Wednesday, June 20, 2018

How much income do you need to qualify for on Rural Housing Kentucky USDA Mortgage Loan.

ZERO MONEY DOWN KENTUCKY  MORTGAGE LOANS
Rarely do you find homes eligible for Zero Down Financing. Click the link and check your eligibility.

- USDA ELIGIBLE 100% FINANCING FOR SELECT AREAS OF KENTUCKY
- FIND OUT IF YOU QUALIFY


How much income do you need to qualify for on Kentucky USDA Mortgage Loan.

They look at two ratios on qualifying your for a mortgage loan going USDA, the front end ratio and the back-end ratio, also called the total debt to income ratio.

When looking at your qualifying repayment income, they will use your base gross income, not your net income.

The first ratio is called the piti ratio, which stands for principal, interest, taxes, mortgage insurance and home insurance, namely your new house payment.

See example below of what goes into your front-end ratio or piti ratio:

A. PITI: 29% The Ratios

• Principal
• Interest
• Real estate taxes
• Homeowners insurance
• Annual fee
• Additional assessments, HOA fees, e

The second ratio is called the total debt to income ratio, or sometimes called the back-end ratio. This consist of your new house payment along with your current monthly bills listed on the credit report. If you pay child support or have a  401k loan, this counts into your total debt to income ratio.  What is not listed in your total debt to income ratio is car insurance, utility bills, cell phone bill, etc. --just strictly what's on credit report.

See example below of what goes into your total debt to income ratio:

B. Total Debt (TD): 41%

• PITI
• Regular assessments
• Long‐term obligations (10 months or more repayment)
• Revolving accounts
• 30 day accounts
• Alimony
• Garnishments
• Student loans
• Previous mortgage (divorce, sale, trade, transfer)
• Co‐signed debts
• Business debts
• Non‐Purchasing Spouse debts, as applicable
• Collections, as applicable
• Judgments
• Self‐employed loss
• Auto allowance and expense payments
• Rental loss
• Short‐term obligations (significant impact on repayment)
• Balloon
• Deferred payments


If your have certain credit scores that are higher, sometimes you can go higher than the standard 29 and 41% ratios for a loan approval. This is called a waiver. See debt ratio waiver guidelines below

Debt Ratio Waivers 101

• GUS Accept = no waiver required
• GUS Accept with full documentation = no waiver required
• GUS Refer, Refer with Caution, or manual uw = waiver
required

*GUS stands for the USDA automated underwriting engine that lenders use to pre-approve you for the loan. All USDA loans are ran though this online automated system for initial pre-approval requirement .


 Debt Ratio Waivers: Purchases Manual UW

• All applicants = 680 credit score or higher
• Maximum ratios: 32% PITI / 44% TD
• 1 compensating factor with supporting documentation
– Proposed PITI less than or equal to previous 12 months of
verified housing cost with no late payments
– 3 months or more of PITI in reserve post loan closing
– All applicants employed with current employer for 2 years



Compensating factors:

• 680 credit score for all applicants
• Continuous employment with primary job
• Ability to accumulate savings
• 12 months mortgage paid as agreed







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Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com








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

Wednesday, June 13, 2018

Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Kentucky USDA Rural Housing Loans : Kentucky USDA...

Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Kentucky USDA Rural Housing Loans : Kentucky USDA...: Kentucky USDA Rural Housing Loans : Kentucky USDA Income Limits as of 06/13/2018 : The USDA Rural Development (RD) home loan program helps ...

Kentucky USDA Income Limits as of 06/13/2018


For Kentucky USDA Rural Housing Loans, the income limits have increased by about 5%. For a family of one to four people, USDA Rural Housing Kentucky County  income limits are around $82,700 depending on the county. For a family of over five people, income limits are around $109,150.
The USDA Rural Development (RD) home loan program helps individuals achieve home ownership in small towns or rural areas. The program is open to home buyers whose annual income does not exceed the USDA’s income limits.
The best part of the USDA RD Loan? It doesn’t require a down payment! That’s right, this is a true 100% financing home loan.
With the recent increase in income limits, even more families will now be able to qualify for a USDA home loan.

Want to see if you qualify for a Kentucky USDA Home Loan? Apply today for a Rural Housing Loan in Kentucky for 2018!

Kentucky  USDA Income Limits as of 06/13/2018





USDA income limits increased TODAY in most counties in Kentucky
This program is awesome and allows for up to 100% financing. In addition, homes that Appraise for more than the purchase price will allow the buyer to roll the closing costs into the loan!
Most Kentucky  Area income limits are now $82,700 for households of 1 to 4 and $109,150 for households of 5 or more. Daycare or other child care expenses may allow higher incomes.




A Kentucky USDA Home Loan might not seem like the right fit for you and your real estate needs, but the program actually has fairly high income limits and the “rural” areas are often not as far out of town as you may think. If you feel you might have trouble coming up with a down payment, or simply want to explore all your loan options then here is a Guideline to the Kentucky USDA Home Loan Requirements.
                                                      















Some Highlights:

  • Your household must make no more than 115% of the median income of the county you want to purchase in.
  • USDA allows you to have lower credit scores than other programs but you will still need to have a score of 620 but exceptions can be made.
  • The USDA Home Loan requires an appraiser to look over the house to make sure it meets the USDA Home Standards
  • The house must be in a USDA eligible area, if you want to know if the area you want to purchase in is eligible please leave a comment or contact us here and we will answer any questions you have on eligibility or anything about the US





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Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com








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

Thursday, May 24, 2018

List of Government Foreclosure Homes For Sale by USDA and VA in Kentucky for Zero Down!




