Kentucky USDA Rural Housing Mortgage Lender

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky Rural Housing USDA Guideline Updates for ... : As a reminder, annual income differs from repayment income. Annual income for the household will be used to calculate the adjusted annual ho... 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 http://www.mylouisvillekentuckymortgage.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 ...

  As a reminder, annual income differs from repayment income. Annual income for the household will be used to calculate the adjusted annual household income to determine eligibility for a USDA-guaranteed loan. The main purpose of the following revisions in paragraph 9.3 is to ensure that lenders are aware that they are to calculate and properly document all adult household members’ income for annual income eligibility purposes…not just parties to the loan note. It’s important to be aware of income sources that are counted and NOT counted as well as how to properly determine both “annual” and “repayment” income. I recommend that you thoroughly read Chapter 9 and refer to Attachment 9-A and Attachment 9-D in HB-1-3555 to review income and asset types, guidance for annual and repayment purposes, and documentation options acceptable to verify the income or asset source. Paragraph 9.3 is being revised as follows: To clarify that lenders must verify the income of each adult household mem...