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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.

 

A Complete Guide to Closing Costs


via A Complete Guide to Closing Costs

 

Who pays Closing Costs in Kentucky On a Mortgage Loan for FHA, VA, Conventional.
Who pays what for a mortgage loan in Kentucky? FHA, VA, Conventional all have different requirements

 

 

 
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.

 

Get Yourself Pre-approved for a Mortgage in Kentucky


via How to Buy a Home in Kentucky

Get Yourself Pre-approved for a Mortgage in Kentucky

Which home loan is used to buy a home in Kentucky

Buying a home can be a nerve-wracking experience, especially if it’s your first time. It may feel even more so if you’re still saddled with student loan debts.

Does your income-driven repayment plan has Do you have Federal student loans in it? Do you know how your lender will handle your debt to income ratio?

These are just some of the factors that you need to put into consideration when planning to buy a house. It might just be not that easy since you also have to factor in your student loan debts.

To make the process less intimidating for you, here are the things you need to do.

Pay Attention to Your Credit Score

FICO credit scores are among one of the most commonly used scoring systems by lenders and creditors whose range plays in between 350 to 800. A consumer with a credit score below 620 is considered to have poor credit, while those with credit scores of 750 or higher is considered to have excellent credit.

Now, if you want to qualify for a home improvement financing or a mortgage and nail a low mortgage rate, make sure your credit score is in good shape. Whenever you apply for a mortgage, every credit bureau gathers information about your credit history and calculate your credit score that lenders will use to gauge your risk factor.

If you find an error or any inconsistencies in your credit report, report it immediately to the credit bureau and have it fixed.

 

 

Your DTI (debt-to-income ratio) is one of the major factors that lenders consider when you apply for a mortgage loan. It’s the ratio of the total amount of your recurring debt every month with your monthly gross income.

To calculate your DTI, add up all of your recurring monthly debt such as student loan payments, minimum credit card payments, or car loan payments, then divide it by your pre-tax (the amount you earn before taxes and other withholdings) income every month.

Since your debt-to-income contains two main components: debt and income, the efficient way to reduce it is to:

earn more income

repay existing debt

do both

How does your debt to income ratio play into a Kentucky Mortgage Loan Approval for FHA, VA, USDA and Fannie Mae Mortgage Loans

Pay Attention to Your Payments

Case in point: Lenders will approve the application of those who are financially responsible.

Know it that your payment history takes up one of the biggest portions of your credit score. Thus, to make sure that you pay on time, set up an autopay system for all your accounts so that funds are automatically debited every month.

Moreover, your FICO is being weighed heavily by current payments, which means your future will matter more than your past. Make sure also to do the following:

Pay off the balance if you have a delinquent payment.

Do not skip payments.

Pay on time.

Get Yourself Pre-approved for a Mortgage

 

The common cycle for home buyers is to look for a property, then get a mortgage. You have to switch it.

It’s better if you get yourself pre-approved with a lender, so you will know how much you can afford for a home. To get pre-approved, lenders will look at your income, credit profile, employment, assets, to name a few.

 

 

Besides your credit score and DTI, your lenders also assess your credit card utilization score, or your credit card expenses as a percentage of your credit limit every month. The ideal credit utilization must be 30% or less. Even better, keep it less than 10% if possible.

For instance, if you have a $20,000 credit card limit and spent $6,000, your credit utilization is equivalent to 30%.

If you want to regulate your credit card utilization better, here are the things you can do:

Talk with your lender about increasing your credit limit. It may require a hard credit pull so better consult your lender first.

Pay off your balance at least twice a month to lessen your credit utilization.

To track credit utilization, set up alerts for automatic balance.

 

Credit Score Requirements for a Conventional loan, USDA Loan, FHA Loan, VA loan in Kentucky

 

 

$6000 DOWN PAYMENT ASSISTANCE FROM KENTUCKY HOUSING

Even if you have outstanding student loan debts, you can still seek for different down payment assistance. You can start with the following:

 

FHA, VA , USDA AND CONVENTIONAL MORTGAGE LOANS IN KENTUCKY

USDA loans. These loans have zero-down mortgages for suburban and rural homeowners.

FHA loans. Acquire federal loan through the Federal Housing Authority.

VA loans. You can avail these loans if you’ve served in the military service.

There are local, state, and federal assistance programs as well that you can resort to.

If paying off your credit card balance is impossible before getting a mortgage, you can consolidate your credit card debt into one personal loan for a lower interest rate.

Taking a personal loan can help you save big on you on interest expenses over the repayment term, which usually lasts for three up to7 years, depending on the lender. It can also enhance your credit score since it’s an installment loan with a fixed repayment term.

On the flip side, credit cards have no fixed repayment terms because they are revolving loans. When such is the case, you can minimize your credit utilization and diversify your debt types whenever you trade your credit card debt for a personal loan.
Takeaway

Buying a home while grappling with student loan debts can be taxing. Your likelihood to get a mortgage for a property will depend on your loans. It can result in disappointment if your loans are in bad shape.

Now, if you don’t evaluate your student loan picture and ensure that you’re taking all the necessary steps to be successful, getting that mortgage will be impossible. It might not work all the time, but arming yourself with the right knowledge to get there is the beginning of your homeownership journey.

Author’s Biohttps://www.universityherald.com/articles/76437/20190826/how-to-buy-a-home-with-a-student-loan-debt.htm

© 2017 University Herald, All rights reserved. Do not reproduce without permission.

 

The lenders I currently deal with have the following fico cutoffs for credit scores:
As you can see, different government-backed loan programs have different minimum score requirements with most lenders for a FHA, VA, or Fannie Mae loan, and 620  is required for the no down payment programs offered by USDA and KHC in Kentucky for First Time Home Buyers wanting to go no money down.

A Complete Guide to Closing Costs

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 Company ID #1364 | MB73346

 unnamed (2) (1)

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

 

Kentucky Manufactured Home Loans for Doublewide Mobile Homes for FHA, VA, USDA, KHC and Fannie Mae


via Kentucky Manufactured Home Loans for Doublewide Mobile Homes for FHA, VA, USDA, KHC and Fannie Mae

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Kentucky Manufactured Home Loans for Double wide Mobile Homes
Now Available 


Mortgage is excited to announce a wide variety of Kentucky Manufactured Housing finance options for your borrowers ranging across for Kentucky  FHA, VA, USDA, Fannie Mae and Freddie Mac loans. 

Government (USDA / VA / FHA KHC) Conventional (Fannie / Freddie) KHC

  • Minimum FICO 620
  • 30 year fixed rate
  • Double-wide or wider manufactured homes
  • Zero Down Payment
  • Minimum FICO 660
  • 30yr fixed rate
  • Double-wide or wider manufactured homes
  • 0 down payment required

 

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. 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.