What is a Kentucky Mortgage Rate Lock?


via What is a Kentucky Mortgage Rate Lock?

 

Image result for What is a Kentucky Mortgage Rate Lock?

 

oel Lobb
Senior Loan Officer
(NMLS#57916
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). USDA Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

 

Kentucky VA Mortgage Lender Guidelines for 2019


Kentucky VA Mortgage Lender Guidelines for 2019via Kentucky VA Mortgage Lender Guidelines for 2019

Kentucky VA Loans Offer 100% Financing


via Kentucky VA Loans Offer 100% Financing

 

Kentucky VA Loans Offer 100% Financing

How can I get a VA Mortgage loan in Kentucky in 2019?

 

 

Congress Passes VA Loan Bill for Kentucky VA Home Buyers


via Congress Passes VA Loan Bill for Kentucky VA Home Buyers

 

Congress Passes VA Loan Bill for Kentucky VA Home Buyers

The President is expected to sign H.R. 299, the ‘Blue Water Navy Vietnam Veterans Act.’ This legislation includes language which will eliminate the cap on the VA home loan guarantee.

Kentucky VA Mortgage Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.


 

Kentucky VA Mortgage Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.
Kentucky VA Mortgage Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.

 

 

 
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/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

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#57916http://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.

Kentucky VA loans skyrocket in popularity for first-time home buyers


via Kentucky VA loans skyrocket in popularity for first-time home buyers

VA Underwriting Changes

 

VA has just revised Chapter 4 – Credit Underwriting and Chapter 11 – Appraisal Requirements (now named Appraisal Reports) of their underwriting guidelines. These changes will take effect for all VA loans beginning May 23rd, 2019. Major changes are as follows, but the documents have been revised throughout so it is recommended that everyone review them HERE.
  • Borrowers using rental income from a non-subject property to qualify need to document a minimum 2 year rental history and 3 months reserves PITI for each rental property (excluding property being vacated and turned into a rental). When no mortgage exists on a rental property, 3 months reserves must still be provided that cover taxes, insurance, HOA dues, and any other fees documented for the property. These reserves cannot come from equity, gift funds, or any loan proceeds.
  • Rental income from boarders can now be used as qualifying income provided
    • A 2 year history of tax returns can be provided showing boarder income generated by the property; AND
    • The use of the property for boarder rental cannot impair the residential nature of the property and cannot exceed 25% of the property’s total floor area
  • Alimony, child support, and maintenance require at least 3 years continuance to be considered effective income.
  • For payment plans after a judgment, VA will generally require 12 months of timely payments before credit is considered reestablished. A shorter repayment history may be considered if it can be determined that the borrower addressed the judgment responsibly and began a repayment plan immediately after it was filed. If borrower has missed payments within the last 12 months, they will be ineligible for financing even if the debt is paid in full.
  • For voluntary short sales or deeds-in-lieu where the borrower was current on their payments at the time the property was surrendered, no minimum derogatory credit waiting period will be required.
  • VA’s list of required Appraisal Report Contents has been updated and now includes specific photographs required on the appraisal (refer to VA Chapter 11: Topic 3: Appraisal Report Contents for full list).
  • VA Chapter 11: Topic 4: Gross Living Area has been added to provide direction in determining the Gross Living Area of the property.
  • Other sections have been updated to include guideline changes from previous VA Circulars.

Kentucky VA loans skyrocket in popularity for first-time home buyers


Kentucky VA Mortgage Lendersvia Kentucky VA loans skyrocket in popularity for first-time home buyers