Tag: rural housing mortgage credit scores 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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Kentucky Homebuyer Loan Options for 2019.


via Kentucky Homebuyer Loan Options for 2019.

 

https://firsttimehomebuyerkentucky.wordpress.com/category/2019-kentucky-first-time-home-buyer/

IN 2019 KENTUCKY FIRST TIME HOME BUYERCREDIT SCORESDEBT RATIODOWN PAYMENTFHA LOANFICO SCOREKENTUCKY FIRST TIME HOME BUYERKENTUCKY MORTGAGE CREDIT SCOREKHC LOANPRE-APPROVAL LETTERUSDA LOANVA MORTGAGE KY

 

What is a Kentucky USDA Rural home loan?


via What is a Kentucky USDA Rural home loan?

 

If you meet income eligibility requirements and are looking to settle in a rural area, you might qualify for the KY USDA Rural Housing program. The program guarantees qualifying loans, reducing lenders’ risk and encouraging them to offer buyers 100% loans. That means Kentucky home buyers don’t have to put any money down, and even the “upfront fee” (a closing cost for this type of loan) can be rolled into the financing.
Fico scores usually wanted for this program center around 620 range, with most lenders wanting a 640 score so they can obtain an automated approval through GUS. GUS stands for the Guaranteed Underwriting system, and it will dictate your max loan pre-approval based on your income, credit scores, debt to income ratio and assets.
They also allow for a manual underwrite, which states that the max house payment ratios are set at 29% and 41% respectively of your income.
They loan requires no down payment, and the current mortgage insurance is 1% upfront, called a funding fee, and .35% annually for the monthly mi payment. Since they recently reduced their mi requirements, USDA is one of the best options out there for home buyers looking to buy in an rural area.
A rural area typically will be any area outside the major cities of Louisville, Lexington, Paducah, Bowling Green, Richmond, Frankfort, and parts of Northern  Kentucky .
There is a map link below to see the qualifying areas.
There is also a max household income limits with most cutoff starting at $76,000 for a family of four, and up to $98,000 for a family of five or more.
USDA requires 3 years removed from bankruptcy and foreclosure.

There is no max USDA loan limit.

 






I can answer your questions and usually get you pre-approved the same day. 


Call or Text me at 502-905-3708 with your mortgage questions.
Email Kentuckyloan@gmail.com



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Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 
 

Mortgage Borrowers Get Loan Approval With Lower Credit Scores in Kentucky 


Recent studies suggest that home buyers with low credit scores and high debt-to-income ratios may have an easier time qualifying for financing.

Source: Mortgage Borrowers Get Loan Approval With Lower Credit

 

∘ What kind of credit score do I need to qualify for different first time home buyer loans in Kentucky?
Answer. Most lenders will wants a middle credit score of 620 to 640 for KY First Time Home Buyers looking to go no money down. The two most used no money down home loans in Kentucky being USDA Rural Housing and KHC with their down payment assistance will want a 620 to 640 middle score on their programs.
If you have access to 3.5% down payment, you can go FHA and secure a 30 year fixed rate mortgage with some lenders with a 580 credit score. Even though FHA on paper says they will go down to 500 credit score with at least 10% down payment, you will find it hard to get the loan approved because lenders will create overlays to protect their interest and maintain a good standing with FHA and HUD.
Another popular no money down loan is VA. Most VA lenders will want a 620 middle credit score but like FHA, VA on paper says they will go down to a 500 score, but good luck finding a lender for that scenario.
A lot of times if your scores are in the high 500’s or low 600’s range, we can do a rapid rescore and get your scores improved within 30 days.

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
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.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com