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

Kentucky VA Mortgage Loan Update to Private Roads and Shared Driveways


Kentucky VA Mortgage Loan Update to Private Roads and Shared Driveways

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

Kentucky VA Mortgage Guidelines For Income and Job History


Kentucky Mortgage VA Guidelines for Income.

Generally, Overtime, Part-Time, Second Jobs, and Bonuses cannot be considered stable and reliable unless it has continued and been verified for 2 years.
However, Kentucky VA guideline

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKENTUCKY VA MORTGAGE LENDER

Kentucky Mortgage VA Guidelines for Income.

Generally, Overtime, Part-Time, Second Jobs, and Bonuses cannot be considered stable and reliable unless it has continued and been verified for 2 years.
However, Kentucky VA guidelines allow the lender to offset debt of 6-24 months in duration with this income.

Reference: VA Handbook – Chapter 4 – Section 2(h)
“The lender may use this income, if not eligible for inclusion in income, but verified for at least 12 months, to offset debts of 6 to 24 months duration. An explanation of why the income was used to offset must be documented.”

This little-known secret in the guidelines could help your borrower qualify by reducing the debt included in their qualifying ratio!

—

Have Questions or Need Expert Advice? Text, email, or call me below:

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223

View original post 11 more words

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

$0 Down, 100% Financing for Kentucky USDA Rural Housing Loans


$0 Down, 100% Financing for Kentucky USDA Rural Housing Loans

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

 

money with thumbs up icon

Out of Pocket Costs
$0 Down, 100% Financing for Kentucky USDA Rural Housing Loans

 

single or multi-family home icon

Home Qualifications
Single & Multi-Family Rural Homes and Condos that meet FHA Guidelines or Fannie Mae Guidelines

low interest icon

Competitive Interest Rates
Often Lower than Conventional Loans with lower mortgage insurance requirements than FHA and Fannie Mae.

 

credit score icon

Flexible Credit Guidelines
640 Credit Score Requirement* Can go lower possibly if the loan meets credit and debt to income ratio requirements. 

 

*Scores below 640 may be eligible via manual underwriting. 

handshake icon

Eligibility
USDA Defined Rural & Suburban Areas See may below for approved areas in Kentucky for USDA loans. 👇 click on link

https://kentuckyruralhousingusdaloan.blogspot.com/p/usda-property-eligibility-text.html

closing costs icon

Closing Cost Opportunities
Roll Closing Costs into Mortgage and seller can pay for your closing costs and prepaids or if home appraises for more, can lump in the costs to higher appraised value. 

Kentucky USDA Loan Eligibility Requirements

As with any loan, you…

View original post 563 more words

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

FREQUENTLY ASKED QUESTIONS FOR KENTUCKY VA MORTGAGE LOANS


VA MORTGAGE KENTUCKY

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

What are VA Home Loans?

VA Loans provide military veterans and current service members a distinct advantage when it comes time to purchase or refinance a home. Today’s VA Loans have the most favorable terms available for most veterans. VA Loans can be used to purchase a new home with no down payment with no mortgage insurance or refinance up to 90% of homes current equity.

What are the eligibility requirements for a VA Loan in Kentucky?

Veterans Affairs loan guidelines use two methods of income qualification in Kentucky. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt to income ratio (DTI). Using this ratio, the veteran’s total debt should not exceed 41%…

View original post 708 more words

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

Rural Housing Requirements For USDA Loans In Kentucky


Why Would a Seller Agree to a Seller Credit?

Seller Benefits:
~ Seller credits help a home sell faster in buyer markets.
Price Reductions are costlier to a seller than credits.

~ Innovative “Good Will” to support a new homeowner adjusting to homeownership.
When the housing market turns into a buyer’s market, selling a home can be quite competitive.

The seller is no longer expecting to receive 100% or more of their asking price and instead expects to take less than their asking price to sell their property.

Therefore, they may offer a credit to attract more people to buy their home. After all, the seller is only concerned about selling their home at a reasonable price and selling it as quickly as possible. Seller credits and concessions are a very popular tactic to give the perception that buying their home is better. Seller credits work because many first-time buyers struggle to come up with the down payment and closing costs, and seller credits ease that burden.

Buyer Benefits:
~ Allows the buyer to ease into homeownership by paying below fixed-rate payments.
~ Does not increase the loan amount. The loan amount amortizes as a standard fixed-rate loan.
~ Safe way to take advantage of a lower payment in a rising rate environment.

A Seller Credit Can:
= Offset closing costs
= Permanentlv Reduce an interest rate
= Temporarily Reduce an interest rate

In all three scenarios, this helps your buyers. Each buyer has different needs, so it is up to you to help them In all three scenarios, this helps your buyers.

Each buyer has different needs, so it is up to you to help them figure out how to best apply a seller credit.

Share this:

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

Why Would a Seller Agree to a Seller Credit?

Seller Benefits:
~ Seller credits help a home sell faster in buyer markets.
Price Reductions are costlier to a seller than credits.

~ Innovative “Good Will” to support a new homeowner adjusting to homeownership.
When the housing market turns into a buyer’s market, selling a home can be quite competitive.

The seller is no longer expecting to receive 100% or more of their asking price and instead expects to take less than their asking price to sell their property.

Therefore, they may offer a credit to attract more people to buy their home. After all, the seller is only concerned about selling their home at a reasonable price and selling it as quickly as possible. Seller credits and concessions are a very popular tactic to give the perception that buying their home is better. Seller credits work because many first-time buyers…

View original post 136 more words