Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans $100 down FHA program, FHA, FHA Back to Work Program Ky, first time buyer kentucky, HUD HOMES $100 Down, HUD REO PROPERTIES ELIGIBLE FOR THE $100 DOWN PAYMENT, Kentucky FHA HUD Homes for $100 Down, Kentucky FHA Important Links, Kentucky Housing, KY FHA LOANS, Louisville Ky Home Loans, student loan guidelines for FHA

Getting a FHA Loan Approved with the new Guidelines for Student Loans in Kentucky for 2018

2018 KENTUCKY FHA MORTGAGE GUIDELINES FOR APPROVAL WITH STUDENT LOANS

images-3

Student Loan Payment Calculation
Must include all student loans in the borrower’s liabilities, regardless of the payment type or status of payments.

Calculation of monthly obligation, regardless of the payment status, must use either:
the greater of:
• 1 percent of the outstanding balance on the loan; or
• the monthly payment reported on the borrower’s credit report; or

the actual documented payment, provided the payment will fully amortize the loan over its term.
Additional documentation required if the payment used for the monthly obligation is:
• less than 1 percent of the outstanding balance reported on the borrower’s credit report;and
• less than the monthly payment reported on the borrower’s credit report.
Provide written documentation of the actual monthly payment, the payment status, and evidence of the outstanding balance and terms from the creditor.
Guide Reference – 4000.1 II.A.4.b.iv(H) (TOTAL) and II.A.5.a.iv.(G) (Manual)

gotquestion-1

50dd9-object_preapproval

I can answer your questions and usually get you pre-approved the same day.

Call or Text me at 502-905-3708 with your mortgage questions.
Email Kentuckyloan@gmail.com






 
 


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

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). I lend in the following states: Kentucky
Posted by at 12:21 PM

 

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans $100 down FHA program, FHA, FHA Guidelines, FHA Streamline Refinance, first time buyer kentucky, Kentucky FHA HUD Homes for $100 Down, KY FHA LOANS, Loan Limits for FHA, Louisville Ky Home Loans

Kentucky FHA Loan Limits for 2019

Kentucky FHA Loan Limits for 2019
FHA has announced new loan limits for 2019. For all FHA loans with Case Numbers assigned on or after January 1st, the following will be effective
 these values are updated to coincide with the new FNMA loan limit floor values.

Kentucky Lending Limits for FHA Loans in KENTUCKY Counties

FHA mortgage lending limits in KENTUCKY vary based on a variety of housing types and the cost of local housing. FHA loans are designed for borrowers who are unable to make large down payments.

kentucky fha loan limits for 2019 will be $314,827

HUD Announces Higher FHA Loan Limits for 2019

December 20, 2018 – The HUD official site has announced higher FHA home loan limits for 2019. The higher loan limits are attributed to what the agency describes as “robust” increases in median housing prices over the last year. Nationwide, the limit for “average” housing markets-defined as those not in high-cost or low-cost areas-is set in 2019 at $314,827.

That is an increase from 2018 when the limit was set at $294,515.

 

1http://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

http://www.nmlsconsumeraccess.org/
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 underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

images (3)

 

 

Kentucky FHA Lending Limits

2019 Kentucky FHA limits include the following cities of  Fort Thomas, Erlanger, Florence, Ashland, Frankfort, Lexington, Richmond, Somerset Elizabethtown, Louisville, Owensboro, Hopkinsville, Fort Campbell North, Mayfield, Paducah, Madisonville, Henderson, Radcliff, Fort Knox, Georgetown, London, Bowling Green, E-town, Shepherdsville, Mount Washington, Lagrange, Shelbyville, Independence,  Hodgenville, Brandenburg, Morehead, Danville, Versailles, Lawrenceburg, Simpsonville, Winchester, Williamstown, Pikeville, Munfordville, Prospect, Crestwood, St. Matthews, Highlands,

 

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans $100 down FHA program, FHA Approved Condo Kentucky, FHA Back to Work Program Ky, FHA Co-signors, FHA Guidelines, fha mortgage insurance premiums, FHA Streamline Refinance, fico scores FHA loan, first time buyer kentucky, Kentucky FHA Important Links

Kentucky FHA loans

Kentucky FHA loans have always been a great alternative for people who don’t quite qualify for Conventional financing.  The guidelines are more forgiving allowing for smaller down payments, higher debt to income ratios, some credit issues, and more sources for the down payment. 

The great thing is that the interest rate is only slightly higher than a conventional loan. Sometimes the interest rate is actually lower.  Remember this!  IF you go to a Kentucky Mortgage Broker or a Bank and the rate quoted is exceptionally higher, they are charging you too much.  Call around for quotes.  You will usually get a better rate from a Kentucky Mortgage broker.

Advantages:

  1. Kentucky FHA loans are not as strict on credit scoring. We can go down to a 580 credit score with compensating factors and if it makes sense.
  2. High debt to income ratios: 31% / 55%
  3. 100% of down payment can be a gift from: relative, close friend, or employer. Currently Kentucky Housing will give you up to $6,000 for down payment assistance with Kentucky FHA mortgage loans
  4. Seller, builder, or realtor can pay up to 6% of the sales price towards the buyers closing costs, discount points, prepaids,  and up front mortgage insurance premium.
  5. Buyer can finance closing costs into the loan, except for prepaids and discount points.
  6. Credit criteria is not as strict as a Conventional loan.  In fact, you might qualify if you have filed a chapter 13 bankruptcy and have been in it for at least one year.

Disadvantages:

  1. Kentucky FHA mortgage insurance may be more expensive than Conventional mortgage insurance.
  2. Maximum loan amounts are lower than conventional loans and they are determined by area.