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

Frequently Asked Questions about FHA Kentucky Home Loans

Frequently Asked Questions about FHA Kentucky Home Loans

Unknown's avatarLouisville Kentucky Mortgage Loans

Frequently Asked Questions about FHAKentucky Home Loans

FAQ’s about Kentucky  FHA Home Loans

Q. Can only a first time home buyer use the Kentucky FHA loan program?
A. No. You can use  FHA home loans as many times as you desire when buying a home or doing a Kentucky  mortgage refinance. The onlyKentucky  FHA loan requirements is that you cannot have more than one outstanding FHA Kentucky  mortgage loan with a loan to value of higher than 75%. You can own rental property and purchase your primary residence using FHA mortgage financing.

Q. Can FHASecure refinance Kentucky FHA loans help me save my house from foreclosure?
A. Yes. The newly released FHA Secure loan program is designed to help people with subprime loans that have adjusted after June 2005 who currently have mortgage late payments or facing foreclosure can refinance using the FHA home loan…

View original post 396 more words

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

No Down Payment Mortgage Loan Louisville Ky

Credit score, Down payment, Federal Housing Administration, FHA, FHA insured loan, Insurance, Kentucky, khc, louisville, Louisville Kentucky, Mortgage, Mortgage insurance, Mortgage loan, Mortgages, Real Estate, Refinancing, USDA, VA loan, Zero down home loans

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

What paperwork is needed for a Mortgage Loan Pre-Approval in Kentucky?

Documents needed for Kentucky Mortgage Loan Approval, documents needed for loan pre-approval, FHA Loan Checklist for Approval, Kentucky Mortgage Approval

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

What Paperwork Will I Need?

Minimum Documentation List

  • Last 30 days pay stubs for all borrowers
  • Last 2 years w2 statement for all borrowers
  • Last 2 years tax returns, all schedules
  • Minimum: Verbal of source cash to close will come from (assets, gift, equity)

Additional Documentation – Verbal of balances ok to start

  • Last 60 days bank statements covering funds to close
  • 401k documentation if taking out loan against retirement

Complete Documentation List for Most – Will eventually be needed

  • Borrower’s Authorization form
  • Current Driver’s License for all borrowers
  • Social Security Card for all borrowers
  • 4506T Form signed – Authorization to order tax transcripts for income verification

Self Employed, Bankruptcy, Foreclosure, Short Sale or Deed in Lieu in Past

If you are self employed, or suffered a financial hardship in the past, expect that additional documentation will be asked for.

Self Employed

  • Evidence of 2 years as business entity (business…

View original post 375 more words

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

Kentucky USDA Income Limits for 2018 Changed to Higher Limits

2018 kentucky usda rural housing loan limits2018 usda income limitsBullitt County KY USDAcampbell county ky usda loanfirst time buyer kentucky usda loankenton county kentucky usda loankentucky usda income limts raised for 2018kentucky usda loanKentucky USDA Rural Development Guaranteed Housing Loan

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

2018 KY Rural Housing Income Limits Now Available for new homebuyers

The average county increase in Kentucky is 5%!

35265850_10216777916668552_6756577353016541184_n

18622120_813878052100100_1272040572071999952_nvia Kentucky USDA Income Limits for 2018 Changed to Higher Limits

View original post

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

Part-time earnings may not count when seeking a mortgage

First-time buyer, Kentucky, Louisville, Mortgage, mortgage underwriting guidelines, part time income, part time job, second job income

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

Part-time earnings may not count when seeking a mortgage.

The two-year rule for counting part-time income has been an industry standard for years and was recently incorporated into regulations adopted by the Consumer Financial Protection Bureau. The rationale is straightforward: If part-time income hasn’t been established for an extended period of time, it may not be dependable or available in the future to make monthly payments on a mortgage. The industry also has restrictions on qualifying seasonal income and overtime earnings.
 Part-time or second-job income may be used if it can be verified as having been uninterrupted for the previous 2 years and there is a strong likelihood of continuation. Seasonal income may be considered if the borrower has worked in the same job for the past 2 years, and expects to be rehired for the next season
 

Unacceptable Sources of Income


Income derived…

View original post 156 more words

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

Kentucky Manufactured Home Loans for Doublewide Mobile Homes for FHA, VA, USDA, KHC and Fannie Mae

New Manufactured Home Conventional Product
Announced at KHC’s Lender Luncheon last week, effective with reservations as of March 12, 2018, KHC will now allow manufactured homes with its conventional products, which is an exclusive for HFAs. This product has the same 660 credit score and ratios 40/50 as our conventional products, and can be used with new and existing properties.

Additionally, KHC will allow 95/105 percent CLTV. National Mortgage Insurance and Mortgage Guaranty Insurance Corporation have approved of this product, other mortgage insurance companies are currently reviewing it, but the loan can be used with our preferred risk (without mortgage insurance) product as well. KHC’s program guides have been updated to reflect this change.

