Kentucky Fannie Mae Mortgage Guideline Changes for 2015

Kentucky Fannie Mae Mortgage Guideline Changes for 2015.


Author: Louisville Kentucky Mortgage

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process. I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues. You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process. Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 Company ID #1364 | MB73346 Equal Housing Lender

2 thoughts on “Kentucky Fannie Mae Mortgage Guideline Changes for 2015”

  1. There are many home loan programs available these days. Every mortgage has a different scenario. Here are some niches available for conventional financing:

    FREDDIE / LP Loans
    If the gift is less than 20% of the sales price, borrower must contribute own funds equal to at least 5% of the purchase price
    Allows blended ratios on non-occupant co-borrowers
    Appraisal over 120 days old – Exterior only 2055 allowed to extend beyond 120 days – max date is 240 days
    No PIW – Freddie offers an “HVE” on Open Access HARP only
    Condo Streamline review to 90%
    Max 4 financed properties when subject is a 2nd home or investment prop
    Accept responses w/ disputed accounts don’t require confirmation of the accuracy of the disputed tradelines – already included in LP assessment
    Cash out Freddie only requires 6 months before the new Note date
    Requires 2 years landlord experience to use rental income
    Funds received from a wedding allowed as borrower’s own funds
    May require rent loss insurance when using rental income to qualify
    Up to 50% DTI in most cases
    Employment Contracts; start work within 90 days
    Gift letters must list the property address being purchased
    95% LTV Max on ARMs
    Refinance of a restructured mortgage is not eligible
    75% LTV on cash out O/O on Super Conforming up to $625k

    FANNIE / DU Loans
    Minimum borrower contribution from the borrower’s own funds is not required – all funds needed to complete the transaction can come from a gift (1 unit)
    Occupying borrower(s) must qualify for mortgage payment (will not blend ratios)
    Appraisal over 120 days old – 1004D allowed to extend the validity period – max date is 240 days
    Property Inspection Waiver (PIW) may be offered in DU Findings…
    Condo Limited Review to 80%
    If tradeline disputed and delinquency in last 2 years from credit report date, follow instructions on findings
    Cash out requires 6 months seasoning before application date
    No landlord experience required to use rental income
    Funds received from a wedding are still considered a “gift”
    Typically does not require rent loss insurance when using rental income (unless DU requires, which is rare)
    Up to 45 % DTI unless major compensating factors; good reserves
    Employment Contracts; start work prior to close w/VOE from new employer
    Gift letters do not have to list the property address
    90% LTV Max on ARMs
    Restructured loans can be refinanced (restrictions apply)
    Max cash out on Fannie High Balance is 60% LTV

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