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. 

Down Payment And Closing Cost Assistance Kentucky Housing


 

Conventional

  • Insured by approved mortgage insurance company.
  • Minimum credit score of 660 or better.
  • Quick turnaround time, 20 percent down payment and no up-front or monthly mortgage insurance.

FHA

  • Insured by the Federal Housing Administration.
  • Down payments as little as 3.5 percent.
  • Can use DAP for 3.5 percent down payment requirement.
  • Upfront and monthly mortgage insurance.
  • Minimum credit score of 620.

VA

  • Guaranteed by the Veterans Administration for qualified military veterans.
  • No down payment if the property appraises for the sale price or greater.
  • Credit underwriting is flexible.
  • Minimum credit score of 620.
  • No monthly mortgage insurance payments.

RHS

  • Guaranteed by Rural Housing Services (RHS).
  • Home must be located in a rural area as defined by RHS.
  • No down payment if the property appraises for the sale price or greater.
  • Minimum credit score of 620.

GNMA Secondary Market

  • All GNMA KHC first mortgage loans are for a 30-year term at a fixed rate of interest.
  • The home you purchase through KHC must be occupied as your principle residence while the loan debt is outstanding.
  • To qualify, you must meet KHC’s GNMA income guidelines, make a down payment, or qualify for down payment assistance, be a U.S. citizen or legal alien and have an acceptable credit history.

FHA

  • Insured by the Federal Housing Administration.
  • Down payments as little as 3.5 percent.
  • Can use DAP for 3.5 percent down payment requirement.
  • Upfront and monthly mortgage insurance.
  • Minimum credit score of 620.

VA

  • Guaranteed by the Veterans Administration for qualified military veterans.
  • No down payment if the property appraises for the sale price or greater.
  • Credit underwriting is flexible.
  • Minimum credit score of 620.
  • No monthly mortgage insurance payments.

RHS

  • Guaranteed by Rural Housing Services (RHS).
  • Home must be located in a rural area as defined by RHS.
  • No down payment if the property appraises for the sale price or greater.
  • Minimum credit score of 620.
Two FHA Refinance Options
  • Credit qualifying Streamline Refinance and Rate/Term Refinance
    • Insured by the Federal Housing Administration
    • Cash back to borrower not to exceed $500
    • Upfront and monthly mortgage insurance
    • Minimum credit score of 620
 
 
 
 
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

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.
 

Kentucky Housing Down Payment Assistance for 2015 DAP funds for KY First Time Home Buyers


Kentucky Housing Down Payment Assistance for 2015 DAP funds for KY First Time Home Buyers.

 

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

 

Louisville Ky Down Payment Assistance Mortgage Program


Louisville Ky Down Payment Assistance Mortgage Program.

Kentucky USDA Loans | Rural Housing Loans Kentucky


ntucky USDA Loans | Rural Housing Loans Kentucky.


I have a website that is really good for USDA loans, located at http://kentuckyruralhousingusdaloan.blogspot.com/p/usda-rural-housing-loan-program.html  that may assist and educate you about the program.
 In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free. 
 Loan Checklist
The following is a list of documents that may be required to process your  mortgage loan:

  • One full month’s worth of pay stubs
  • Last 2 years W-2′s
  •  Last 2 years tax returns 
  • Last two months bank statements for all accounts

 
I don’t need originals, copies are fine. You can fax, email, or drop off at my office below . 
 
Let me know your questions. 
 
Thanks and look forward to helping you
 
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