Category: 100% Financing

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%…

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…

KENTUCKY USDA LOANS

PROGRAM FEATURES

620+ MIN FICO– REFERS AND GUS ACCEPTS!

• 620+ – YES WE DO REFERS!(29/41 MAX RATIOS)U/W DIRECTLY TO RD MANUAL GUIDES
• 620+ GUS ACCEPTS – NO OVERLAYS – follow GUS findings
• 101% LTV of appraised value
• Ratios to 32/44 w/ 620+ and GUS approval w/ comp. factors for debt waiver
• 35% Annual Fee, 1% Guarantee Fee
• We Accept Transfer Appraisals – No Problem on all loans
• File sent to RD within 24 Hours of UW clear!
• File sent to docs within 24 Hours of Receipt of the RD commitment
• Up to 6% seller concessions allowed
• 620+ – GUS Accept – must have 2 trades for 12 months(open/closed) – or manual downgrade

GUS REFERS

• 620– scores OK!
• 29/41 max ratios
• VOR or 12 months cancelled rents checks required
• Tradelines or alt tradelines required
• Medical collections & charge off accounts ignored – consumer collections follow HUD $2000…