Debt-to-Income Ratio for Kentucky Mortgage Loans:


 

 

Debt-to-Income Ratio for Kentucky Mortgage Loans Debt-to-Income Ratio: What It Is and Why You Should Care for A Kentucky Mortgage Loan  Debt-to-Income Ratio: What It Is and Why You Should Care for…

Source: Debt-to-Income Ratio for Kentucky Mortgage Loans:

Kentucky FHA Mortgage Guidelines Changes for 2015


Source: Kentucky FHA Mortgage Guidelines Changes for 2015

Qualifying Income: Does Yours Apply?


Qualifying Income: Does Yours Apply?

 

Qualifying Income: Does Yours Apply?.

You will be asked to provide proof of self-employment as well as a 2-year income history to prove your “taxable” earnings.

 

Part-time income: 1-2 year history of earnings required along with confirmation of employment.

Pension income: 2-year history of earnings via cheque slips and/or bank account statement showing pension deposit.

Disability income: must be long term and confirmed with documentation.

Child Support or Alimony: can be used if the divorce or separation agreement confirms the amount though some lenders will also want to see proof it has been deposited to your bank account for last 3-6 months too

Seasonal Employment:  minimum 2 year history of earnings required along with T4s and/or Notice of Assessments and employer confirmation.

Rental income: lease agreements and/or tax returns confirming amount of the rents from rental properties or legal suites.

 2 years income tax documentation for part-time, bonus, or overtime to use an two year average.

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Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 CONFIDENT

 

100% Financing for Kentucky Rural Home Buyers


100% Financing for Kentucky Rural Home Buyers
100% financing, no down payment is required. Fixed 30 Year Rates for Kentucky Rural Home Buyers
100% financing, no down payment is required. Fixed 30 Year Rates for Kentucky Rural Home Buyers
  • 100% financing, no down payment is required. Fixed 30 Year Rates for Ky Rural USDA Home Buyers
  • Qualifying ratios are 29% for housing costs and 41% for total debt. Borrowers may request an exception to exceed these ratios when strong compensating factors are identified.
  • No Max. Purchase Price.
  • Gift/Grant or Seller Concessions are allowed.
  • Not limited to first time home buyers.
  • Income Restrictions Apply see link below
  • http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do
  • Property location must be in rural housing designated area. see link below http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
  • Seller Concessions up to 6% allowed
  • 640 minimum middle credit score
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
Know Your Mortgage Options Before Buying Your First Home
 phone: (502) 905-3708
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346