Tag: FHA

2016 Kentucky Home Buyers Mortgage Guide After Foreclosures and Short Sales For FHA, VA, Fannie Mae, USDA, RHS


2016 Kentucky  mortgage waiting period for foreclosures and short sales for specific situations

Homebuyers are Ready to Buy After Foreclosures and Short Sales

Kentucky Conventional Loans

  • Foreclosures: 7 years from the foreclosure completion date (some applicants may qualify for a conventional loan only 3 years after with extenuating conditions including wage earner death, illness or job loss)
  • Short Sale/Deed in Lieu-Short Sale:
    • 7 year with less than 10% down of primary residence
    • 4 years with 10% down on the purchase of a primary residence
    • 4 years with 20% down on the purchase of a primary, secondary or investment property purchase
    • 2 years with extenuating circumstances, only with 20% down

Kentucky FHA Loans

  • Foreclosures: 3 years from the foreclosure completion date and transferred back to the lender to the credit report date
  • Short Sale: 3 years from the title transfer date

 

Kentucky VA Loans

  • Foreclosure: 2 years from foreclosure completion date and date transferred back to the lender
  • Short Sale: 2 years from previous sale closed date and new owner transfer date

 

Kentucky USDA Loans

** If the mortgage debt that was foreclosed, was included in a Bankruptcy – then the KY USDA Home Loan waiting periods after foreclosure “waiting period” of 3 years, starts from the date of the discharge of the Bankruptcy.  Because it can take 6 months or more for Banks to process the Foreclosure, and transfer title, this is a tremendous plus.

 

:    3 years from foreclosure completion date or sheriff sale of home

:    3 years from short-sale closing date

 

Homebuyers are Ready to Buy After Foreclosures and Short Sales

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Kentucky FHA PMI Changes for 2015


Kentucky FHA PMI Changes for 2015

via Kentucky FHA PMI Changes for 2015.

 

The FHA Mortgage Insurance Premium (MIP) Refund chart

Down Payment Assistance Program for Jefferson County Kentucky Louisville


Down Payment Assistance Program for Jefferson County Kentucky Louisville.

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.

— 

 
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

 

Getting Approved for a Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,


How long does it take after a Bankruptcy, foreclosure or short-sale to get approved for A Kentucky VA, USDA, Rural Housing, FHA, and Conventional Mortgage loan in 2014?

Getting Approved for a Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,
Getting Approved for a Kentucky FHA, VA, USDA, Fannie Mae Loan after a bankruptcy, foreclosure, short-sale,

 

 

Kentucky Mortgage Loan Program Chapter 7 Bankruptcy
Conventional
(Determined by date of application)
  • 4 years from date bankruptcy was completed
  • 2 years from date bankruptcy was completed*
KENTUCKY FHA MORTGAGE
(Determined by date of credit approval)
  • 2 years from completion date
  • Less than 2 years, but no less than 12 months the date bankruptcy was completed*
KENTUCKY VA MORTGAGE
(Determined by date of credit approval)
  • 2 years from date bankruptcy was completed
  • Between 12-23 months from the date bankruptcy was completed*
KENTUCKY MORTGAGE FOR USDA
(Determined by date of credit approval)
  • 3 years from date bankruptcy was completed
  • Less than 3 years from date bankruptcy was completed*

 

 

 

 

 

 

 
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

 

401k or retirement to buy a Kentucky Home


401k or retirement to buy a Kentucky Home.

 

 

Louisville Kentucky First Time Home Buyer Programs and Resources


Louisville Kentucky First Time home Buyers programs including, FHA, VA, KHC, and USDA, Rural Housing Zero Down home loans–Our site is updated daily for Louisville Kentucky first time home buyers with the best programs and rates

Louisville Kentucky First Time Home Buyer Programs and Resources

3 Types of Lending Approvals [Infographic].

 
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

2014 First Time Home Buyer Programs Louisville Kentucky


First Time Home Buyer Programs Louisville Kentucky.

 

Government Mortgage Products available to Kentucky First Time Home Buyers in 2014

KENTUCKY FHA MORTGAGE LOANS

  • Min FICO 600
  • Non-Occupant co-borrowers allowed
  • 100% Gifts Allowed from family members
  • Manual UW allowed but must keep debt to income ratios at 29/41% respectively and have a verifiable rent history ox30
  • Non-credit qualify Streamlines — No income or credit report required
Kentucky FHA First Time Home Buyer Loans for 2014
Kentucky FHA First Time Home Buyer Loans for 2014

 

 

 

 

 

 

 

KENTUCKY VA MORTGAGE LOANS

  • Min FICO 620
  • Manual UW
  • 100% Cash Out and Zero Down Payment Home loans. Must have COE
  • IRRRL — OR KENTUCK VA STREAMLINE REFINACE
Kentucky VA Mortgage Lender Guidelines for 2014
Kentucky VA Mortgage Lender Guidelines for 2014

 

 

 

 

 

 

 

 

 

 

 

 

KENTUCKY RURAL HOUSING AND USDA RURAL HOUSING LOANS

  • Min FICO 620
  • 100% Max LTV, no money down financing.
  • Manual UW but must have debt to income ratios of 29 and 41% respectively with a verifiable rent history 0x30
  • 100% Gift Funds allowed
kentucky usda rural housing loan programs for 2014
Kentucky usda rural housing loan programs for 2014

 

 

 

 

 

 

 

Kentucky Conventional Housing Loans

Fannie Mae

  • 95% Financing available
  • Lower mortgage insurance premiums than FHA and max loan is about $100k higher in Kentucky for A Fannie Mae Loan vs. FHA Loan

 

Kentucky Fannie Mae Mortgage Guidelines for 2014
Kentucky Fannie Mae Mortgage Guidelines for 2014

 
Flex-Banner Apply for a free mortgage pre-approval qualificaton today.
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

Kentucky Housing Corporation Products on FHA, VA, USDA for both Refinance and Purchase Transactions


Kentucky Housing Corporation Products on FHA, VA, USDA for both Refinance and Purchase Transactions!
Products Offered:  Conventional Financing with No MI

  • 97% Financing with No Mortgage Insurance/100% Financing with Down Payment Assistance
  • 680 Minimum Credit Score, Maximum Debt Ratio 45%
  • Down Payment can be Gifted

FHA/VA Purchase

  • 96.5% Financing/100% Financing with Down Payment Assistance
  • 640 Minimum Credit Score, Maximum Debt Ratio 45%
Property Eligibility
  • Purchase price limit: $243,000
  • Owner Occupied Transactions Only
  • One-unit, SFR (attached or detached), new or existing property located in Kentucky.
  • May own other real estate at closing except with Conventional No MI program
  • Borrower(s) must qualify with inclusion of the second home or investment property monthly payment.

Manufactured Housing

  • FHA Transactions Only, Doublewides Only
  • Affidavit of Conversion of Real Estate is required
  • An engineer’s certification report is required verifying the property meets the guidelines published in the Permanent Foundations Guide for manufactured housing.

Condominiumns

  • Condominium or PUD’s must follow agency guidelines
  • For FHA, condominium must be listed on HUD’s website as approved
  • For Conventional No MI, must be approved by Fannie Mae
  • KHC website has a condo list. This list must be used to determine if additional interior insurance coverage is required. This does not warrant that the condo is approved by HUD or Kentucky Housing. If condo is not listed, proof of whether the interior coverage is included in the master policy is required. If not, a separate interior policy equal to half of the total loan amount is required

 

Down Payment Assistance Program
Regular DAP
  • Income Limits must meet secondary market limits
  • Eligible on new and existing properties
  • Allowed up to $6,000. Must go maximum LTV allowed on first mortgage amount. The Conventional NO MI program can go to 95% LTV
  • Terms: 5.50% amortized over 10 years
Regular DAP
  • Income limits must meet Affordable Income Limits. Income limits for the Affordable DAP are determined off of Household Income
  • Eligible on new and existing properties
  • Allowed up to $4,500. Must go maximum LTV allowed on first mortgage amount. The Conventional No MI program can go to 95% LTV
  • Terms: 1% amortized over 10 years

Email me at kentuckyloan@gmail.com with your questions

I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky.  For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

 

This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency.

NMLS# 57916 http://www.nmlsconsumeraccess.org/

Joel Lobb

Senior  Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 phone: (502) 905-3708
 Fax:     (502) 327-9119
 Company ID #1364 | MB73346