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

Kentucky USDA Rural Housing Property Standards for the Guarantee Home Loan Program

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

    Sites must be modest and developed in accordance with any standards imposed by a State or local government. Therefore, the lender must verify that the following requirements are met at the…

Source: Kentucky USDA Rural Housing Property Standards for the Guarantee Home Loan Program

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

Kentucky FHA Mortgage Loan Updates For You

Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

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 Mortgage Loan Updates For You

Full commissioned buyer with 1 year on the job pre-approved:  FHA will allow for a borrower to only be commissioned sales for 1 year!
FHA’s new student loan guideline:  FHA’s new bulletin announces that lenders can no longer use an IBR (Income Based Repayment) for figuring student loan payments effective 6/30/16!  This hurts but there is some good news in the announcement.

When does FHA 3 year foreclosure date start?  FHA allows for a foreclosure to be 3 years ago.  The 3 years starts on the date which the former home was deeded out of the borrower’s name and the FHA case file number must be assigned 3 years after that date.

important information

  • DO NOT quit your job or open any new debts as it could deny your loan! – believe it or not borrowers do this…

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

Student Loans and their Impact in the Total Debt Ratio for a Kentucky Rural Housing USDA Loan Approval

Kentucky USDA/Rural Development Changes for Student Loans in 2016
Student Loans and their Impact in the Total Debt Ratio for a USDA Home Mortgage in Kentucky

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

Student Loans and their Impact in the Total Debt Ratio for a USDA Home Mortgage in Kentucky Recent updates to the 3555 Handbook intended to simplify guidance for the delivery of the guarante…

Source: Student Loans and their Impact in the Total Debt Ratio for a Kentucky Rural Housing USDA Loan Approval

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

KY USDA Rural Housing Update 2016

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

Louisville, Kentucky VA Loan Requirements for 2016

Net Tangible Benefit Form
The Net Tangible Benefit Form for FHA Streamline loans has been updated to reflect all potential methods of meeting the current FHA Net Tangible Benefit requirement. The updated form has been uploaded to guidelines and can be found HERE. This version of the form should be used going forwards.

Clarification of FHA Definition of “Family Member”
In all instances where FHA uses the term “Family Member”, it is defined as any of the following:

Child: defined as any son, stepson, daughter, stepdaughter, or foster child
Parent: including step-parents and foster parents
Grandparent: including step-grandparents and foster grandparents
Sibling: defined as any brother, stepbrother, sister, or stepsister
Uncle
Aunt
Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption
Spouse or domestic partner
In-Laws: defined as any son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law of the borrower

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans down payment grant, FHA, first time buyer kentucky, First Time Home Buyer, Gift funds, Grants And Down payment Assistance, Kentucky Housing, KY FHA LOANS

Kentucky $15,000 Down payment Assistance Grant For Kentucky Home Buyers in 2016

 

 

New Income Limits for Jefferson County Kentucky and Louisville Home Buyers lacking a down payment.

The new income limits for Kentucky Housing loans are based on annual borrower income, and vary by county. Here’s how they break down for Central Kentucky and the Louisville area:

  • Purchase price up to $294,000 with Secondary Market and max household income is limited to $112,000 with MRB for Jefferson County Kentucky. No homeownership in last 3 years and a minimum credit score of 640. Max debt to income ratios of 40 an 45%

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 

phone: (502) 905-370
 
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

What are the property requirements for a USDA Rural Housing Loan in Kentucky?

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

LOUISVILLE, KENTUCKY FIRST-TIME HOME BUYER WHO COULD USE $15,000 IN FREE DOWN PAYMENT MONEY and 0% interest. Have you been waiting to buy a home?

This is truly a once in a lifetime gift and the money is first come first serve. You must have an accepted contract by January 20th to have the best chance at receiving the funds!

