Kentucky FHA Mortgage Loan Updates For You

Full commissioned buyer with 1 year on the job pre-approved:  FHA will allow for a borrower to only be commissioned sales for 1 year!
FHA’s new student loan guideline:  FHA’s new bulletin announces that lenders can no longer use an IBR (Income Based Repayment) for figuring student loan payments effective 6/30/16!  This hurts but there is some good news in the announcement.

When does FHA 3 year foreclosure date start?  FHA allows for a foreclosure to be 3 years ago.  The 3 years starts on the date which the former home was deeded out of the borrower’s name and the FHA case file number must be assigned 3 years after that date.

important information

• DO NOT quit your job or open any new debts as it could deny your loan! – believe it or not borrowers do this often and it will cause a loan to be denied at the end!
•  Pay stubs must identify the employer, employee information, and year to date income and deductions
• Do not deposit cash into your bank account or pay your earnest money deposit in cash!!  It can cause major issues with your loan.
• Statements may be actual statements or you can access your online account and choose to “view statements” and then print hard copy or print to a pdf.  Must have bank name and account numbers and cannot be a daily history / transaction history
• All banking, investment, and retirement account statements, must have all pages.  For instance, if the statement says 1 of 7, we would need all 7 numbered pages even if blank.  Often back pages are blank but we don’t know unless we have those pages
• If you notice generic deposits on your bank statements, please give us proof of the source of funds for the deposit.  Let us know if you have questions on this documentation
• Make a legible copy of the driver’s license.  For clarity of the small numbers, the picture, and dates, it helps to enlarge the copy.  A fax copy of a license will not be viewable
• Don’t wait until the end to choose and start talking to your insurance agent.  Do this up-front to prevent surprises or delays in the end
• As you receive new paystubs or banking statements, send those to us so that we have the most recent ones in the file at all time

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

phone: (502) 905-3708

 Fax:     (502) 327-9119

kentuckyloan@gmail.com

 

 

http://www.mylouisvillekentuckymortgage.com/