Category: USDA/Rural housing

2019 Kentucky First Time Home Buyer Loan Programs


via 2019 Kentucky First Time Home Buyer Loan Programs

 

 

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Bankruptcy and Getting A Kentucky Mortgage Loan Again for FHA, VA, USDA, and Fannie Mae

Bankruptcy and Getting A Kentucky Mortgage Loan Again for FHA, VA, USDA, and Fannie Mae


via Bankruptcy

Bankruptcy and Mortgage Loans.

Bankruptcy is a status of a person when he cannot repay his debts. Bankruptcy is initiated by the debtor but is imposed by a court order. It is not only the legal status of an insolvent person that is the reason it is not only similar to insolvency. It is applied in broader way to the procedure of formal insolvency. If you are filling the case of bankruptcy then you should be aware of all the things. That what types of bankruptcy you should fill? What is their work? What things are involved?  So you should be aware of everything before filing any type of bankruptcy it is advisable to consult a lawyer. He can judge your condition in a much better way. As the lawyers has the experience of many years and solved many cases of same type.

There are two types of bankruptcy filings:

  • Chapter 7
  • Chapter 13

Chapter 7:

Chapter 7 is a type of bankruptcy which is available for individuals. It is also known as the liquidation or straight bankruptcy. Usually a trustee is appointed by the bankruptcy court who administers the bankruptcy. The key function of the individual who is filling bankruptcy is to keep all the types of household goods and also other things can also be retain with him until the amount is not equal to the amount which he have to take from the other person. In this type of bankruptcy an individual is allowed to keep his car and the other items and also have to pay all the car insurance and the house mortgage. This type of bankruptcy lasts about four to six months. Most of the debt is extinguished at the end of the bankruptcy. The main motive of filling this type of bankruptcy is that the person is trying to free himself from the debts by keeping his house and other things as he does not have the other way to repay. And this is also the advantage because the person can be free from the debts by these types of bankruptcy.

Chapter 13:

Chapter 13 is another type of bankruptcy which is available for individuals. This type of bankruptcy is also to pay the debts but it is different from the chapter 7 as it is not repay through the liquidation of the debtor’s assets. You can keep your assets with you while working out a repayment plan. The bankruptcy court appoints a trustee who works with all i.e. the debtor, the creditor and the court itself. This type of bankruptcy usually lasts up to three to five years. During the repayment process debtor is not allowed to sell any of his assets without permission or cannot take any other debt. But the chapter 13 can be converted to chapter 7 if it is required or depend on the creditor. Read here to get more information about bankruptcy.

 

 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 
 

Single Family USDA Rural Housing Direct Loan and Grant Programs In Kentucky 2019 Shutdown Government


via Single Family USDA Rural Housing Direct Loan and Grant Programs In Kentucky 2019 Shutdown Government

Government Shutdown Affects USDA Loans. Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?


via Government Shutdown Affects USDA Loans. Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?49202911_10158433385021164_3411137423906701312_n

What are the Kentucky FHA Credit Score Requirements for 2019 Mortgage Loan Approvals?


via What are the Kentucky FHA Credit Score Requirements for 2019 Mortgage Loan Approvals?

 

what does your credit need to be to buy a house in ky?

 

The lenders I currently deal with have the following fico cutoffs for credit scores:
As you can see, different government-backed loan programs have different minimum score requirements with most lenders for a FHA, VA, or Fannie Mae loan, and 620  is required for the no down payment programs offered by USDA and KHC in Kentucky for First Time Home Buyers wanting to go no money down.

A Complete Guide to Closing Costs

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 Company ID #1364 | MB73346

 unnamed (2) (1)

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.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 mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Kentucky Housing Loans with Government Shutdown


Source: Kentucky Housing Loans with Government Shutdown

 

Partial Federal Government Shutdown

Affects Loan Programs

The partial shutdown of the federal government is affecting some of the first mortgage programs through Kentucky Housing Corporation (KHC).
RHS Guarantee Loans
  • KHC will not purchase or close a loan without the RHS Conditional Commitment and tax transcripts.
Verification of Employment (VOE) on Conventional, FHA, and RHS Loans for Federal Employees
  • KHC will require a VOE within 10 days prior to closing.
  • The only exceptions will be conventional loans for military personnel who use their Leave and Earnings Statement (LES), or if their employment was validated by Desktop Underwriter (DU) service and follows all conditions.
Flood Insurance
  • KHC will follow agency guidelines that are in place during the partial federal government shutdown.
Federal Tax Transcripts and Social Security Validation
  • If federal tax transcripts or validation of social security numbers are required per underwriting, or are listed as an automated underwriting engines (AUS) finding within DU, then applicants will be required to provide copies prior to closing or purchase of a loan.
KHC Interest Rate Lock

If you have an existing interest-rate lock that will need an extension due to the partial federal government shutdown, please email your loan officer at the KHC lender handling your loan. 

6 options for buying a home with little or no money down in Kentucky


via 6 options for buying a home with little or no money down

 

First Time Home Buyer Options for  Kentucky Homebuyers in 2019

 

6 options for buying a home with little or no money down


Here’s what you need to know when you have little or no money to put down on a home!

Source: 6 options for buying a home with little or no money down

Kentucky Homebuyer Loan Options for 2019.


via Kentucky Homebuyer Loan Options for 2019.

 

https://firsttimehomebuyerkentucky.wordpress.com/category/2019-kentucky-first-time-home-buyer/

IN 2019 KENTUCKY FIRST TIME HOME BUYERCREDIT SCORESDEBT RATIODOWN PAYMENTFHA LOANFICO SCOREKENTUCKY FIRST TIME HOME BUYERKENTUCKY MORTGAGE CREDIT SCOREKHC LOANPRE-APPROVAL LETTERUSDA LOANVA MORTGAGE KY