KENTUCKY FHA STUDENT LOAN POLICY FOR UPDATES


2016 KENTUCKY FHA MORTGAGE GUIDELINE UPDATESFHAFHA Home Loans in KentuckyFHA LoansFHA Loans Kentucky Housing First time home buyerLouisville Kentucky FHA Loans Lexington Kentucky FHA LoansLouisville Kentucky FHA Loans Lexington Kentucky FHA LoansElizabethtown K

Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

images (3)
April 18, 2016
 
KENTUCKY MORTGAGE FHA STUDENT LOAN POLICY UPDATES
On April 12, 2016, HUD announced a policy change to provide guidance on calculating student loan payments.  Per ML 2016-08, this policy is effective for all loans with case numbers assigned on or afterJune 30, 2016, however, the policy can be applied immediately to all FHA loans.
Regardless of the payment status, the Mortgagee must use:
  • The GREATER of:

o   1% of the outstanding balance on the loan; or

o   The monthly payment reported on the credit report; or

  • The actual documented payment, provided the payment will fully amortize the loan over its term
For example:
Student loan reporting on credit with a balance of $15,000 and a payment of $55.00.  1% of the balance is greater than the payment reporting, so you would use 1%.
If there is documentation showing a fully amortized payment of…

View original post 37 more words

Advertisements

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 kentuckyloan@gmail.com 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 http://www.nmlsconsumeraccess.org/ 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 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com Equal Housing Lender

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s