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

 FHA Mortgage Loans- Gifts to Pay off Debt to Qualify for a FHA Home Loan.

 

FHA Loans in Kentucky  – Gifts to Pay off Debt

Do you know that a gift can be used to pay off Borrower’s debts to qualify on an Kentucky FHA Loan?

A regular gift (this does not include a gift of equity) may be used to pay off a Borrower’s debt(s) for qualifying purposes as long as both the gift funds and the debt(s) being paid off with the gift funds are accurately disclosed and assessed by AUS TOTAL Scorecard. Whenever a gift is received on an Kentucky FHA loan, regardless of what it is being used for, it carries certain risks that must be assessed by TOTAL Scorecard for qualifying purposes.

When a gift is received to pay off debt(s), follow the steps below to ensure that TOTAL Scorecard accurately assesses the risk of using gift funds in paying off debt for qualifying:

  • Verify that evidence of the debt(s) having a zero balance has been obtained,
  • Enter the gift funds received separate from any account balances and check “will be paid off” for debts in loan origination system (not “paid off”), and
  • Submit the loan to TOTAL Scorecard
 
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/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

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#57916http://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.

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

Foreclosure Guidelines for FHA Mortgage Loans in Kentucky

 

FHA Loans in Kentucky with Foreclosure in the Past:
  • 3 years from transfer date on Commissioner’s or Transfer deed must have elapsed prior to case number assignment date
  • An exception to the 3 year requirement may be granted if the foreclosure was caused by extenuating circumstances beyond the borrower’s control such as a serious illness or death of a wage earner and the borrower has re-established good credit since the foreclosure.  If the exception is granted, the loan must meet all manual underwriting guidelines.
  • Divorce is not an extenuating circumstance however an exception may be granted if the mortgage was current at the time of the borrower’s divorce and the ex-spouse received the property and the mortgage was later foreclosed.
  • Inability to sell the property due to job transfer or relocation is not considered an extenuating circumstance
  • 3 years from transfer of title.   Case number assignment cannot be ordered until the wait period has elapsed
  • Same Extenuating Circumstance criteria as Foreclosures
  • Pre-Foreclosure (Short Sale) exception for Borrower Current at the Time of Short Sale
  1. All mortgage payments on the prior mortgage were made within the month due for the 12 month period preceding the Short Sale;and
  2.  All installment debt payments for the same time period were also made within the month due
  • Exceptions to the 3 year wait time must follow manual guidelines

 


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

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.
Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans credit scores FHA loan, Credit Scores/Credit Reports, FHA, FHA Guidelines, fico scores FHA loan, Kentucky FHA Important Links, KY FHA LOANS

Credit Scores Needed to qualify for a KENTUCKY FHA Mortgage

Credit Scores Needed to qualify for a Ky Mortgage.

via Credit Scores Needed to qualify for a Ky Mortgage.

 

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans Bankruptcy, credit scores, Credit Scores/Credit Reports, foreclosure, HUD Foreclosure, short sales

Kentucky FHA Loans and requirements for a loan approval after a bankruptcy, foreclosure, short sale

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FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire

Kentucky FHA loans guidelines for after a bankruptcy, foreclosure, short-sale below:

  • Foreclosures: 3 years from the foreclosure completion date and transferred back to the lender to the credit report date
  • Short Sale: 3 years from the title transfer date
  • Bankruptcy Chapter 7: 2 years from the discharge date. If a property is surrendered in chapter 7 bankruptcy, it is considered to be possible foreclosure which could increase waiting time
  • Bankruptcy Chapter 13: 1 year wait with a scheduled payment plan on liabilities factored into debt-to-income ratio and bankruptcy court approval for mortgage process or 2 years from discharge date
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans louisville ky fha seller contributions

Louisville Kentucky FHA Seller Contributions and Closing Costs

Louisville Kentucky FHA Seller contributions can make a big impact for a first time home buyer struggling to save the required 3.5% down payment let alone all other related fees. A seller who understands the benefit and has the ability to offer assistance could make the difference between purchasing a home now and continuing to rent.

Louisville Kentucky FHA Maximum Seller Contributions

Louisville Ky FHA guidelines allow the seller to contribute up to 6% of the sales price toward the buyers closing costs, discount points, and prepaids. The seller is also allowed to pay the upfront mortgage insurance premium (MIP) which is typically rolled into the cost of the loan.

Common FHA Closing Costs:

Below is a list of customary fees associated with an Kentucky FHA loan. This is only an example of costs the seller may pay on your behalf and does not include all allowable costs per Kentucky FHA guidelines. Make certain your lender provides you with an itemized list known as a Good Faith Estimate.

  • Origination fee – The maximum origination fee is 1 percent of your loan amount, or 2 percent of the loan amount if it’s a home equity conversion loan.
  • Appraisal fee to determine the value of the home
  • Costs associated with your mortgage credit report
  • Attorney’s fees, title search fees, title insurance – Attorney’s fees are not typical in Colorado, but title fees are and can range from $250 to $1,500 depending on the home’s location.
  • Prepaid interest – You will pay interest accrued between the closing date and the end of the month.
  • Upfront premium for your Kentucky FHA mortgage insurance. This will be 1.5 percent of the loan amount, but you may be able to roll it into your loan.
  • Escrow amounts for future taxes and insurance – You will be required to pay 1 year of homeowner’s insurance and a few months of your property taxes.
  • Discount points (if applicable)
  • Up Front Mortgage Insurance Premium (MIP)
  • Buy Downs (cost incurred for a permanent or temporary interest rate buy down)While the total amount of your closing costs might seem like a hefty price to pay, keep in mind what you’re getting in return:A home you can call your very own.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans debt to income ratios

Qualified Residential Mortgage Could Set Bar at 43% DTI Ratio

Qualified Residential Mortgage Could Set Bar at 43% DTI Ratio

According to Bloomberg, two people familiar with the new rule (who asked to remain anonymous) have said the “line” will be drawn at 43% debt-to-income ratio. This means the borrower’s back-end or total DTI must not exceed 43%, if the home loan is to be considered a Qualified Residential Mortgage.
That number should have a familiar ring to industry professionals. Previous rules have also set the DTI bar at 43%. It seems that federal financial regulators aren’t comfortable with debt-to-income ratios above 43%.

