Sunday, April 8, 2018

100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: Score Requirement on Kentucky FHA Loans for people...

100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: Score Requirement on Kentucky FHA Loans for people...: Lowers Minimum Credit Score Requirement on Kentucky FHA Loans Kentucky FHA Home loan programs for people with bad credit FHA loans are...

Kentucky Rural Development Home Mortgage Loans Guidelines for 2018 Updated









Terms/Product

  Fixed: 30 Yr. only

Underwriting 

  All loans are run through GUS (Guaranteed Underwriting System). Must be
located in an eligible location http://eligibility.sc.egov.usda.gov/eligibility/
Accept/Eligible and

 Manual underwriting allowed on an exception basis. Technically a manual
underwrite is considered an exception.

 USDA files cannot have multiple exceptions when a file has to receive a
manual underwrite.

 All USDA files will need 2 months bank statements regardless if funds are
needed or not needed for closing.

Credit Score

  600 - Lower of 2 or Middle of 3 repositories. (580-599 exception only)
 640 and below credit scores require a manual underwrite. (GUS will not
approve 640 and below)

Down Payment

 No minimum down payment required- but asset verification is still required

Seller Assist


 Maximum 6% of sales price

DAP Assistance

 Borrowers who choose to make a down payment may use a Government or
Municipal Down Payment Assistance Program (DAP).

Subordinate Financing

  Not Permitted.

Reserves 

 N/A No Reserves

Mortgage/Rent History

 If Credit score is > 640 then follow GUS Findings. If Credit Score is < 640 need
verification of rent (cancelled checks or 3rd party Institution)

Occupancy 

 Owner Occupied Primary residence only.

Debt to Income Ratio

  Must maintain Gus Accept Findings – typically maximum 43% DTI, Credit score
less than 640 – DTI must not exceed 29/41

Bankruptcy

  Minimum 2 Years discharged if a result of extenuating circumstances. Minimum 3
Years discharged if a result of financial mismanagement. Multiple Bankruptcies
are not permitted.

Foreclosure

  Minimum 3 Years completed. Delinquencies since Foreclosure discharge will be
scrutinized and may result in an ineligible loan.

Property Types

  Single Family Attached and Detached, Condo, PUD

Condominium 

 Condominium must be currently approved by HUD (FHA).

Mortgage Insurance

  1.00% Up front guarantee Fee as of 10/1/15, .35% Annual Fee

Cash out 

 Not applicable. Program is available on Purchases/ Rate and Term only.


Appraisal

  Full Appraisal is required. Appraisals must be ordered via Mortgage Machine or
approved AMC. Appraisal must meet HUD standards

Escrows

  Escrow of Tax, Insurance and MIP are required on all loans.

Property Flips 

 Flip transactions are eligible

Borrower may own additional property however the other property must be
deemed inadequate (increased family size, family needs, and safety hazards) or
other property must be more than 50 miles away from the subject



Must be an Arm’s Length transaction. Must prove the loan is not a bail out if a Non
Arm’s length transaction


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






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.

Monday, March 26, 2018

Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Kentucky FHA Income Guidelines for Job time and I...

Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Kentucky FHA Income Guidelines for Job time and I...: FHA requires you to establish that the income is in fact stable. I am covering Time on Job, Part Time Income, Seasonal Income and Job Gap...





Kentucky FHA Income Guidelines for Job time and Income Requirements


FHA requires you to establish that the income is in fact stable. I am covering Time on Job, Part Time Income, Seasonal Income and Job Gaps below.

Time on Job

There is not a minimum length of time a borrower must have held a position for the income to be eligible. However, the application must identify the most recent 2 years of employment.
If the borrower’s employment history indicates that they were in school or in the military, then the borrower must provide evidence supporting this such as college transcripts or discharge papers.
The current type of employment has to be supported by the college transcripts or discharge papers showing that he borrower’s training enabled them to gain employment in their field of training.

Part Time Income 

Part-time and second job income can be used to qualify if documentation is obtained to prove that the borrower has worked the part-time job uninterrupted for the past two years, and plans to continue.
For Qualifying purposed, “part-time” income refers to jobs taken to supplement the borrower’s main income from regular employment, such as a second job that is less than 40 hours per week.
Income: Is averaged over the previous 2 years. If there was a pay rate increase and we can document the increase in pay, you can average the new pay rate over 12 months.

Seasonal Income

Seasonal income may be acceptable for qualifying. It is not unusual to have out-of-season income from unemployment income. If the borrower has a 2 year history and continuance is probable, this type of income may be allowed to qualify the borrower.
The key here is history and continuance.

Job Gaps

The borrower must provide a signed explanation for gaps in employment as follows:
Income can be considered effective if the following can be verified:
1. Borrower has been employed in the current job for at least six months at the time of the case number assignment AND
2. A two year work history prior to the absence from employment.
Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice.
Joel E Lobb
American Mortgage
5029053708
email us here
Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans.