Same day credit pull, 2 different scores


Source: Same day credit pull, 2 different scores

 

 

 

The 23 Questions We Asked at Mortgage Pre-Approval


 

Source: The 23 Questions We Asked at Mortgage Pre-Approval

 

Kentucky FHA Loan Guidelines


hud-100-incentive-program-fha-home-loan-group-1gdsgdsgdfgdHere is my Top 5 List for getting a Kentucky FHA Mortgage Loan: 1.A Low Down Payment –  Kentucky FHA Mortgage Loans only require a 3.5% down payment. And what makes that even more attractive is tha…

Source: Kentucky FHA Loan Guidelines

 

FHA Guidelines: How to Qualify for an FHA Loan

The first step to qualifying for an FHA loan is to work with a loan officer at an FHA approved lender. General FHA guidelines that the loan officer will discuss with you include:

  • Documenting an employment history over the last two years. FHA guidelines consider the last two years of employment and look at a steady pay history or employment with the same employer.
  • Providing a valid social security number and proof that you’re a resident of the United States. There are exceptions for resident aliens, but these exceptions will vary by lender.
  • Producing the necessary down payment. FHA loans require a minimum down payment of 3.5% when buying a home — but the down payment may be a gift under certain conditions.
  • Performing the necessary due diligence. The property will need to be inspected by an FHA appraiser and an FHA approved appraisal must be done.
  • Assessing how much you can afford. Although there is some flexibility, the total monthly mortgage payment generally should not exceed 30-32% of your gross monthly income.
  • Assessing your level of debt. Your total debt should not be more than 43% of your gross monthly income. Again, there is some flexibility with this number, but this is a good guideline.
    • Note from mortgage professional, Albert Bui, “the 43% DTI to income is mainly a guideline max for many loans out on the market to comply with certain qualified mortgages (QM) guidelines however in reality the max on FHA I’ve seen is 46.99% on the front ratio (housing payment only) and 56.99% on the backend when factoring in all other obligations. So this means you can borrow up to 46.99% on the front ratio for your housing payment but it doesn’t mean the borrower should max it out, rather they “can.”
  • Knowing your credit score. Minimum credit scores now apply with FHA loans and can vary by lender. A credit score of 580 and above requires a 3.5% down payment, and a credit score of 500-579 requires a 10% down payment. Credit score requirements will vary by lender.
    • According to Mr. Bui, “a 3.5% down payment is the min however there are many down payment assistance (DPA) programs that will either grant you the 3.5% for free with no repayment’s, offer the borrower a 3.5% community 2nd loan that is silent (no payment) and may be forgivable after a certain period of time, or a 2nd that has a silent payment but is due at a certain period of time or payoff in the future. So you can bring in as little as $0.00 with qualifying income or additional requirements.”
  • Disclosing prior bankruptcies. If you have had a bankruptcy that has been discharged, the waiting period is 2 years.
  • Disclosing prior foreclosures. If you have had a foreclosure, the waiting period is 3 years, and you must have good credit

https://www.biggerpockets.com/users/Fin_savvy

Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval?


 

 

Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval
Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval

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Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval

Source: Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval?

2017 Kentucky VA LOAN LIMITS


December 6, 2016   2017 KENTUCKY VA LOAN LIMITS VA has announced loan limit changes for the year 2017. The base limit will be increased to $424,100 for 2017 for all Kentucky VA Home Loans.  This li…

Source: 2017 Kentucky VA LOAN LIMITS

 

GOOD NEWS!  In Circular 26-16-36, VA has announced loan limit changes for the year 2017. The base limit will be increased to $424,100 for 2017.  This limit applies to the loan amount for VA loans with no down payment and with full entitlement.
These new loan limits will be effective for loans closing on or after January 1, 2017.
We will be accepting locks at the higher limits beginning December 12, 2016, but cannot close until January 1, 2017.
Revised Loan limits (for counties in excess of $424,100) by county/state for 2017 can be found online at: http://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2017_HERA-BASED_FINAL.PDF
In addition, for comparison, the prior year limits (for counties previously in excess of $417,000) are available at: http://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2016_HERA-BASED_FINAL.pdf

 

Zero Down Mortgages In Kentucky ? Yes, With The Kentucky Rural HousingUSDA Home Loan


Zero Down Mortgage?  Yes, With The USDA Home Loan As a loan originator, I get lots of questions from home buyers and Realtors about 100% financing. After the recent home mortgage meltdown crisis, n…

Source: Zero Down Mortgage? Yes, With The USDA Home Loan

August 11, 2016

Funding is Available for your SFH Guaranteed Applications!

As we enter the last two months of Fiscal Year (FY) 2016, Rural Development is pleased to announce that USDA has more than $10 billion available to guarantee no-down payment loans for your rural customers through our Single Family Housing Guaranteed Program. 

Today’s low interest rate environment, coupled with new program features such as the single-close construction loan and the streamlined-assist refinance option, makes this a great opportunity for rural Americans!  Please visit our SFH Guarantee website or contact a Guaranteed Loan Specialist for more information!

Thank you for your support of the Single Family Housing Guaranteed Loan Program!  We are proud to partner with you to serve the rural homebuyers of America.

 

Kentucky $15,000 Down payment Assistance Grant For Kentucky Home Buyers in 2016


 

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Source: Kentucky $15,000 Down payment Assistance Grant For Kentucky Home Buyers in 2016

 

 
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119