- Louisville Kentucky VA Refinance Loans (kentuckyvaloan.com)
- Debt To Income Ratios for a Louisville Kentucky VA Mortgage Loan(louisvillekentuckyvamortgage.blogspot.com)
- Compensating Factors to over turn a Kentucky VA Loan Mortgage Denial(louisvillekentuckyvamortgage.blogspot.com)
- FHA Changes for Mortgage Loans in Kentucky for 2013(kentuckyfirsttimehomebuyer.com)
- Mortgages and Credit Scores (louisvillemortgageguide.com)
- Kentucky Mortgage Underwriting Guidelines updated for 2013(kentuckyfirsttimehomebuyer.com)
- Kentucky Housing first mortgage loans guidelines for 2013(louisvillemortgageguide.com)
- Kentucky FHA Mortgage Guideline Changes April, 2013(louisvillemortgageguide.com)
- 2013 Kentucky FHA Mortgage Changes to Mortgage Insurance(louisvillekymortgage.net)
- Kentucky Residual Income Requirements for A VA Mortgage Loan In KY(louisvillekentuckyvamortgage.blogspot.com)
Compensating factors include, but are not limited to the following:
· excellent credit history,
· conservative use of consumer credit,
· minimal consumer debt,
· long-term employment,
· significant liquid assets,
· sizable downpayment,
· the existence of equity in refinancing loans,
· little or no increase in shelter expense,
· military benefits,
· satisfactory homeownership experience,
· high residual income,
· low debt-to-income ratio,
· tax credits for child care, and
· tax benefits of home ownership.
If you looking to get approved for a Kentucky VA Mortgage, give us a call today. We can go down to 640 credit scores for VA loans in Kentucky, and the maximum debt to income ratio on some cases can go as high as 50% with the above compensating factors.
In a little-known policy shift, the three national credit bureaus — Equifax, Experian and TransUnion — plan to stop collecting and reporting substantial amounts of civil judgment and tax lien information on public records affecting millions of American consumers starting July 1.
Both types of information have negative impacts on credit scores and remain in credit files for extended periods. Tax liens are levied against properties when the owner is delinquent on payment of taxes. Civil judgments — debts owed by the losing party in legal disputes that typically involve monetary damages — are ordered by courts.
With the elimination of this information from vast numbers of consumer credit files, some lenders are concerned that when they order credit reports to evaluate an applicant, they may no longer get the full picture of the risk of nonpayment posed by the consumer.
Senior Loan Officer
Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval