Tag: USDA MORTGAGE KY FICO SCORES

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


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

How to qualify for a Kentucky FHA Home Loan ?
How to qualify for a Kentucky FHA Home Loan ?

 

 

gfsgfsdgsdfgsdfgsfd

 

USDA , Fannie Mae Home Loans In "Credit Scores and Credit Report" What Credit Score do You Need to qualify for a FHA VA KHC USDA Kentucky Mortgage

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
 
 

Credit Scores Needed for a Louisville Kentucky FHA, KHC, VA, USDA, and Conventional mortgage Loan


via Credit Scores Needed for a Louisville Kentucky FHA, KHC, VA, USDA, and Conventional mortgage Loan

 

 

 

 

 

I believe in transparency. When you apply online, we will pull your credit from all three agencies and give you a free copy. You don’t even have to ask for it. It will be in your inbox for your review at the same time we get it for review. It’s part of the Approved Buyer’s Cert (ABC) process. I will give you an underwritten mortgage approval. Better than a pre-approval based on assumptions, it’s an actual mortgage approval. Know what you are approved to purchase even before you find the home of your dreams. Simple and straightforward.

I know it can be intimidating getting approved to buy a home, so rest assured I will try and make it as easy as possible for you and I will be glad to answer any of your questions about the home buying process.

Below are some items (in red)  that we will review for your mortgage loan pre-approval letter to purchase a home along with some different loan programs to consider:

Credit:

What kind of credit score do I need?

Most lenders want a 620 credit score nowadays, however, there are some lenders now doing FHA and VA  loans down to a 580 score with no bankruptcies and no foreclosures in the last 2 years.  You have three fico scores from experian, equifax and transunion credit reporting agencies and the lenders  will throw out the high and low score and take the middle score of the borrower(s).  For example if you have a 598, 625, 604 on each of the main three reporting agencies, then your qualifying fico score would be 604.

Down Payment:

How much down do I need for a down payment?

If you don’t have access to a down payment or would like to keep your money in savings, there are still housing programs that exist for Kentucky home buyers whereas you can purchase a home with no down payment. You will need a 620 to 640  middle credit score to purchase a home using the USDA or KHC loan programs for their no down payment credit requirements.

The first no money-down home  loan program called,  KHC,  currently offers $6000  in down payment assistance (DAP)  along with a 30 year fixed rate loan of 5.00%. The maximum income limits are $117,000 for a household with a max loan of $282,000. This loan program sponsored by Kentucky Housing Corp. or (KHC) requires a 620 minimum credit score and can be done anywhere in ​Kentucky.

The second no money down home loan option is the USDA program for properties located outside urban areas of Kentucky areas where you can secure a no money down loan at a current low fixed rate of 4.25% on 30 years.  The max household income limits usually are between $80k to $103k for most rural area counties depending on household family size. A 640 middle credit score is needed for loan approval on this program. If you are looking in the area that is in an USDA eligible area, then this program should be available to you. I just need the address to determine if it’s an eligible USDA area.

Alternatively, If you have access to a down payment (3.5 % or more of the sales price) , we can always look at doing a FHA  loan and  go down to a 580 credit score. There are no income limits oror geographical restrictions on a FHA loan.​ If your credit scores are higher, say 680 or above, we can look at doing a conventional loan with Fannie Mae and possibly get you better terms on your payments when it comes to mortgage insurance and interest rates.​

Lastly, There are some programs offered to home buyers here locally that if they have a credit score higher than 660, you can do a no money down home loan with no mortgage insurance. This Is good for buyers they have no money to put down, but not have to go with a FHA loan and pay mortgage insurance for life of loan.

If your credit scores are a little low now, we can look at doing some improvement to your scores through the rapid-rescoring program we offer free of charge as I described above. It seems like you have a handle on this with your student loan error, so it may be best to let you work on this.

Keep in mind mortgage rates are currently in an trending-up pattern, kinda like gas prices they change everyday, so I would go ahead and starting getting these things together below so we can lock in your rate and secure a low 30 year fixed rate.

Income:

How much income do I need to qualify for a mortgage loan?

The maximum house payment is usually limited to 1/3 of your gross monthly income. For example, if you make $30,000  a year or $2,500   gross a month, then  x  that by 31%, and this would equal about a $824 maximum house payment you would qualify for. Again this is just the max, you don’t have to go that high on your ratios. Once I verify your income.

On a house payment, there is more than just the principal and interest payment that is included. You also have to pay property taxes, home insurance, and mortgage insurance that is all included in the house payment..We can go over this on your loan pre-approval.

In order to get you pre-approved for your max loan amount, 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!

​Mortgage Pre-Approval Checklist Below

1.  Last 30 days worth of pay stubs
2.  Last 2 years W-2′s
3.  Last 2 years tax returns
4.  Last two months bank statements for all accounts including 401 k or retirement account  if you have one

Once I get the information above, I can usually get you pre-approved in one day, and get your loan closed in 30-45 days after you get an accepted offer on a home.

Your first house payment usually starts 30-60 days after you close.

Your loan pre-approval is usually good for 60 days.

I don’t need originals, copies are fine. You can fax or email  me the above documents,  or meet me face-to-face if you wish to make copies and go over your options.

Let me know your questions.

Thanks and look forward to helping you​!​


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

http://www.mylouisvillekentuckymortgage.com/

What is the minimum credit score I need to qualify for a Kentucky mortgage in 2018?


via What is the minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan in 2018?

Credit Fico Score for a Kentucky Mortgage FHA VA KHC


02_by_the_numbers_what_your_fico_score_means21728128_10156505291043998_8057145834609530897_n

 

Question:
What is the current minimum credit scores needed to qualify for a mortgage Loan in 2018?
Answer:
The minimum credit score needed to qualify for a Kentucky mortgage depends on the type of loan program you are looking to obtain, this could be the reason that you have received conflicting answers. The most common types of mortgage are Conventional, FHA, USDA, VA, and KHC mortgage loans in Kentucky. I’ll explain each briefly below and the minimum credit score needed to qualify for each loan program. Keep in mind these are continuously changing and can vary by lender do to credit overlays.
Kentucky Conventional or Fannie Mae  
Conventional loans make up the majority of mortgages in the US. They are also known as conforming loans, because they conform to specific guidelines set by Fannie Mae and Freddie Mac.
  • Minimum Credit Score is 620
  • The maximum loan amount varies by Geographical Area , for 2018 it is between $453,100 and $679,650
  • You can use a conventional loan to buy a primary residence, second home, or rental property
  • Conventional loans are available in fixed rates, adjustable rates (ARMs), and offer many loan terms usually from 10 to 30 years
  • Down payments as low as 3% and 5% depending on Home Ready or straight conventional loan.
  • No monthly mortgage insurance with a down payment of at least 20%
  • Max Debt to Income Ratio of 50%
KENTUCKY FHA MORTGAGE
An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.
  • Minimum Credit Score is 500 with at least 10% down
  • Minimum Credit Score is 580 if you put less than 10% down
  • The maximum loan amount varies by Geographical Area, for 2018 it is between $294,515 and $679,650
  • Upfront and Monthly Mortgage Insurance is required regardless of the Loan to Value
  • FHA Loans are only available for financing primary residences
  • Maximum Debt to Income Ratio of 50% (unless mitigating factors justify allowing a higher DTI) up to 57% in some instances with strong compensating factors.
KENTUCKY USDA RURAL HOUSING LOAN 
    • 100% Financing
    • Cities and towns located outside metro areas-see link (https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp
    • Do NOT have to be a First Time Home Buyer
    • No Down Payment
    • 30 year low fixed rate loans
    • No Prepayment Penalty
    • Great Low FIXED Interest Rates
    • Loan Amounts up to $453,000
    • Possible to Roll Closing Costs into Loan if Appraises Higher
    • No Cash Reserves Required
    • UNLIMITED Seller Contribution toward Closing Costs
    • 100% Gifted Closing Costs allowed
    • Primary Residents only (no rentals/investment properties)
    • Debt to income ratios no more than 45% with GUS approval and 29 and 41% with a manual underwrite.
    • Only Need a 580 Credit Score to Apply*** Most USDA loans need a 620 or score higher to get approved through their automated underwriting system called GUS. 640 usually required for an automated approval upfront.
    • No bankruptcies (Chapter 7) last 3 years and no foreclosure last 3 years. If Chapter 13 bankruptcy possible to go on after 1 year
     
  • KENTUCKY VA Mortgage
  • 100% Financing Available up to $453,100
  • Must be eligible veteran with Certificate of Eligibility. We can help get this for veterans or active duty personnel.
  • No Down Payment Required
  • Seller Can Pay ALL Your Closing Costs
  • No Monthly Mortgage Insurance
  • Minimum 580 Credit Score to Apply–VA does not have a minimum credit score but lenders will create credit overlays to protect their interest.
  • Active Duty, Reserves, National Guard, & Retired Veterans Can Apply
  • No bankruptcies or foreclosures in last 2 years and a clear CAVIRS
  • Debt to income ratios vary, but usually 55% back-end ratio with a fico score over 620 will get it done on qualifying income and if it is a manual underwrite, 29% and 41% respectively
  • Can use your VA loan guaranty more than once, and in some cases, can have two existing va loans out at they sametime. Call or email for more info on this scenario.
  • Cost of VA loan appraisal in Kentucky now costs a  minimum $475 with a termite report needed on all purchase and refinance transactions unless a condo.
  • 2 year work history needed on VA loans unless you can show a legitimate excuse, ie. off work due to injury, schooling, education etc.
  • You cannot use your GI Bill for income qualifying for the mortgage payment.
KENTUCKY HOUSING DOWN PAYMENT ASSISTANCE 100 FINANCING 

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
email:          kentuckyloan@gmail.com

 
 

 

Fannie Mae According to the “Washington Post,” Fannie Mae raised its minimum credit score for conventional loans in 2009 from 580 to 620. Even if you have a 20-percent down payment, you…

Source: Credit Fico Score for a Kentucky Mortgage FHA VA KHC