Tag: bad credit va mortgage ky

FICO score dropped from 800 to 580 overnight, here’s how it happened..


via FICO score dropped from 800 to 580 overnight, here’s how it happened..

 

FICO score dropped from 800 to 580 overnight, here’s how it happened..

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I talk to a lot of people every week about their credit scores.  I spoke with a gentleman yesterday that was telling me about his credit score issue.

He was recently out of the country for a couple months and one of his accounts’ auto pay amount changed which only covered part of his monthly payment.  The bank noted this on the account and reported him late 30 days because the full payment amount wasn’t received.

Prior to this event his credit scores were in the 800’s, now they are in the high 500’s.  It had taken him years to achieve such a high credit score, and only days to lose that score.

Payment history is the biggest factor in your FICO score.  It amounts to 35% of your credit rating.

If there’s anything you do with your credit, make absolutely sure you get your monthly payment (in full) in on time. It will take years for him to get his scores anywhere near 800 again.

If you need help raising your credit scores please contact me direct.  I can review your credit reports and give specific direction on how to get your scores up.

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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
 
 

Compensating factors may affect the loan decision for a Kentucky VA Mortgage Denial.


via Compensating factors may affect the loan decision for a Kentucky VA Mortgage Denial.

Compensating Factors to over turn a Kentucky VA Loan Mortgage Denial

Compensating factors may affect the loan decision for a Kentucky VA Mortgage.  These factors are especially important when reviewing loans which are marginal with respect to residual income or debt-to-income ratio.  They cannot be used to compensate for unsatisfactory credit.
Valid compensating factors to over turn a Kentucky VA Mortgage loandenial should represent unusual strengths rather than mere satisfaction of basic program requirements.  For example, the fact that an applicant has sufficient assets for closing purposes, or meets the residual income guideline, is not a compensating factor.
Valid compensating factors should logically be able to compensate (to some extent) for the identified weakness in the loan.  For example, significant liquid assets may compensate for a residual income shortfall whereas long-term employment would not.

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.