USDA home loans in Kentucky are also known as the Rural Development Loan or RHS Loans. It is one of the best options for homebuyers that are currently looking for a home outside the urban areas of Lexington, Louisville, Bowling Green and Northern Kentucky that requires No Money Down.
Another major advantage of this home loan is it’s fixed interest rate. The fixed interest rate insulate buyers from interest rate fluctuations. You’ll have the same monthly loan repayment throughout the life of your loan.
100 percent Financing Kentucky USDA Rural Development Loans will allow you to roll up some of your closing cost into your monthly mortgage. While it is impossible to avoid closing costs of the home purchase, it is possible to have the seller pay for some of these cost and or…
Self Employed Income for FHA, VA, USDA and KHC Mortgage Loans Guidelines • A borrower is considered self employed if they have 25% or more ownership in a business. • Contract or 1099 employees are self employed borrowers • There are 4 types of self employed business structures o Sole Proprietorships o … Continue reading Self-Employed with Income and Getting Approved for a Home Mortgage Loan 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.
New loans for borrowers with FICO scores reaching as low as the 400s jumped from 21.9 percent in 2009 to 29.7 percent last year, according to the study. FICO scores range from 300 to 850.
From January to March of this year, borrowers who were approved for FHA loans—which offer low down payment options for first-time home buyers—had an average credit score of 672, according to FHA data. During that same period in 2011, the average credit score for an FHA borrower was 701. FHA borrowers also have had higher debt-to-income ratios in recent years. Debt-to-income ratios measure monthly household income against other debt, such as credit cards, auto loans, and personal loans.
Between January and March, about a quarter of FHA borrowers had a DTI of more…
Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 