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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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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KY USDA Rural Housing Update 2016

Kentuckykentucky rhs loankentucky rural development loanky first time home buyerRefinancingrhsRural housingUnited States Department of AgricultureUSDA Rural Developmentzero down kentucky home loan

Unknown's avatarKentucky USDA Mortgage Lender for Rural Housing Loans

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RHS Guideline Handbook Update
Effective for all loan commitments issued on or after March 9th, RHS is publishing an updated version of their 3555 handbook. The new handbook includes additional guidance and clarification on many previously vague subjects, including the following changes
  • If the credit report on a loan with RHS approval will expire prior to loan closing, a new credit report outside of GUS can be pulled. If the new report shows no changes to credit, then the loan does not need to be resubmitted to RHS for re-approval.
  • RHS considers a loan as qualifying for conventional credit if all of the following are true
    • Borrower has eligible assets to meet a 20% down payment AND reasonable closing costs; AND
    • The loan meets all current FNMA guidelines
  • Assets should be calculated using the lesser of a two month average balance or the current bank statement/recent VOD.
  • Debts…

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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 $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