When reserving the conventional program for a manufactured home, choose either Preferred MH or Preferred Risk MH with or without DAP in KHC’s loan reservation system.

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

Manufactured Homes Email Header-01.png
Kentucky Manufactured Home Loans for Doublewide Mobile Homes
Now Available 

Mortgage is excited to announce a wide variety of Kentucky Manufactured Housing finance options for your borrowers ranging across for Kentucky  FHA, VA, USDA, Fannie Mae and Freddie Mac loans. 
Government (USDA / VA / FHA KHC)Conventional (Fannie / Freddie) KHC

  • Minimum FICO 620
  • 30 year fixed rate
  • Double-wide or wider manufactured homes
  • Zero Down Payment
  • Minimum FICO 660
  • 30yr fixed rate
  • Double-wide or wider manufactured homes
  • 0 down payment required

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…

View original post 99 more words

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

Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval?

Understanding Credit Reports and Credit Scores for Kentucky Mortgage Loan Approvals for FHA, VA, KHC USDA and Fannie mae

Unknown's avatarLouisville Kentucky Mortgage Loans

via Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval?

Understanding Credit Reports and Credit Scores for Kentucky Mortgage Loan Approvals for FHA, VA, KHC USDA and Fannie mae

When it comes to getting a home loan, does your credit report and credit score really matter? Can you use the free credit score you got off the internet to apply for a loan?  What if your credit score is low, can you get a mortgage? What if it is high, will you get a better interest rate? And what the heck is FICO?

So many questions. You’ve searched the internet and are still confused. If you are new to getting a mortgage and are overwhelmed by understanding your credit score you are not alone. Your credit score has a big  impact on your ability to qualify for a loan and get a favorable interest rate. Therefore, you should…

View original post 964 more words

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

Louisville Kentucky Down Payment Assistance and Closing Costs

Kentucky FHA HUD Homes for $100 Down
Kentucky FHA Important Links
Kentucky Housing
Kentucky HUD $100 Down FHA Program for 2017
Kentucky Mortgage Interest Rates
Kentucky Real Estate and Kentucky Appraisal Links
Kentucky State Mortgage Rates
khc
khc down payment assistance

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

2018 Kentucky Housing Foreclosure List of Homes for Sale.

$5000 welcome home program $5000, 2018 hhf dap ky, 2018 khc grant, 2018 Welcome Home Program, down payment assistance khc, kentucky first time home buyer grant, Kentucky Housing Corporation, KHC loan, khc rates ky, KHC’s (Kentucky Housing ) First Mortgage Government

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

What is the minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan in 2018?

What is the minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan in 2018?

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

03_your_interest_rate_over_the_life_of_your_loan02_by_the_numbers_what_your_fico_score_meanscta_how_to_improve_your_credit_score

Four things to know about qualifying and closing a mortgage loan for Kentucky First Time Home Buyers

Kentucky First Time Home Buyers Questions Answered Below:

1.  Do Mortgage Interest Rates Change Daily?

Just like the gas prices at the pump,  mortgage rates can change daily or throughout the day.  Typically mortgage rates are published at 10-11 am daily by most lenders and you can lock up through the close of business which is usually around 6-7 PM.  Mortgage rates can change up or down throughout the day based on various financial, economics, and geopolitical news in the US Financial markets and World markets. Generally speaking, good economic news is bad for rates and vice versa, bad economic news is good for mortgage rates.

The good news is this: Once you find a home and get it under contract, you can lock your mortgage loan rate. Typically it takes about 30-45…

View original post 1,402 more words

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

Property Flipping Rules for Mortgages for FHA VA USDA Conventional Appraisals

appraisal flipping, fha appraisals, property flipping fha, property flipping va, property usda flipping, rhs appraisals, usda appraisals.

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

FHA MORTGAGE LOANS AND FLIPPING RULE FOR APPRAISALS
Resales Occurring 90 Days or Fewer after Acquisition:
 Not eligible for FHA financing
Resales occurring between 91 days and 180 Days after Acquisition:
 Obtain 2nd appraisal if resold between 91 to 180 days after acquisition
 Obtain 2nd appraisal if resale price is 100% or more over price paid by seller
 If 2nd appraisal is more than 5% lower than value of first appraisal, the lower value must be used
 Borrower not allowed to pay for 2nd appraisal
Exceptions to FHA Flipping Rules:
 Property purchased by an employer or relocation company due to relocation of an employee
 Resales by HUD – REO program
 Sales by other government agencies (i.e., IRS, court-ordered, DEA, etc.)
 Sales of non-profit agencies approved to purchase HUD properties
 Acquisition due to inheritance
 Sales of properties by federally chartered…

View original post 296 more words