Read more: http://www.homebuyinginstitute.com/news/qrm-rule-debt-to-income-444/#ixzz2cRB2K1tU

The QRM rule has been a long time coming. It was first proposed early in 2011, but has yet to be finalized or implemented. Earlier proposals included a 20% down-payment requirement and a maximum debt-to-income ratio of 36%. But those proposals drew criticism from a variety of groups, ranging from the National Association of Realtors (NAR) to the Mortgage Bankers Association (MBA), and even a few nonprofit consumer-advocacy groups.
According to a recent Bloomberg report, the current version of the Qualified Residential Mortgage is “softer” than previous proposals. It seems the MBA’s lobbying efforts have paid off. Financial corporations influencing financial regulators. Where have we heard that before?

Read more: http://www.homebuyinginstitute.com/news/qrm-rule-debt-to-income-444/#ixzz2cRB8WWrR





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I specialize in First Time Home Buyers and move-up buyers. I have helped over 500 families buy their first home or second home and I would like to help your family. FHA, Rural Housing, KHC( Zero down loans ), VA, Conventional loans. Free credit report and Free pre-approvals within 1 hour..Call me today at 502-905-3708 or email me at kentuckyloan@gmail.com- (NMLS# 57916)

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

Louisville Kentucky FHA Streamline Mortgage Refinance Progra,

How to Get Qualify for FHA Streamline Mortgage Refinance Program

 

Eligibility Requirements
Oddly enough, the FHA Streamline mortgage refinance program is one of the easiest to qualify for. All one has to have is a current FHA-insured mortgage loan. To refinance it, one does not need a new appraisal of his home; the FHA will count the original value of the house as its existing worth. The only homeowners who cannot qualify for this program are those whose conventional loans are owned or serviced by Sallie Mae or Freddie Mac.
The Streamline Mortgage Refinance Plan
There are official rules for participating in an FHA mortgage Streamline refinance. The first of these is that one must have an excellent payment record that goes back at least three months. Another is that all loans must be current at the time they are closed upon. Also, the FHA mandates that borrowers complete 6 mortgage payments on their FHA mortgages, and that no less than 210 days go by from the most current closing to qualify for Streamline refinance.
What Verification?
Another perk of FHA Streamline mortgage refinance is that there is no verification of … anything, really. A person should be aware of the FHA Streamline refinance mortgage rates, but that’s all he’ll need to know. The FHA does not require income verification, proof of employment, or that one provide income tax returns. It also doesn’t look at one’s credit score because it relies on payment histories to determine future loan functioning. Add to that the fact that there’s no need for an appraisal, and this is a pretty good deal.

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

Kentucky FHA Streamline Mortgage Refinance Program at Lower Interest Rates

FHA Streamline Mortgage Refinance Program at Lower Interest Rates

Pittsfield, MA — (SBWIRE) — 03/28/2013 — Real-estate-yogi.com understands that he’ll need advice about this process, and is here to provide it, including:

– FHA Streamline Refinance Defined
– Eligibility for FHA Streamline Refinance
– Advantages to FHA Streamline Refinance
– No Verification of Information

Explanation of FHA Mortgage Streamline Refinance

An FHA Streamline mortgage refinance is a special financial product available only to those who currently have an FHA mortgage loan. Being part of the FHA Streamline mortgage refinance program is the fastest way for an FHA-insured borrower to refinance his mortgage. The program’s crucial characteristic is that there’s no need to have the home appraised. As an alternative, the FHA allows one to use the original price of the home as its current value, no matter what it is valued at today.

Qualify for FHA Streamline Mortgage Refinance Program at Lower Interest Rates , Apply Here!!

Eligibility Requirements for FHA Streamline Refinance

The first eligibility requirement for FHA mortgage Streamline refinance is to have a current FHA-insured mortgage. A homeowner must be current on his existent loan and have a history of on-time payments for one year. He must own the property for a minimum of six months before refinancing, and he must work with an FHA-approved lender. Closing costs must be paid up-front to make the process smoother.

FHA Streamline Refinance Advantages

There are several advantages to having an FHA refinance. FHA Streamline refinance mortgage rates are lower than those of non-FHA loans. They vary from 2. 25% to 2.75%. Private lenders may charge up to 5% or more. The difference between the two can mean a yearly savings of $3,000, or $250 per month. People whose credit leaves something to be desired can be approved for this type of refinancing, and the refinance mortgage is “assumable,” which means that if someone purchases one’s home, the loan can be taken over by the buyer.

No Need to Verify Data

When applying for an FHA Streamline refinance mortgage, keep this in mind: There is no need to verify any information on the application. That’s right; no checking of employment records, no looking at income, no confirmation of any data. It’s not as nutty as it seems; what the FHA does is “insure” mortgages, it doesn’t create them, so it’s in the best interests of the FHA to help lots of folks enjoy today’s low refinance rates. That’s why they don’t authenticate any data.

About Real-estate-yogi
Real-estate-yogi.com is here to help those in need of financial guidance receive it – at no cost –from the fiscal experts on hand, located in Pittsfield, Massachusetts. For a complimentary conference, dial 800-987-1397.

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This article, FHA Streamline Mortgage Refinance Program at Lower Interest Rates, is syndicated from SBWire and is posted here with permission.
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

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