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Kentucky FHA Loan Employment History Requirements

  • No matter what you must provide a 2 year employment history. Conventional or Kentucky FHA Mortgage Loan.  Conventional does not always need to be verified with a written work verification form
    • if you do not have a complete 2 year history you must explain any large gaps.  Typically I have seen this to be greater than 30 days.
    • you must have a 2 year history prior to the gap as well.  (two underwriters from two different lenders have recently told me the same thing)
    • also check your AUS-Automated Underwriting Findings  because that can help when speaking with your potential borrower.
    •  
  • Exception to the 2 year history is college or HS graduation
    • need official college transcripts or they can be unofficial if you get them with the web URL just like bank activity.
    • good idea to snag their diploma as well.
    •  
    • you probably don’t even need to use this exception if the person was a student but also worked and had a 2 year job history.
  •  Kentucky FHA Case Number Assignment
    • if there are any job gaps greater than 6 months in their two year history the borrower must be on their current job for at least 6 months before the FHA case number can be assigned.
    • again you must then get a 2 year employment history prior to the 6 month or more gap.  however far you must go back.
    •  
  •  
  • W2s / 1099s
    • even if you are not using the income to qualify from a part time job please get every single w2 / 1099 from your borrowers.  

– fha pic

 
Kentucky FHA Mortgage Work History and Income Requirements.

1 –  Email – kentuckyloan@gmail.com 2.   Call/Text – 502-905-3708

Joel Lobb
Mortgage Loan Officer – Expert on Kentucky Mortgage Loans


🌐 Website: www.mylouisvillekentuckymortgage.com
🏢 Address: 911 Barret Ave., Louisville, KY 40204

Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans bonus income fha loan, debt to income ratios, disability income, income, overtime income fha loan, Overtime, Bonus, or Tip Income, rental income, ssi income disability

Debt-to-Income Ratio for Kentucky Mortgage Loans

Your debt-to-income ratio, technically speaking, is all of your monthly debt payments divided by your gross monthly income—that is, the percentage of your gross monthly income that goes towards payments for rent, mortgage, credit cards, and other debt. This is how lenders measure your ability to manage the monthly mortgage payments to repay the money you’ll be borrowing. 

To calculate your debt-to-income ratio, add up your monthly debts—this includes car payments, credit cards, mortgages, and student loans. Divide this amount by your monthly gross income, and you’ll get your DTI ratio. 

For reference, the standard maximum DTI for conventional loans is 45%, and for FHA loans it’s 55%. Of course, the maximum DTI depends on the home loan.

Debt-to-Income Ratio for Kentucky Mortgage Loans:


Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office


Text/call:      502-905-3708

fax:            502-327-9119


email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/