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

Here are all the $0 Mortgage options in Kentucky

Here are all the $0 Mortgage options in Kentucky

VA – available to veterans, surviving spouses and active military. • VA Mortgages are always $0 down.• FICO Score – 620 preferable.• Need DD214 (honorable discharge) and Certificate of Eligibility.• Seller can pay up to 4% of closing costs.

USDA: the location of the property determines the $0 Down.• Seller can pay 6% of closing costs. • Income Limitations – Any primary home.

. FHA $0 Down – one of my lenders offers FHA Down Payment Assistance by way of a 2nd Mortgage.• FICO Score 620. • Ideal for First Time Home Buyers. • 2 Mortgages: 1 for 96.5% and 2nd for 3.5%.• Largest loan size based on county: $356,362• Seller can pay closing costs up to 6% of price

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

Here are all the $0 Mortgage options in Kentucky

VA – available to veterans, surviving spouses and active military. • VA Mortgages are always $0 down.• FICO Score – 620 preferable.• Need DD214 (honorable discharge) and Certificate of Eligibility.• Seller can pay up to 4% of closing costs.

USDA: the location of the property determines the $0 Down.• Seller can pay 6% of closing costs. • Income Limitations – Any primary home.

. FHA $0 Down – one of my lenders offers FHA Down Payment Assistance by way of a 2nd Mortgage.• FICO Score 620. • Ideal for First Time Home Buyers. • 2 Mortgages: 1 for 96.5% and 2nd for 3.5%.• Largest loan size based on county: $356,362• Seller can pay closing costs up to 6% of price

View original post

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

Kentucky Home Loan Program Requirements for FHA, VA, USDA and Conventional Mortgage loans.

FHA
Minimum credit score
580 AUS Approved
580 Manual
theNada program – easiest DPA ever – 100% cltv, done in-house
Non-Credit Qualifying Streamline refinances allowed
Gift funds allowed for down payment and closing costs
Cash out 80% LTV
DACA Allowed – EAD must reflect Category C33
theNADA
Easiest FHA DPA loan ever
580 FICO Minimum for DU Refer Eligible
No DTI Restrictions – up to 46.99%/56.99% with Approve Eligible
No Income Limitations
Available in all Areas
Maximum Loan Amount per County Limits, Now Including High Costs Counties
2nd Payment must be included in housing DTI
Follow FHA guidelines and DU findings
Homeowner Education (at least one borrower) Required
Seller Contributions: FHA Allowable of up to 6%
Non Occupying Co-Borrowers Allowed
Lender & Borrower Paid Compensation Options Available

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

  • Minimum credit score
  • 580 AUS Approved
  • 580 Manual
  • Non-Credit Qualifying Streamline refinances allowed
  • Gift funds allowed for down payment and closing costs
  • Cash out 80% LTV

VA

  • Minimum credit score
  • 600AUS approved
  • 620 manual
  • Cash-out up to 90% LTV
  • Foreclosure/Short Sale/Bankruptcy <2 years allowed with AUS Approval

USDA

  • Minimum credit score:620
  • 100% maximum LTV
  • Manual Underwrites
  • No maximum loan amount
  • USDA Streamlined, Streamlined-Assist, and Rate/Term refinances allowed

CONVENTIONAL

  • Minimum credit score:620
  • Fannie Mae
  • Freddie Mac
  • Standard and High Balance
  • HomeReady
  • HomePossible

View original post

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans DEFERRED STUDENT LOANAS, student loan guidelines for FHA

FHA Student Loan Payment Calculation For 2021

The U.S. Department of Housing and Urban Development (HUD) has updated the payment calculation of monthly obligation for student loans. The change is effective for all case numbers assigned on or after August 16, 2021

Lenders must include all student loans in the Borrower’s liabilities, regardless of the payment type or status of payments.

