Kentucky First Time Home Buyer Questions to Ask Your Lender?


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Source: Kentucky First Time Home Buyer Questions to Ask Your Lender?

 

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Many mortgage applicants will get a surprise boost in their credit scores


Kentucky Waiting times for a Mortgage loan Pre-Approval After A Bankruptcy and Foreclosure or Short Sale
Bankruptcy, Foreclosures, and Short Sale and how they affect your mortgage loan approval for a Conventional Loan, FHA Loan, USDA Loan, and VA loan.

 

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.

 

 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
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/
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#57916 http://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.

 

Source: Many mortgage applicants will get a surprise boost in their credit scores

Kentucky VA Mortgage Guidelines for Student Loans


Kentucky VA Mortgage Guidelines for Student Loans If student loan repayments are scheduled to begin within 12 months of the date of  the Kentucky VA loan closing, lenders should consider the antici…

Source: Kentucky VA Mortgage Guidelines for Student Loans

2017 STUDENT LOAN GUIDELINES FOR A KENTUCKY USDA RURAL HOUSING MORTGAGE LOAN


    Lenders must include the greater of: • 1 percent of the outstanding loan balance; or • The fixed payment as reflected on the credit report. Income Based Repayment (IBR) plans, graduat…

Source: 2017 STUDENT LOAN GUIDELINES FOR A KENTUCKY USDA RURAL HOUSING MORTGAGE LOAN

Getting a FHA Loan Approved with the new Guidelines for Student Loans in Kentucky for 2017


2017 KENTUCKY FHA MORTGAGE GUIDELINES FOR APPROVAL WITH STUDENT LOAN

 

2017 KENTUCKY FHA MORTGAGE GUIDELINES FOR APPROVAL WITH STUDENT LOANS Student Loan Payment Calculation Must include all student loans in the borrower’s liabilities, regardless of the payment type o…

Source: Getting a FHA Loan Approved with the new Guidelines for Student Loans in Kentucky for 2017