Questions and Answers below about the HHF DAP $15,000 Down payment assistance:

I have a buyer wanting to participate in the upcoming HHF DAP program. How do they register or apply? Have to wait until January 20, 2016 to register with KHC for first and DAP

Can we apply for it now or do we have to wait until January 20, 2016? WAIT

Do we register the loan like a regular dap loan? YES-but wont have the option to reserve until January 20, 2016

Lastly, do they have to have a house under contract? YES. Contract and application date can be before the loan reservation.
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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans KY FHA LOANS

$15,000 Down payment Assistance Grant for Kentucky First Time Homebuyers in 2016

Zero percent interest rate.
A non-repayable second mortgage up to $15,000.
Forgiven after five years.
Home purchase must be located in Christian, Hardin, Jefferson, or Kenton counties.
Applicants must meet secondary market income and buying limits..
• Borrower must be a first-time home buyer (no ownership interest in the last three years).
• Pre-purchase home buyer education required.

Minimum 640 credit score.
Maximum ratios of 40/45

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

Source: $15,000 Down payment Assistance Grant for Kentucky First Time Homebuyers in 2016

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

2016 KY USDA Rural Housing Income Limits for Kentucky Counties for the Guaranteed RHS 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

County NameFamily Size 1 -4Family Size 5 – 8
Adair$75,650$99,850
Allen$75,650$99,850
Anderson$78,900$104,150
Ballard$75,650$99,850
Barren$75,650$99,850
Bath$75,650$99,850
Bell$75,650$99,850
Boone$82,000$108,250
Bourbon$78,400$103,500
Boyd$75,650$99,850
Boyle$75,650$99,850
Bracken$82,000$108,250
Breathitt$75,650$99,850
Breckinridge$75,650$99,850
Bullitt$75,650$99,850
Butler$75,650$99,850
Caldwell$75,650$99,850
Calloway$75,650$99,850
Campbell$82,000$108,250
Carlisle$75,650$99,850
Carroll$75,650$99,850
Carter$75,650$99,850
Casey$75,650$99,850
Christian$75,650$99,850
Clark$78,400$103,500
Clay$75,650$99,850
Clinton$75,650$99,850
Crittenden$75,650$99,850
Cumberland$75,650$99,850
Daviess$75,650$99,850
Edmonson$75,650$99,850
Elliott$75,650$99,850
Estill$75,650$99,850
Fayette$78,400$103,500
Fleming$75,650$99,850
Floyd$75,650$99,850
Franklin$76,850$101,450
Fulton$75,650$99,850
Gallatin$82,000$108,250
Garrard$75,650$99,850
Grant$75,650$99,850
Graves$75,650$99,850
Grayson$75,650$99,850
Green$75,650$99,850
Greenup$75,650$99,850
Hancock$75,650$99,850
Hardin

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Kentucky FHA Mortgage Guidelines Changes for 2015

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Did You Know that Kentucky Mortgage FHA Income Requirements changed in October 2015?

• Job Changes –

FHA loan rules instruct lenders to, favorably consider a borrower for a mortgage if he/she changes jobs frequently within the same line of work, but continues to advance in income or benefits. In this instance, income stability takes precedence over job stability.

And FHA loan applicants who have been out of a job for a while but have since returned to employment may have their income considered effective and stable when recently returning to work after an extended absence if he/she:
–is employed in the current job for six months or longer, and
–can document a two year work history prior to an absence from employment using traditional employment verifications, and/or copies of W-2 forms or pay stubs.

Note: An acceptable employment situation includes an individual who took several years off from employment to raise children, then returned to the workforce.

• Employment Gaps –

For borrowers with gaps – FHA does not require a minimum length of time that a borrower must have held a position of employment. However, the lender must verify the borrowers employment for the most recent two full years, and the borrower must:
–explain any gaps in employment that span one or more months, and
–indicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such as college transcripts, or discharge papers.

When analyzing the probability of continued employment, the lender must examine –the borrowers past employment record
–qualifications for the position
–previous training and education, and
–the employers confirmation of continued employment

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Joel Lobb
Senior Loan Officer
(NMLS#57916)

 

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/