Required Documentation: If the payment used for the monthly obligation is less than the monthly payment reported on the Borrower’s credit report, the Lender must obtain written documentation of the actual monthly payment, the payment status, and evidence of the outstanding balance and terms from the creditor or student loan servicer. The Lender may exclude the payment from the Borrower’s monthly debt calculation where written documentation from the student loan program, creditor, or student loan servicer indicates that the loan balance has been forgiven, canceled, discharged, or otherwise paid in full.

Calculation of Monthly Obligation: For outstanding Student Loans, regardless of payment status, the Lender must use:

  • the payment amount reported on the credit report or the actual documented payment, when the payment amount is above zero; or
  • 5 percent of the outstanding loan balance, when the monthly payment reported on the Borrower’s credit report is zero

FHA announces major changes in in Mortgagee Letter 2021-13. We can now calculate your student loan payments based on 0.5% of the balance or take a Income Based Repayment Plan! FHA Updates the rules on Student Loan monthly payments deferred or Income Based Repayment plan… (4) Calculation of Monthly Obligation For outstanding Student Loans, regardless of payment status, the Mortgagee must use: • the payment amount reported on the credit report or the actual documented payment, when the payment amount is above zero; or • 0.5 percent of the outstanding loan balance, when the monthly payment reported on the Borrower’s credit report is zero.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans DEFERRED STUDENT LOANAS, FHA Guidelines, student loan guidelines for FHA

FHA now allowing 0.5% on Student Loans instead of 1%

FHA now allowing 0.5% on Student Loans instead of 1%
On Friday, the Federal Housing Administration (FHA) announced updates to its student loan monthly payment calculations to take steps to remove barriers and provide more access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt.

The updated policy more closely aligns FHA student loan debt calculation policies with other housing agencies, helping to streamline and simplify originations for borrowers with student loan debt obligations.

This announcement enhances FHA’s ability to serve one of its core demographics—first-time homebuyers.

For all outstanding student loans, regardless of payment status, the payment must be calculated as follows:

If the payment on the credit report is greater than $0, use
the payment reporting on credit, or
the actual documented payment
If the payment on the credit report is $0, use
0.5% of the outstanding loan balance
If documented that the loan has been forgiven, canceled, or discharged in full, the payment can be excluded.

Lenders may implement the changes immediately but must implement the changes for FHA Case Numbers assigned on or after August 16, 2021.

Joel Lobb
Mortgage Loan OfficerIndividual NMLS ID #57916

American Mortgage Solutions, Inc.10602 Timberwood Circle Louisville, KY 40223Company NMLS ID #1364

click here for directions to our office
Text/call:      502-905-3708fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

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

USDA Mortgage Benefits for First Time Buyers in Kentucky

00% Financing Zero Down, 2021 Kentucky USDA Income and Property Guidelines, 2021 Kentucky USDA Income Limits Increased, 2021 Kentucky USDA Mortgage Guides Updated, 502 Guaranteed Loan, credit scores, debt ratios, Guaranteed Section 502 Loans, Homes for Sale (Foreclosures owned by USDA/RHS KY, kentucky first time home buyer, rural development, USDA, USDA /Rural Housing Loan Offices in Ky, USDA Loan, USDA REVISIONS TO HB-1-3555
Tags kentucky rural development loan, Kentucky USDA, kentucky usda loan, ky rural development loan, Rural development, Rural Housing Kentucky, USDA Rural Development

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

Here are the highlights of USDA Mortgages
 
. Down Payment: 0% down payment
 Closing Costs: up to 6%
. Credit Score: Minimum none–but lenders create overlays..typically 640 to     get  a GUS Automated approval
. Lower monthly mortgage insurance costs (PMI) versus FHA
. There is NO maximum set loan amount limit with USDA Rural Housing.
. No large savings are needed to qualify for USDA loans.
 The debt to income, or DTI is limited to 45% – lower than most other loan programs.
 The location of the home determines if it will be a USDA loan.
. The home can be a regular sale, short sale, foreclosure home or bank owned home single family, townhome or approved condo.
 Mobile/Manufactured homes and “build on your own land” not available.
. Applies for First-time home buyers, or move-up buyers.
 No special first-time buyer’s class, down payment assistance, or bond money…

View original post 107 more words