans

DEFERRED STUDENT LOANS AND DEBT RATIO CALCULATIONS  for Kentucky Rural Housing Loans and USDA Loans in KY

RHS Student Loan DTIs

 

Due to the variable nature of some student loan plans, RHS is standardizing the process of including them in the debt ratio. All student loans will now require documentation verifying the current payment due.

For student loans which are Conventional, Fixed Payment, and/or Deferred:

  • Account statements will be reviewed and fixed monthly payment will be used with no adjustments.
  • Deferred student loans not in repayment will use an estimated payment of 1% of the loan balance unless a documented fixed payment from the loan servicer can be provided.

For student loans with Income Based Repayment plans:

  • If the current payment is greater than $100, that payment can be used.
  • If the current payment is less than $100 and total loan balance is greater than $10,000, a minimum $100…

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