Kentucky Foreclosed VA and USDA Homes for Sale
Click on an address to view detailed property information.
CityAddressBedBathAgency
BERRY25 WAINSCOTT LANE, 41003  0  0.0   VA
Bowling Green372 St. Paul Avenue, 42101  0  0.0   RD
BURLINGTON6912 LUCIA DR, 41005  0  0.0   VA
Burlington6448 Westland Drive, 41005  0  0.0   RD
CADIZ217 OAKHURST CIRCLE, 42211  0  0.0   VA
CADIZ1079 BLUE SPRINGS RD, 42211  0  0.0   VA
CALVERT CITY1367 S MAIN ST, 42029  0  0.0   VA
CAMPTON1625 LITTLE BLOODY CREEK, 41301  0  0.0   VA
CATLETTSBURG5030 LAKIN DRIVE, 41129  0  0.0   VA
COVINGTON1917 GLENWAY AVENUE, 41014  0  0.0   VA
EKRON8075 HWY 60, 40117  0  0.0   VA
ELIZABETHTOWN35 INNSBROOKE CT S, 42701  0  0.0   VA
Ezel74 Kaden, 41425  0  0.0   RD
FOREST HILLS1476 FOREST HILLS RD, 41527  0  0.0   VA
FRANKFORT700 BROWNS LN, 40601  0  0.0   VA
Frenchburg1127 Chestnut Lane, 40322  0  0.0   RD
GHENT25 RIVER VALLEY RUN, 41045  0  0.0   USDA
Glasgow180 Chase Way, 42141  0  0.0   RD
HENDERSON1429 OAK ST., 42420  0  0.0   VA
HENDERSON2013 BRENDA DR, 42420  0  0.0   VA

Click on an address to view detailed property information.
CityAddressBedBathAgency
HOPKINSVILLE512 COUNTRY CLUB LANE, 42240  0  0.0   VA
HOPKINSVILLE5315 BUTLER RD, 42240  0  0.0   VA
London161 Shields Lane, 40744  0  0.0   RD
London82 Alder Court, 40744  0  0.0   RD
LOUISVILLE6605 KEELING PL RD, 40291  0  0.0   VA
LOUISVILLE1122 POWERHOUSE LN UNIT 204, 40242  0  0.0   VA
LOUISVILLE4110 HANDLEY AVE, 40218  0  0.0   VA
LOUISVILLE4875 SHERBURN LN, 40207  0  0.0   VA
LOUISVILLE1051 OAKWOOD AVE, 40215  0  0.0   VA
LOUISVILLE6900 TRIANGLE DR, 40214  0  0.0   VA
Maysville1260 Carolina Ave, 41056  0  0.0   RD
MILTON31 PLAINVIEW CT, 40045  0  0.0   VA
MONTICELLO35 SMITH STREET, 42633  0  0.0   USDA
Mount Sterling3710 Aarons Run Rd, 40353  0  0.0   RD
Mount Sterling101 Sidney Dr., 40353  0  0.0   RD
Mount Sterling805 Vanda Branch Dr, 40353  0  0.0   RD
Nicholasville209 South Glencove, 40356  0  0.0   RD
OAK GROVE926 ARROW CIR, 42262  0  0.0   VA
OAK GROVE221 NEW GRITTON AVE, 42262  0  0.0   VA
OAK GROVE148 BOB WHITE TRL, 42262  0  0.0   VA

Kentucky
Click on an address to view detailed property information.
CityAddressBedBathAgency
OAK GROVE1995 TIMBERLINE CIRCLE, 42262  0  0.0   VA
OAK GROVE719 SHETLAND, 42262  0  0.0   VA
OAK GROVE104 SIDNEY COURT, 42262  0  0.0   VA
OAK GROVE319 CHESIRE WAY, 42262  0  0.0   VA
OAK GROVE1634 HANNIBAL DR, 42262  0  0.0   VA
OWENTON306 N MAIN ST, 40359  0  0.0   VA
PADUCAH4466 CHICADEE DR, 42001  0  0.0   VA
PADUCAH6340 CONNIE SUE AVENUE, 42001  0  0.0   VA
PADUCAH3115 OMEGA DR, 42003  0  0.0   VA
Paducah5821 Greenvale Lane, 42033  0  0.0   RD
Paris1906 Thatchers Mill Road, 40361  0  0.0   RD
PARIS1529 HIGH ST, 40361  0  0.0   VA
RADCLIFF879 TIMBERWOOD DRIVE, 40160  0  0.0   VA
RADCLIFF1552 BEECH ST, 40160  0  0.0   VA
Richmond675 Cottonwood Dr., 40475  0  0.0   RD
RICHMOND104 REJEANNA DR, 40475  0  0.0   VA
Richmond661 Cottonwood Dr, 40475  0  0.0   RD
Shelbyville1229 Shepard Way, 40065  0  0.0   RD
SHELBYVILLE79 SPRUCE DRIVE, 40065  0  0.0   VA
SMITHS GROVE373 BUCK CREEK RD, 42171  0  0.0   VA
Click on an address to view detailed property information.
CityAddressBedBathAgency
Strunk80 Patterson Rd, 42649  0  0.0   RD
VINE GROVE126 TUSCANY LANE, 40175  0  0.0   VA
Walton62 Pine Top Dr, 41094  0  0.0   RD
Walton14 Catalina Dr., 41094  0  0.0   RD
Williamsburg125 Green Valley Road, 40769  0  0.0   RD




http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu










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/





http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu




Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

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


Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com