Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans 100% Financing

VA Updated Guidance for Borrowers Affected Financially by COVID-19


VA Updated Guidance for Borrowers Affected Financially by COVID-19

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans 100% Financing, 100% financing Kentucky Home Loan, First Time Home Buyer in Kentucky Zero Down, No money down mortgage Louisville Kentucky Kentucky housing corp 30 year fixed, Rural Housing Loans No Money Down Program, USDA No money down mortgage Louisville Kentucky Kentucky housing corp 30 year fixed, VA, VA Loan, VA Loan REquirements for Kentucky, VA loans

Here are all the $0 Mortgage options in Kentucky


Here are all the $0 Mortgage options in Kentucky VA – available to veterans, surviving spouses and active military. • VA Mortgages are always $0 down.• FICO Score – 620 preferable.• Need DD214 (honorable discharge) and Certificate of Eligibility.• Seller can pay up to 4% of closing costs. USDA: the location of the property determines … Continue reading Here are all the $0 Mortgage options in Kentucky

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Kentucky Home Loan Program Requirements for FHA, VA, USDA and Conventional Mortgage loans.


FHA Minimum credit score580 AUS Approved580 ManualNon-Credit Qualifying Streamline refinances allowedGift funds allowed for down payment and closing costsCash out 80% LTV VA Minimum credit score600 AUS approved620 manualCash-out up to 90% LTVForeclosure/Short Sale/Bankruptcy <2 years allowed with AUS Approval USDA Minimum credit score: 620100% maximum LTVManual UnderwritesNo maximum loan amountUSDA Streamlined, Streamlined-Assist, and Rate/Term refinances allowed CONVENTIONAL Minimum … Continue reading Kentucky Home Loan Program Requirements for FHA, VA, USDA and Conventional Mortgage loans.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans 100% Financing

FHA announces major changes in in Mortgagee Letter 2021-13. We can now calculate your student loan payments based on 0.5% of the balance or take a Income Based Repayment Plan!

FHA Updates the rules on Student Loan monthly payments deferred or Income Based Repayment plan…

(4) Calculation of Monthly Obligation
For outstanding Student Loans, regardless of payment status, the Mortgagee
must use:
• the payment amount reported on the credit report or the actual
documented payment, when the payment amount is above zero; or
• 0.5 percent of the outstanding loan balance, when the monthly payment
reported on the Borrower’s credit report is zero.

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky FHA Mortgage Lender

FHA Student Loan Payment Calculation For 2021

The U.S. Department of Housing and Urban Development (HUD) has updated the payment calculation of monthly obligation for student loans. The change is effective for all case numbers assigned on or after August 16, 2021

Lenders must include all student loans in the Borrower’s liabilities, regardless of the payment type or status of payments.

Required Documentation: If the payment used for the monthly obligation is less than the monthly payment reported on the Borrower’s credit report, the Lender must obtain written documentation of the actual monthly payment, the payment status, and evidence of the outstanding balance and terms from the creditor or student loan servicer. The Lender may exclude the payment from the Borrower’s monthly debt calculation where written documentation from the student loan program, creditor, or student loan servicer indicates that the loan balance has been forgiven, canceled, discharged, or otherwise…

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Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans 100% Financing

FHA now allowing 0.5% on Student Loans instead of 1%


FHA now allowing 0.5% on Student Loans instead of 1%
On Friday, the Federal Housing Administration (FHA) announced updates to its student loan monthly payment calculations to take steps to remove barriers and provide more access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt.

The updated policy more closely aligns FHA student loan debt calculation policies with other housing agencies, helping to streamline and simplify originations for borrowers with student loan debt obligations.

This announcement enhances FHA’s ability to serve one of its core demographics—first-time homebuyers.

For all outstanding student loans, regardless of payment status, the payment must be calculated as follows:

If the payment on the credit report is greater than $0, use
the payment reporting on credit, or
the actual documented payment
If the payment on the credit report is $0, use
0.5% of the outstanding loan balance
If documented that the loan has been forgiven, canceled, or discharged in full, the payment can be excluded.

Lenders may implement the changes immediately but must implement the changes for FHA Case Numbers assigned on or after August 16, 2021.

Joel Lobb
Mortgage Loan OfficerIndividual NMLS ID #57916

American Mortgage Solutions, Inc.10602 Timberwood Circle Louisville, KY 40223Company NMLS ID #1364

click here for directions to our office
Text/call: 502-905-3708fax: 502-327-9119
email: kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/
 

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky FHA Mortgage Lender

FHA now allowing 0.5% on Student Loans instead of 1%
On Friday, the Federal Housing Administration (FHA) announced updates to its student loan monthly payment calculations to take steps to remove barriers and provide more access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt.

The updated policy more closely aligns FHA student loan debt calculation policies with other housing agencies, helping to streamline and simplify originations for borrowers with student loan debt obligations.

This announcement enhances FHA’s ability to serve one of its core demographics—first-time homebuyers.

For all outstanding student loans, regardless of payment status, the payment must be calculated as follows:

If the payment on the credit report is greater than $0, use
the payment reporting on credit, or
the actual documented payment
If the payment on the credit report is $0, use
0.5% of the outstanding loan balance
If documented that the loan…

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